AGREEMENT OF LOAN INCORPORATING AN ACKNOWLEDGEMENT OF DEBT

AGREEMENT OF LOAN: STAFF LOAN
October 11, 2017
AGREEMENT OF SALE
October 18, 2017

 

  1. ACKNOWLEDGEMENT

 

I, the undersigned, …………………. ID ……………………, residing at ……………………………., South Africa in my capacity as managing member of the ……………………………………………..CC, with address at ………………. do hereby unequivocally acknowledge that …………………………CC (hereinafter referred to as” the Debtor” is truly and lawfully indebted to and in favour of

 

……………………………………….. Pty Ltd  (“the Creditor”)

 

and his successors and/or assigns in the amount of R ……………. (“the capital amount’) in respect of work done and materials supplied in Cape Town which is due and payable subject to the terms and conditions contained in this Acknowledgement of Debt. (“the instrument”).

 

  1. INTEREST

 

  • The Debtor shall pay interest at the rate of 25% per annum on the capital and all amounts outstanding, compounded monthly in arrears from the due date of …………201. until payment in full of the capital interest and costs.

 

  1. REPAYMENT

 

 

  • The Debtor shall repay the capital amount due in terms of this instrument in 6 monthly instalments of R ……… each, the first instalment of R ………. to be paid on or before the …st……………. . and each respective instalment to be made on or before the 1st day of each month thereafter, the last payment of R ……… to be made on or before ………201…

 

3.2       All payments due shall be made in cash free of bank charges deduction or set-off to the Creditor by deposit into the Creditor’s bank account with details: …….., branch code ……………….account  no: ………………).

 

  1. DEFAULT

 

4.1       Should the Debtor fail to make any payment on the due date of any amount owing in terms of this instrument, then the Debtor shall immediately be liable to repay the full capital outstanding plus interest.

 

4.2       In the event of the Debtor:

 

4.2.1    failing to make payment of any amount by due date; or

 

4.2.2    becoming the subject of sequestration, winding up or dissolution proceedings; or

 

4.2.3    effecting or offering a general compromise or deed of arrangement with creditors or with any class of creditors, or making any assignment for the benefit of creditors; or

 

4.2.4    suffering a judgment to be granted or entered against me in or by any Court of Law, and unreasonably failing to cause such judgment to be satisfied within a period of 10 (ten) days from the date of such judgment;

 

then the full amount of the capital amount outstanding, together with the interest payable thereon, collection commission and/or legal costs will immediately become due and payable by me without prior notice and/or demand from the Creditor.

 

4.3      Payments will be appropriated firstly towards any collection commission and/or legal costs envisaged, then interest and thereafter in reduction of the capital amount.

4.4      The Debtor shall be liable to continue paying the debt until all the collection commission and / or legal costs envisaged, interest and capital are paid in full.

 

 

  1. BREACH; JURISDICTION; CONFIRMATION OF BALANCE

 

5.1       Without limiting the generality of the provisions contained in clause 5 above, should I breach any terms of this instrument and should the Creditor become entitled to enforce any of the provisions of this instrument, then without prejudice to any other rights which the Creditor may have and in addition to the Creditor’s common law rights, the full amount of the capital amount outstanding, together with the interest payable thereon, will immediately become due and payable by me without prior notice and/or demand from the Creditor.

 

5.2      A certificate signed by the Creditor or his personal accountant confirming the amount due and payable shall be sufficient prima facie evidence for the purposes of obtaining summary judgment or provisional sentence against the Debtor for the amount claimed in the Magistrate’s Court.

 

5.3      In the event that any breach is committed and it is necessary to take legal action in respect of the recovery of this money, then the Debtor consents to the jurisdiction of the Magistrate’s Court irrespective of whether the amount claimed is greater than the legislated jurisdiction of the Magistrate’s Court.  The Debtor Acknowledges liability to pay any legal costs incurred in respect of any legal action taken against the Debtor for the recovery of any money outstanding in terms of this agreement on an attorney and client scale plus collection commission.

 

 

 

 

  1. WAIVER

 

No extension of time or indulgence by either party to the other will be deemed in any way to affect, prejudice or derogate from the rights of such party in any respect under this instrument, nor shall it in any way be regarded as a waiver of any rights hereunder, nor a novation of this instrument.

 

  1. NON VARIATION

 

No variation of this instrument will affect the terms hereof unless such variation is reduced to writing and signed by or on behalf of the parties.

 

  1. COSTS

 

 The Debtor agrees to pay, on an attorney and client scale, all legal fees incurred by the Creditor in respect of any claim or proceeding arising out of or being in connection with this instrument, as well as all collection commission and tracing costs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­THUS DONE AND SIGNED AT ……………………………..ON THE………………….DAY

 

OF ……………………… 20..

 

 

AS WITNESSES:

 

  1. __________________________

 

  1. __________________________ __________________________

……………………………………..

 

 

 

 

 

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­THUS DONE AND SIGNED AT ……………………………..ON THE………………….DAY

 

OF ……………………… 20..

 

AS WITNESSES:

  1. __________________________

 

  1. __________________________ ________________________

……………………… (for Creditor)

 

 

 

 

 

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