THIS LOAN AGREEMENT is made this __ day of ___, 20__.
BETWEEN
Mr. / Mrs. / Ms. ____, __ years of age, a ______ national, holding a ____ passport with number _______, currently residing at __________, _____________, Province, Thailand (the “Lender”) and
Mr. / Mrs. / Ms. _______, __ years of age, a Thai national, holding a Thai ID-card with number _______, currently residing at _____________, ____________ Province, Thailand (the “Borrower”), copies of the ID card and household registration book are attached hereto as Attachment 1 and deemed as a part hereof.
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WHEREAS
Upon the terms and conditions set forth in this agreement, the Borrower desires to borrow a sum of money from the Lender for the purchase of a property as described in the documents attached hereto as Attachment 2 and incorporated herein by reference and deemed as a part hereof, and the Lender is willing to lend the sum to the Borrower for such purpose.
WHEREBY IT IS AGREED as follows:
1. The Lender agrees to lend to the Borrower and the Borrower agrees to borrow from the Lender the sum of _______ Baht (the “Capital”), upon execution hereof the Borrower has already received the Capital in full.
2. The Borrower has to return the Capital within a stipulated period of 3 years at an interest rate of 10 percent per annum.
The Borrower will repay the Capital in 30 equal uninterrupted monthly installments of baht ____ plus interest, each on the 1st day of each month starting on the 1st day of [date], [year], and ending on [date], [year] in accordance with Attachment 3.
3. Each payment should be made by bank transfer to the bank account of __________ using the bank details that are provided in writing to the Borrower.
4. Notwithstanding anything else contained in this agreement the whole of the Capital or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable without giving anyone further notice in any of the following events:
4.1 In case if the Borrower is unable to.......................
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5. In the event the Borrower shall default on his obligation to repay the Loan then it is agreed that the Lender may charge all costs of collection, including the Lender's reasonable legal fees against the Borrower.Translation to be included.
6. During the term of this Loan Agreement, upon written request.......................
7. If the Borrower is unable to pay.......................
8. The Borrower shall be entitled to assign the burden of this agreement only upon the written consent and approval of the Lender. The Lender shall reserve the right to refuse consent to assignment.
9. The Borrower agrees that in case of change of address from that specified in this agreement, the Borrower shall give prior written notification to the Lender of such change. Translation to be included.,/p>
10. Unless the sole intention of the Lender is provided otherwise, the Lender and the Borrower agree that the terms of this Loan agreement shall upon the Lender’s death devolve to the Lender’s heirs and successors and be enforceable by the Lender’s heirs and successors.
11. This agreement is made in accordance with the laws of the Kingdom of Thailand. This Agreement shall be interpreted and governed in all respects according to the law of the Kingdom of Thailand whose courts shall have exclusive jurisdiction of any matters arising relative to this Agreement.
12. In the event it is determined that any provision of this agreement is invalid because it is contrary to applicable law, that provision is deemed separable from the rest of the agreement, such that the remainder of the agreement remains valid and enforceable.
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IN WITNESS WHEREOF, the Borrower and the Lender have hereunto executed this agreement in the presence of witnesses on the day, month and year first written above.
Signed by_______________________ ____ (Lender)
Signed by_______________________ ____ (Borrower)
Signed By _____________________ (Witness)
Signed By _____________________ (Witness)
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