A CONTRACT FOR LOAN AGREEMENT
BY AND BETWEEN
………………………………………………………..
AND
……………………………………………………….
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FOR THE LOAN OF TSHS. -………………………….00/= TO BE ADVANCED
BY THE LENDER TO THE BORROWER
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A CONTRACT FOR LOAN AGREEMENT.
THAT,this is a loan, which MUST
be repaid back on the day or date and in the manner as prescribed in this
agreement unless otherwise expressed to the contrary.
WHEREAS, in this agreement,
Mr./Mrs/Rev/Pastor/Miss or………,………………………………………………………………………….. Shall be known as
the LENDER. AND THAT, Mr/Mrs/Miss/Rev/Pst
or………,…………………………………………………………………………………………shall be known as the BORROWER.
THIS AGREEMENT is made at KASULU/………………………………..
this..………….day of................2007, between …………………………………………………………. of
Postal Office Box Number ……………………in the region of..........................…...
a natural person living and working for gain in ………………………………….. Tanzania, hereinafter referred to as the BORROWER of the ONE PART and Mr/Mrs………………………………………………………….of……………………………………………
Postal Office Box Number ……………………,
hereinafter referred to as the LENDER
of the OTHER PART.
WHEREAS the borrower has approached the lender and requested
the lender to advance a loan of Tshs.…………………………………………Only (Tshs. ………………………………………………………………………………………………………………….)
to him/her for his/her urgent use.
AND WHEREAS the Lender has agreed to advance such loan in the sum
of Tshs……………………………………………………………Only (Tshs………………………………… ……………………………………) to the
borrower for the purposes aforesaid above, on the terms and conditions hereinafter
agreed between the parties, for his/her business/private use or any other legal
purposes.
NOW THEREFORE IT IS MUTUALLY AGREED BETWEEN THE
PARTIES THAT:
1.
The
Lender will advance the amount of money of Tshs.
…………………………………………………………………………………………………………..
(Tshs. ………………………………………………………) to the Borrower as agreed between the
parties (hereinafter referred to as “the Principal sum” for the purposes
of using the same in his/her urgent use as agreed and discussed between the
parties prior to the entering to this agreement.
2.
The
parties further agree that the borrower shall pay the loan within ………………………..
……….. Period with/without interest. This period shall begin on the …………………… day
of ……………………………….. 200….
3.
Therefore, the loan will be due for payment on
………………………… day of …………………………. 200…. with/ without interest. ( The interest
shall be of ……….% charged from the principle sum)
4.
It is
further agreed that in case the borrower fails to pay the loan on the due date
as agreed above, the loan shall be subject to interest at the rate of …………….% of
the principal sum advanced.
IN WITNESS WHEREOF the Lender and the Borrower have put their respective
hands and seal to this indenture of loan agreement on the day, month and year
first hereinabove written.
Signed and delivered by ) LENDER
Date………………………………..
the said ………………………………………………… ) LENDER
on behalf of the above Lender/the lender ) Date…………………………
Witness: Name:
…………………………..Signature:…………………………………
Date: ……………………………………….Signature………………………………….
Witness: Name……………………………………..Signature…………………………………
Date…………………………………………
Signed and Delivered by the said
)
…………………………………………………………) ………………………………
Within the named Borrower ) BORROWER
Date………………………
Witness: Name: ……………………………………….
Signature: ……….……………..…………
Date: ……………………………………………..
Witness: Name:……………………………………………
Signature………………………..
Date……………………………………………….
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