New York Loan Agreement Form

New York Loan Agreement Template

This New York Loan Agreement ("Agreement") is entered into as of ______ [Date], by and between ______ [Borrower's Full Name], residing at ______ [Borrower's Address], herein referred to as the "Borrower," and ______ [Lender's Full Name], residing at ______ [Lender's Address], herein referred to as the "Lender."

WHEREAS, the Borrower desires to borrow a specific amount of money; and the Lender agrees to lend this amount under the conditions set forth in this Agreement.

THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Loan Amount: The Lender agrees to loan the Borrower the sum of ______ [Loan Amount], under the terms described herein.
2. Interest Rate: The loan will carry an interest rate of ______ [Interest Rate]% per annum.
3. Repayment Schedule: The Borrower agrees to repay the loan in ______ [Number of Payments] equal payments of ______ [Payment Amount] each, commencing on ______ [First Payment Date] and continuing on the same day of each subsequent month until ______ [Final Payment Date].
4. Prepayment: The Borrower may prepay the loan in whole or in part at any time without penalty.
5. Late Payment: If any payment is more than ______ [Number of Days] days late, a late fee of ______ [Late Fee Amount] will be applied.
6. Default: In the event of default, defined as failure to pay as agreed, the Lender will provide a notice of default. The Borrower will have ______ [Days to Cure Default] days to remedy the default. Failure to remedy the default may result in acceleration of the debt, where the entire balance becomes immediately due and payable.
7. Governing Law: This Agreement will be governed by and construed in accordance with the laws of the State of New York, without giving effect to its conflict of law principles.
8. Severability: If any part of this Agreement is found to be void or unenforceable, it will not affect the validity of the balance of the Agreement, which shall remain valid and enforceable according to its terms.
9. Entire Agreement: This document and any exhibit attached constitute the entire agreement between the parties regarding this loan.
10. Amendment: This Agreement may only be amended or modified by a written document executed by both the Borrower and the Lender.

This Agreement is executed in good faith, and both parties acknowledge they have had the opportunity to consult with legal counsel.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

Borrower's Signature: ______ [Borrower's Signature]
Date: ______ [Date]

Lender's Signature: ______ [Lender's Signature]
Date: ______ [Date]