The Interest Only Loan Agreement is utilized when parties seek to establish a lending arrangement with reduced initial payment obligations. This document is particularly relevant in scenarios where borrowers anticipate increased future income or plan to refinance before the principal becomes due. Governed by U.S. federal and state lending laws, it details crucial elements including interest calculations, payment terms, security arrangements, and default provisions. The agreement is commonly used in real estate investments, business financing, and situations where cash flow management is prioritized over immediate principal reduction.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Describes the context of the loan and parties' intention to enter into an interest-only arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Interest Rate', 'Principal', 'Payment Date', etc.
4. Loan Terms: Specifies principal amount, interest rate, term of loan, and payment schedule
5. Interest Payments: Details how interest is calculated, when it's payable, and payment mechanisms
6. Principal Repayment: Specifies when and how the principal amount becomes due
7. Events of Default: Lists circumstances constituting default and consequences
8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
1. Security: Details of any collateral securing the loan - include when loan is secured by assets
2. Guarantees: Terms of any personal or corporate guarantees - include when third-party guarantees are provided
3. Insurance Requirements: Required insurance coverage for secured assets - include when loan is secured by physical assets
4. Prepayment Terms: Conditions and penalties for early repayment - include when prepayment restrictions apply
1. Payment Schedule: Detailed schedule of interest payment dates and amounts
2. Security Details: Detailed description of any security/collateral
3. Calculation of Interest: Detailed methodology for interest calculation
4. Form of Notice: Template for formal notices between parties
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