AN AGREEMENT made the
BETWEEN
(NRIC No: ) of No. (hereinafter called “the Borrower”) of the other part.
AND
(NRIC No: ) of No. (hereinafter called “the Lender”) of the one part;
WHEREAS:
1. The Borrower has requested the Lender to ADVANCE him a loan of RINGGIT MALAYSIA ONLY (RM ) (hereinafter referred to as “the said Loan”).
2. The Lender agrees to advance or grant the Borrower the said Loan on the following terms and conditions.
NOW IT IS HEREBY AGREED as follows:-
1. In consideration of the Loan of the sum of RINGGIT MALAYSIA ONLY (RM ) (hereinafter referred to as “the said Loan”) paid to the Borrower by the Lender (the receipt of which the Borrower hereby acknowledges) the Borrower HEREBY AGREES COVENANTS AND UNDERTAKES to repay the Lender the said Loan on or before the or by ( ) monthly instalment of RINGGIT MALAYSIA (RM ) or on demand by the Lender in writing as provided for in Clause 2 hereinbelow.
2. Notwithstanding any provisions to the contrary in this agreement, the Lender may by way of a SEVEN (7) days’ notice demand the repayment of the said Loan or any part thereof.
3. In the event that the Borrower shall :-
(a) default in payment of the said Loan or any part thereof.
(b) fail to observe or perform any of the agreements covenants stipulation terms and conditions on the part of the Borrower herein contained.
(c) commit an act of bankruptcy
(d) allow any legal suit or any judgment against the Borrower to remain unsatisfied or outstanding for a period of more than seven (7) days;
then and in any of such cases the said Loan for the time being owing shall immediately become payable by the Borrower to the Lender and the Lender shall forthwith become entitled to recover the same without previous notice to or concurrence on the part of the Borrower.
4. The Lender may at any time and without in any way affecting the security created:
(a) determine vary or increase the credit of other facility granted to the Borrower.
(b) grant to the Borrower or to any other surety or guarantor any time or indulgence.
5. The Borrower shall and hereby undertakes to pay bear all whatsoever costs charges registration and other fees stamp duty and other disbursements in any way connected with or arising out of this Agreement including all costs charges fees and other disbursements incurred by the Lender in enforcing its rights hereunder.
6. This Agreement shall be binding upon the executors and assigns of the Borrower and the successors-title and assigns of the Lender.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above written.
SIGNED by )
)
in the presence of : )
) ………………………………………
[Name & NRIC No.]
SIGNED by )
)
in the presence of : )
) ………………………………………
[Name & NRIC No.]
