Loan Agreement 1

Loan Agreement

Agreement date: 23 November 2016

This loan agreement is commenced between:

Name: ___________________________________________________________

I.D. No____________________________________________________________

Address: _________________________________________________________

Phone Number: ___________________________________________________

(hereinafter referred as the lender)

And

Name: ___________________________________________________________

Address: _________________________________________________________

I.D. No.___________________________________________________________

Phone Number: ___________________________________________________

(hereinafter referred as the borrower)

1. Introduction

The Lender will make available to the Borrower the full sum of R50 000.00 in the form of a loan

on the basis of the terms and conditions within this Loan Agreement.

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2. Loan Repayment Date

The principal amount of the Loan together with all interest due under this Agreement shall be

repaid in full by the close of business on 28 February 2017

4. Place of repayment

All payments due in terms of this agreement shall be made into a bank account nominated by

the Lender from time to time in writing

5. Renunciation of Legal Exceptions

5.1 The Borrower expressly renounces the benefits of the non causa debiti, non

numeratae pecuniae, de errore calculi, revision of accounts, no value received

and any other exceptions which could be taken to the payment of the Loan

5.2 The Borrower confirms that it understands the meaning of these exceptions and the

effect of such renunciation.

6. Acceleration Clause

If the Borrower fails to pay any installment on due date the Lender shall be entitled but not

obliged to claim the full balance of the loan together with interest up to the date of payment.

7. Waiver

No relaxation by the Lender of enforcing any of the terms of this Agreement shall amount to

waiver of the Lenders rights in terms of this agreement.

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8. Breach

If the Borrower fails to make repayment on due date or breaches any of the terms of this

agreement, the Lender shall:-

8.1 Give written notice to the Borrower calling upon him to make payment or rectify the

breach within 10 (ten) days;

8.2 Failing such payment or rectification, be entitled to cancel the agreement forthwith and

claim payment of whatever is due in terms of this agreement.

9. Insolvency

The full balance of the capital and interest shall become payable immediately upon the

Borrower being placed under provisional liquidation, judicial management or such other legal

incapacity.

10. Jurisdiction and Applicable Law

The law of The Republic of South Africa shall govern the construction, validity and effect of this

Agreement and the Magistrates Court at Polokwane shall have exclusive jurisdiction in respect

of any disputes or claims arising therefrom.

11. Domicilium Citandi Et Executandi And Notices

11.1 The parties hereby choose domicilium citandi et executandi at the addresses given

hereunder.

11.2 All notices that are given by The Lender to The Borrower hereunder shall, unless

otherwise advised in writing by the Borrower, be given at:

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[]

11.3 All notices that are given by The Borrower to the Lender hereunder shall, unless

otherwise advised in writing by the Lender, be given at;

[insert addresses, fax and e-mail ]

11.4 All notices sent by either party to the other shall be in writing and may be given by

sending by prepaid registered post or cable, telex fax or other electronic means or by

recorded personal delivery.

11.5 All notices delivered or sent as aforesaid to the respective addresses provided for in this

clause shall be deemed to have been received by the addressee on the date of

delivery or on the third business day after posting as the case may be.

12. Whole Agreement

12.1 This Agreement constitutes the whole agreement between the parties and no

warranties or representations whether express or implied not stated herein shall be

binding on the parties.

12.2 No agreement at variance with the terms and conditions of this agreement shall be

binding on the parties unless reduced to a written agreement signed by or on behalf of

the parties.

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THUS DONE and SIGNED BY ____________________________ at_____________ this day

of 2016, in the presence of the subscribing witnesses:

AS WITNESSES:

1.__________________________

2.__________________________

________________________________

[Mrs Jabu Eldon Risiva]

THUS DONE and SIGNED BY ______________________ at______________ this day of

2016, in the presence of the subscribing witnesses:

AS WITNESSES:

1.

2.

________________________________

[Mr Solomon Mohapi)

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