Loan Agreement Form

TWO M AGENCY LIMITED

LOAN AGREEMENT FORM
At Kiboswa Daraja Mbili Rd
P.O BOX 8078 DAGO
Call: 0703440466 TEL: 0715292922
Email: twom.agency2017@gmail.com
1 (a)PRODUCTS TO CHOOSE is hereby listed below:
I. THE PARTIES
This Loan Agreement ("Agreement") made On and between:
The Grantor:
ID No:
Phone No:
Residence:
with a Street address of:
, City
State of KENYA, Zip Code of 40100, (“Borrower”) and agrees to pay:
The Creditor: Two M Agency Lending Company, with a Street Address of 8078Kisumu, City of Kisumu Beach, State of KISUMU Zip Code of 40100 ("The Creditor").
HEREINAFTER, the Grantor and the Creditor (“Parties”) agree to the following:
II. LOAN AMOUNT. KSH
("Loan Amount")
III. INTEREST. The Loan Amount shall: (check one or two)
IV. PAYMENT. The Loan Amount shall be due and payable, including the principal and any accrued interest, in one of the following re-payment plan:
Daily payment of shillings
beginning on
and to be paid until
the balance is paid ending on
(referred to page 11)
beginning on
and to be paid until
the balance is paid ending on
(referred to page 12)
beginning on
and to be paid until
the balance is paid ending on
(referred to page 12)
beginning on
and to be paid until
the balance is paid ending on
Other
All payments made by the Grantor are to be applied first to any accrued interest and then to the principal balance.
REQUIREMENTS:
The Grantor shall avail the following mandatory documents KRA PIN , PHOTOCOPY ID, PASSPORT BOTH APPLICANT & GUARANTOR
Approved by
APPLICANT'S MARITAL STATUS:
Place of birth
How many children do you have
How many male
How many female
Name of children Name of school Grade/Form Age Secondary Primary University College
1
2
3
4
Client place of work
The Grantor’s type of job
Employment Status
Position
Served by
And
V. PAYMENT INSTRUCTIONS: The Grantor shall make payment to the Creditor in under the following instructions: To be paid in the Loan Account
VI. LATE FEE. If any payment is overdue by 1day, the Grantor shall: (check one or two)
VII. SECURITY. The Loan Amount under this Agreement shall be: (check one or two)
Item Colour Model Serial Number Value Evidence of ownership
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2
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5
6
7
8
9
10
Grantor’s Name:
ID:
Grantor’s Signature:
Date:
Creditor's Signature:
Date:
SPOUSE AS GUARATOR OR NEXT OF KIN FOR INDIVIDUAL LOAN DECLARATION
I of ID NO do hereby consent that, under no duress or coercion, have agreed to guarantee Mr/Mrs. in a loan agreement between him/her and TWO M AGENCY LTD for Ksh
SPOUSE NEXT OF KIN
I fully understand and accept the liability on myself because of this arrangement, that pursuant to the contract he/she has with the previously mentioned company, that I am legally bound in the eventualities therein.

Name: . Relationship to the grantor I.D NO attach copy of ID attach copy of KRA attach copy of next of kin's picture size photo Estate: Name of plot House No Sign Date
Creditor’s Witness:
Loan Officer:
Name: Sign: Date:
Branch manager:
Name: Sign: Date:
Draw a residential and business map:
GURANTOR’S COLLATERAL:
# Item Color Model Serial No Evidence of ownership
1
2
3
4
5
6
7
8
9

The Grantor confirms and guarantees that he/she has absolute proprietary rights to the encumbered assets and has the power to encumber the said assets; The Grantor transfers his/her proprietary rights possession and ownership in the collateral to the of the Creditor IMMEDIATELY pursuant to Section X(a) of this Agreement. The Grantor consents to the Creditor to obtain possession of the encumbered assets and to seize, dispose and/or sale the encumbered assets to remedy any default under this agreement.

The Security may not be sold or transferred without the Lender’s consent until the Due Date. If Borrower breaches this provision, Lender may declare all sums due under this Agreement immediately due and payable, unless prohibited by applicable law. The Lender shall have the sole-option to accept the Security as full-payment for the Borrowed Money without further liabilities or obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance due while accruing interest at the maximum rate allowed by law.

VIII. PREPAYMENT. The Grantor has the right to pay back the loan in-full or make additional payments, at any time, without penalty.
IX. REMEDIES.

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. The rights and remedies of the Lender shall be cumulative and may be pursued singly, successively, or together, in the sole discretion of the Creditor.

The Grantor shall exercise reasonable care to preserve the encumbered assets.

The Creditor has the right to inspect the collateral in the possession of the Grantor or another person.

X. REGISTRATION OF NOTICE:

Pursuant to the Movable Properties security Rights Act, 2017 the Grantor authorizes the Creditor to register a notice with the Office of the Registrar in respect of the security created herein.

