![]() The Debtor’s obligations under this Agreement are subordinated to all indebtedness, if any, of the Debtor, to any unrelated third-party creditor to the extent such indebtedness is outstanding on the date of this Agreement and such subordination is required under the loan documents providing for such indebtedness. If assets or property that are pledged as Security as part of this Agreement are transferred or sold. If the Debtor should default on any of the conditions of this Agreement or ![]() If any payment is late that is due under the Payment Schedule of more than 15 days The Creditor shall have the right to declare the Total Amount to be immediately due and payable, including interest owed, if any of the events are to occur: The rights and remedies of the Creditor shall be cumulative and may be pursued singly, successively, or together, at the sole discretion of the Creditor. No delay or omission on part of the holder of this Agreement in exercising any right hereunder shall operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission, or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. If the Debtor makes a payment prior to the Due Date, then there shall be no prepayment penalty of any kind. ☐ – Interest payments due as if the prepayments were not made. If the Debtor makes a payment prior to the Due Date, then there shall be a prepayment penalty of: (check one) If the Debtor makes a payment prior to the Due Date, there shall be: (check one) ![]() This Agreement shall not be secured by any property or asset of the Debtor. ☐ – Equal to the amount owed of which a sale may be required. ☐ – In its entirety and without discount to the amount owed. In the event the Debtor defaults under this Agreement, the Creditor shall obtain possession of the Collateral: (check one) The Debtor agrees to secure this Agreement by pledging the following collateral: (“Security”). As part of this Agreement, the Debtor agrees to: (check one) The Debtor shall not be charged a late fee. The Debtor shall be charged a late fee equal to: ![]() If a payment is late, the Debtor shall be: (check one) If the Debtor is late by more than days for any payment due, it shall be considered late. The Debtor is required to pay the Creditor under the following payment instructions: The Debtor agrees to repay the Creditor, in full, on the date of. The Debtor agrees to repay the Creditor on the of each month until the end date of. The Debtor agrees to repay the Creditor on the of each week until the end date of. The Debtor agrees to repay the Total Amount to the Creditor under the following: (check one) If the Debtor should violate any of the terms of this Agreement, the Debtor shall revert to owing the Creditor the Current Balance in addition to other penalties, fees, and accumulated interest. The Creditor shall offer a discounted balance of $ (“Amount Owed”) if the Debtor is able to repay the Creditor under the terms of this Agreement. The Debtor is obligated to pay the full Current Balance (“Amount Owed”). In consideration of the Debtor’s faith to repay the Current Balance, the Creditor agrees to: (check one) The Debtor’s only obligation to the Creditor is to repay the principal balance. There shall be no interest associated with the Total Amount. The Total Amount shall bear interest at a rate of % compounded: (check one) At the time of the Effective Date, the Debtor owes the Creditor $ (“Current Balance”) related to: (check one) The Debtor and Creditor agree to the following repayment plan: This Payment Installment Agreement (“Agreement”) made this (“Effective Date”), is by and between:ĭebtor: with a mailing address of (“Debtor”) and acknowledges that they owe money to:Ĭreditor: with a mailing address of (“Creditor”).
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