The following clauses outline the specific conditions of this agreement for the Lender to provide the Borrower with a lump sum of $1,000 on ___________. Additionally, the Borrower agrees to repay the Lender the original loan plus _____% interest. Repayment will be split into monthly payments.

Clauses

1. Principal & Interest - The Lender promises to loan $1,000 to the Borrower. The Borrower agrees to repay this principal amount to the Lender, plus interest payable on the unpaid principal at the rate of _____% per year, calculated monthly not in advance.
2. Distribution - The Lenders promises to provide the initial principal, $1,000, to the Borrower on or before ___________. Payment may be transferred via any of the means outlined in this contract.
3. Payment - This Loan will be repaid in consecutive monthly installments of principal and interest on the _____ day of each month beginning ___________ and continuing until ___________ with the balance then owing under this Agreement being paid at that time.
4. Currency - USD is the only acceptable currency for both principal and payments. Acceptable means of transfer include cash, check, and digital transfers.
5. Payoff - At any time while not in default under this Agreement, the Borrower may pay off the outstanding balance without penalty.
6. Default - If the Borrower fails to make payment(s) or any other obligation under this Agreement, then this loan will be considered to be "in default" and the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.
7. Security - If there is a Security and if this loan remains in default for ten (10) days or more, the Security will be immediately provided in reasonable condition to the Lender. At that time, the Borrower relinquishes all claims of ownership of the Security.
8. Disputes - In the event of a dispute, this loan agreement and it's consequences shall be contended under ___________________ law.
9. Resolution Costs - All legal costs incurred by enforcing this agreement as a result of default by the Borrower shall be the responsibility of the Borrower. Conversely, the Lender will be responsible for these same costs if they are found in fault of this agreement.
10. Inheritance - This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and the Lender. The Borrower and the Lender agree to be responsive if approached to aid in transferring benefits to an inheriting party.