XI. EVENTS OF ACCELERATION/DEFAULT:

The occurrence of any of the following shall constitute an "Event of Acceleration" by the Creditor under this Agreement:

  1. The Grantor’s failure to honour any obligation, or to pay any part of the principal or interest as and when due under this Agreement; or
  2. The Grantor becoming insolvent or not paying its debts as they become due.
  3. The Grantor in any way losing the collateral herein.
XII. ACCELERATION/DEFAULT:

Upon the occurrence of an Event of Acceleration under this Agreement, and in addition to any other rights and remedies that Creditor may have, the Creditor shall have the right, at its sole and exclusive option, to declare all monies under this Agreement immediately due and payable.

  1. This includes any rights of possession in relation to the Security described in Section VII
  2. In the event of default by the Grantor the Creditor shall serve the Grantor a five (5) day’s notice of the default within which the Grantor shall make good and remedy any such default.
  3. If the Grantor fails to make good the default the Creditor shall be at liberty to exercise any or all of the following rights:
    1. To sue the Grantor for payment due and owing under the agreement;
    2. Appoint a receiver of the movable properties encumbered;
    3. Lease the movable assets;
    4. Take possession of the encumbered movable assets; and
    5. Sell the encumbered movable properties.
  4. Before the Creditor disposes of the collateral assets the Creditor shall give the Grantor a five (5) working days’ notice of the intention to sale the encumbered and possessed assets.
XIII. SUBORDINATION:

The Grantor’s obligations under this Agreement are subordinated to all indebtedness, if any, of the Grantor, to any unrelated third-party lender 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.

XIV. WAIVER BY BORROWER.

All parties to this Agreement, including the Borrower and any sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest and all other sums due under this Agreement notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Agreement or by way of any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them.

XV. SUCCESSORS.

This Agreement is a promise of the Borrower and shall bind themselves including the Borrower’s successors, heirs and assigns; provided, however, that Lender may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the holder of this Agreement.

XVI. GOVERNING LAW.

This Agreement shall be governed by, and construed in accordance with, the laws of the State of KENYA (“Governing Law”).

XVI. EXPENSES.

In the event any payment under this Agreement is not paid when due, the Grantor agrees to pay the Creditor, in addition to the principal and interest hereunder, reasonable attorneys' fees if the Lender must hire legal counsel to assist in retrieving the Borrower’s outstanding balance. Said attorneys’ fees shall accumulate interest starting from the date paid. Said interest rate shall not equal the maximum usury rate in the State of Governing Law. The Grantor may be reasonable for any other reasonable expenses incurred by Creditor in exercising any of their rights and remedies upon default.

XVII. ENTIRE AGREEMENT.

This Agreement contains all the terms agreed to by the Grantor and Creditor relating to its subject matter including any attachments or addendums. This Agreement replaces all previous discussions, understandings, and oral agreements.

IN WITNESS WHEREOF, the Parties have executed this Agreement, as of the undersigned dates written below.

Grantor’s Signature:
Date:
Creditor’s Signature:
Date:
CLIENT OUTSTANDING LOAN STATUS
Do you have any outstanding loan?
Please enter the name of the institution borrowed you loan
1. Name
2. Method of payment
3. Cash Paid Kes.
3. Total loan borrowed.
1. Name
2. Method of payment
3. Cash Paid Kes.
3. Total loan borrowed.
I ID No Phone No
Signature Approved by
POST LISTING NOTICE

The Grantor is notified that the Creditor may share the details regarding his/her non performing credit account with Metropol CMS Limited and that the status will only be updated once the Grantor regularizes his or her account with the Creditor.

Take notice also that other Credit providers will use this information as part of their credit appraisal in pricing your subsequent application. Further be informed that this information with remain in your profile for a period of five years from the date you clear this account with us.

Beware that this act of sharing information with Metropol CMS Limited will not prejudice the Creditor’s rights to recover our debt.

MONTHLY PAYMENT PLAN
Installment No. Installment Date Starting Principal Bal. Principal Installment Interest Installment Monthly Installment Ending Principal Bal
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NOTICE; LOAN REPAYMENT IS SUPPORSE TO BE PAID BEFORE 12:00 PM EVERY dally WITH OUT FAILURE FOR MORE INFORMATION CALL: 0703440466 OR 0715292922. THANK YOU.

WEEKLY PAYMENT PLAN
Installment No. Installment Date Starting Principal Bal. Principal Installment Interest Installment Monthly Installment Ending Principal Bal
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NOTICE; LOAN REPAYMENT IS SUPPORSE TO BE PAID BEFORE 12:00 PM EVERY dally WITH OUT FAILURE FOR MORE INFORMATION CALL: 0703440466 OR 0715292922. THANK YOU.

DAILY PAYMENT PLAN
Installment No. Installment Date Starting Principal Bal. Principal Installment Interest Installment Monthly Installment Ending Principal Bal
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NOTICE; LOAN REPAYMENT IS SUPPORSE TO BE PAID BEFORE 12:00 PM EVERY dally WITH OUT FAILURE FOR MORE INFORMATION CALL: 0703440466 OR 0715292922. THANK YOU.

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