This Loan Agreement (the “Agreement”) is made and entered into on the date specified in the Loan Schedule.
1. Loan Amount & Interest
The Lender agrees to provide a loan (the “Loan”) in the amount mutually agreed upon and documented in the Loan Schedule.
- Interest Rate: As agreed between Heart of Travel Inc. and the Borrower.
- Interest will be calculated based on the mutually agreed terms and outlined in the Loan Schedule.
- Interest begins accruing on the date specified in the Loan Schedule.
2. Payment Terms
- Repayment will be made through consecutive monthly installments of principal and interest, beginning on the agreed-upon deduction date and continuing each month until the loan is fully repaid.
- Lump-sum payments or early repayment of the outstanding balance may be made at any time without bonus or penalty, provided the borrower is not in default.
3. Default Terms
- If a default occurs, the full principal amount and accrued interest become immediately due and payable.
- If not repaid in full, an additional interest rate of 30% per annum, calculated yearly not in advance, will apply from the date of default until the loan is paid in full.
- Any missed/dishonored payment fees will be charged immediately to the borrower by the lender.
4. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the Province of Manitoba, Canada.
5. Costs & Expenses
The borrower shall be responsible for all costs, expenses, and legal fees incurred by Heart of Travel Inc. in enforcing this Agreement in the event of default. These costs will be added to the outstanding principal balance and shall be immediately payable upon demand.
6. Co-Signer (If Applicable)
Any co-signer is jointly and severally liable with the borrower for all obligations under this Agreement.
7. Binding Effect
This Agreement is binding upon and benefits the heirs, executors, administrators, successors, and permitted assigns of the parties.
The parties waive presentment for payment, notice of non-payment, protest, and notice of protest.
8. Amendments
This Agreement may only be amended in writing, signed by both the Lender and the Borrower (and Co-Signer, if applicable).
9. Severability
If any provision of this Agreement is deemed invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect.
10. General Provisions
- Headings are provided for convenience and do not affect the interpretation of this Agreement.
- Words in the singular include the plural and vice versa.
- Words in the masculine include the feminine and vice versa.
11. Entire Agreement
This Agreement constitutes the entire agreement between the Lender and the Borrower. No other agreements, promises, or representations exist outside of what is documented in this Agreement.
Heart of Travel Inc.
Winnipeg, Manitoba, Canada