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COMMERCIAL LOAN AGREEMENT
The commercial loan agreement is a companion document to the promissory note. Its purpose is to define how draws are requested and paid, to define our right to inspect, demand payment, and foreclose, and to define its relationship to the promissory note and the security instrument (deed of trust / mortgage). The document also defines the borrower's duties and responsibilities.
*The section headings and summaries are for convenience only and are not to be used to interpret or define the terms of this Security Instrument.
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DATES AND PARTIES
Defines the date of the agreement, Lender's name and address and Borrower's name and address.
1. DEFINITIONS
Defines the meaning of specific terms as used in this commercial loan agreement.
2. ADVANCES
Defines how and when advances (draws) can be made, and their limitations and conditions.
3. DEMAND
Borrower agrees to pay the loan on demand or on the maturity date.
4. WARRANTIES AND REPRESENTATIONS
Borrower makes specific warranties and representations for as long as the loan is in effect.
5. FINANCIAL STATEMENTS
Borrower agrees to provide financial statements annually or when requested.
6. COVENANTS
Borrower covenants compliance with inspections, specific use of proceeds, maintenance/insurance of property, and others.
7. DEFAULT
Defines all of the different types of default as recognized by the commercial loan agreement.
8. REMEDIES
Defines all remedies available to the Lender in the event of the Borrower's default.
9. COLLECTION EXPENSES AND ATTORNEYS' FEES
Borrower agrees to pay all attorneys' fees, court costs, and other legal expenses incurred by the Lender.
10. APPLICABLE LAW
The commercial loan agreement is governed by the laws of MO, USA and any local jurisdictions.
11. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS
Benefits and duties of this note apply to Lender, each individual Borrower and their heirs, successors and assigns.
12. AMENDMENT, INTEGRATION AND SEVERABILITY
The agreement is complete, changes must be made in writing, unenforceable provisions are severed and the rest are valid.
13. INTERPRETATION
Defines the usage and meaning of singular and plural words. Section headings are for convenience only.
14. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS
Borrower agrees to notify Lender of any changes to pertinent documents and to provide any requested documents.
ORAL AGREEMENTS
All agreements are made in writing.
15. SIGNATURES
Borrower and Lender agree to the terms of the commercial loan agreement and Borrower acknowledges receipt of a copy.
Click on this icon to download and/or print a copy of our Commercial Loan Agreement.
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