sampleloanagreement.docx

sampleloanagreement.docx

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sampleloanagreement

LOANAGREEMENT

THISAGREEMENT,madeandenteredintothis___dayof________,201__,byandbetween（businessnameandaddress）,Kansas（ZipCode）,hereinaftersometimesreferredtoas“Company,”and（County）CountyEconomicDevelopmentE-CommunityFund,hereinaftersometimesreferredtoas“Provider”forNetworkKansasfunds.

WITNESSETH:

WHEREAS,theCompanyappliedforaloanof$___________tobepaidoutofproceedsreceivedbyProviderfromNetworkKansasE-CommunityFund,and

WHEREAS,thepurposeoftheloanistoenabletheCompanytoexpandit’sbusiness,allasspecifiedintheapplicationsubmittedto（County）CountyEconomicDevelopment’sProgramAdministrator,

WHEREAS,the（County）CountyEconomicDevelopment,ProgramAdministrator,isauthorizedtomakethisloanunderapplicableKansasLaw.

NOWTHEREFORE,inconsiderationofthemutualpromises,covenantsandagreements,thepartiesagreeasfollows:

1.AssoonaspracticableafterthefundsarereceivedfromNetworkKansas,ProvidershallloantotheCompanythesumof______________Dollars（$_________）uponthetermsandconditionshereinaftersetforth.SaidsumshallbeadvancedtotheCompanyinaccordancewithloanconditionsintheNetworkKansasE-CommunityAwardAgreementwiththeProvider.

2.Thisloanagreementissubjectto:

A.TheaccuracyofrepresentationsmadebytheCompanyto（County）CountyEconomicDevelopmentintheapplicationanddocumentationpresentedbytheCompany.

B.TheProvider’sdetermination,inits’solediscretion,thattherehasbeennounremediedadversechangeinthefinancialoranyotherconditionoftheCompany’sinitialapplication.

C.AnagreementexecutedbytheCompanythatthefundsandcapitalprovidedbyallsources,moreparticularlyidentifiedintheLoanapplication,willallowtheCompanytooperateitsfacilityasindicatedintheapplication.

D.AnagreementexecutedbytheCompanyprovidingthatintheeventtheCompanyrefinancesitsdebttotheProvider,relocatestoanotherareaoutsideoftheStateofKansas,orsells30%ormoreofits’assets,thisloanshallbeacceleratedandimmediatelydueandpayable.Further,theloanmaybeimmediatelydueandpayableintheeventthereisachangeofownershiporcontrolofthebusinesswithoutpriorconsentofthe（County）CountyEconomicDevelopment.

E.Executionofanoteintheprincipalamountof_______________dollars（$_______）intheformandmannerdesignatedbytheProvider,includingbutnotlimitedtothefollowingprovisions:

1）CommencingonthedateofexecutionoftheloanagreementbetweentheProviderandtheCompany,anyoutstandingnotebalanceshalldrawinterestattherateof____percent（__%）perannum,withmonthlyprincipalandinterestpayments.

2）Thenotetermshallbe____monthlypaymentsasfollows:

$________beginning_________,_______andcontinuingonthesamedayofeachmonthuntil_________,________.

3）TheCompanyshallhavetherighttoprepayanypartoralloftheunpaidbalanceatanytimewithoutpenalty.

F.PersonalGuarantyexecutedby_____________onaloanguarantyformprovidedbythe（County）CountyEconomicDevelopment.

G.Tosecurerepaymentofthenotedesignatedabove,saidnoteshallbesecuredbythefollowingcollateral:

1）Securityinterestproperlyattached,recordedandperfectedpursuanttotheKansasUniformCommercialCode,securingallequipment,inventoryandaccountsreceivable,nowowned,tobeacquiredwithloanproceeds,orhereafteracquiredandsubjecttopriorliens.

H.Beforedisbursement,the（County）CountyEconomicDevelopmentwillassurethatitslienpositionisorwillbeasdesignatedherein.

I.TheSecurityAgreementshallremaininfullforceandeffectuntiltheprincipalandinterestonsaidnotehavebeenpaidinfullandatwhichtimethe（County）CountyEconomicDevelopmentagreestofullyreleasetheSecurityAgreement.

J.TheSecurityAgreementshallcontaintheusualprovisionstoprotectthelienposition,includingbutnotlimitedtorequirementsconcerningpaymentofinsuranceandconditionsprecipitatingdefaultandnoticeofsuchdefaultandremediesupondefault,includingbutnotlimitedtoforeclosureoftheSecurityAgreement.

3.Inconsiderationofthisloan,theCompanyfurtheragreesasfollows:

A.Tofullycompletetheprojectasdescribedintheloanapplicationsubmittedto（County）CountyEconomicDevelopment,andapprovedforfundingbytheNetworkKansaswithinthetimeschedulesetforthintheapplication.Acopyofsaidapplicationiseitherattachedtothisloanagreementorthesameisherebyincorporatedhereinbyreference.

B.ToindemnifytheProvideragainstanylossincurredbyreasonoftheCompany’sfailuretofullycomplywiththetermsofthisagreement.

4.TheCompanyagreestooperateitsfacilitiesin_______County,Kansas,infullcom