BUSINESS LOAN AGREEMENT

This Business Loan Agreement (“Agreement”) is made on [INSERT DATE]

BETWEEN

[INSERT BORROWER’S NAME] of [INSERT BORROWER’S ADDRESS] (Hereinafter

referred to as the “BORROWER” and shall where the context so admits shall include his
Heirs, Agents, Servants, Privies, Executors, Administrators, Successor-in-Title, Legal
Representatives and Assigns)

AND

[INSERT LENDER’S NAME] of [INSERT LENDER’S ADDRESS] (Hereinafter referred

to as the “LENDER” and shall where the context so admits shall include his Heirs, Agents,
Servants, Privies, Executors, Administrators, Successor-in-Title, Legal Representatives and
Assigns)

WHEREAS:

1. The Borrower is desirous of borrowing money from the Lender for personal reasons.
2. The Borrower has approached the Lender for a Loan of [INSERT LOAN AMOUNT
IN FIGURES] ([INSERT LOAN AMOUNT IN WORDS]).
3. The Lender has agreed to lend same subject to the terms and conditions hereunder:

IT IS THEREFORE AGREED AS FOLLOWS:

1) LOAN AMOUNT: The Loan Amount shall be [INSERT LOAN AMOUNT IN
FIGURES] ([INSERT LOAN AMOUNT IN WORDS]).

2) RE-PAYMENT: The Loan Amount shall be due and payable under the following re-
payment plan:
 A lump sum of [INSERT LOAN AMOUNT IN FIGURES] ([INSERT LOAN
AMOUNT IN WORDS]) to be paid on or before [INSERT DUE DATE]
3) PAYMENT INSTRUCTIONS: The Borrower shall make payment to the Lender
under the following instruction.
EITHER BY:

 A cheque made out in favour of the Lender

OR
 A transfer or deposit made to any of the Bank Accounts Maintained in the
Lender’s name.

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4) SECURITY: To guarantee a repayment of the loan, the Borrower hereby creates a
lien in favour of the Lender over his moveable/immoveable properties, that upon
default of repayment of the loan as and when due, the Lender shall legally seize and
exercise a right of sale over same.
5) 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 Lender.
6) EVENTS OF ACCELERATION.  The occurrence of any of the following shall
constitute an "Event of Acceleration" by the Lender under this Agreement:
a.) Borrower’s failure to pay any part of the principal as and when due under
this Agreement; or
b.) Borrower’s becoming insolvent or not paying his debts as they become
due.
7) ACCELERATION. Upon the occurrence of an Event of Acceleration under this
Agreement, and in addition to any other rights and remedies that Lender may have,
Lender shall have the right, at its sole and exclusive option, to declare all monies
under this Agreement immediately due and payable.
a.) This includes any rights of possession in relation to the Security described
in Clause 4.
8) 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 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 all other sums; 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.
9) SUCCESSORS. This Agreement is a promise of the Borrower and shall bind
themselves including the Borrower’s Heirs, Agents, Servants, Privies, Executors,
Administrators, Successor-in-Title, Legal Representatives and Assigns.

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 10) GOVERNING LAW. This Agreement shall be governed by, and construed in
accordance with, the laws of the Federal Republic of Nigeria.
11) EXPENSES. In the event any payment under this Agreement is not paid when due,
the Borrower agrees to pay the Lender, in addition to the principal, reasonable
attorneys' fees if the Lender must hire legal counsel to assist in retrieving the
Borrower’s outstanding balance. The Borrower may be liable for any other
reasonable expenses incurred by Lender in exercising any of their rights and
remedies upon default.
12) ENTIRE AGREEMENT. This Agreement contains all the terms agreed to by the
Borrower and Lender 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 hereunto set their hands and seals the day and
year first above written.

SIGNED, SEALED AND DELIVERED

BY THE WITHIN NAMED LENDER.

__________________________
[INSERT LENDER’S NAME]
IN THE PRESENCE OF:
NAME: _______________________________________
ADDRESS: _______________________________________
OCCUPATION: ____________________________________
SIGNATURE: _____________________________________

SIGNED, SEALED AND DELIVERED

BY THE WITHIN NAMED BORROWER.

__________________________
[INSERT BORROWER’S NAME]

IN THE PRESENCE OF:

NAME: _______________________________________
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ADDRESS: _______________________________________
OCCUPATION: ____________________________________
SIGNATURE: _____________________________________

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