THIS DEBT
REPAYMENT AGREEMENT made this ………........... day
of……………… 2014
BETWEEN:
Mr or Mrs (NAME HERE) of ……………. Village (Hereinafter referred to
as the "Creditor") and
shall include his heir, assigns, executors or successor in title.
AND
Mr. OR Mrs (NAME HERE) of ………………. (hereinafter referred to as 'Debtor') and shall include his heir,
assigns, executors or successor in title.
WHEREAS
1. The debtor deals with restaurant
business at (NAME HERE)
2. The Creditor gave the Debtor a total
sum of (Amount Here) to facilitate the said business 6f the Debtor between January
2014 to November 2014.
3. The debtor has agreed to pay his
indebtedness based on the following terms.
THIS AGREEMENT WITNESS AS FOLLOWS:
1. The Debtor hereby acknowledges the
receipt of a total sum of One Hundred
thousand naira from the creditor.
2. The Debtor shall pay the minimum sum of
five thousand naira to the creditor
on a monthly basis starting from the month of February 2013 until he pays the total sum of One
Hundred thousand naira with the monthly
interest of five thousand naira
3. The debtor shall pay the said monthly
payment on or before the last day
of every month to the law office of (NAME HERE) who shall issue a note acknowledging receipt of
same.
4. The Creditor shall take legal action in
Court to recover the unpaid debt where
the debtor defaulted to pay in any month on schedule based on this agreement.
5. Where the creditor takes legal action
in Court to recover the debt the debtor
shall be liable to pay (he cost of such legal action, the solicitor's fee and a yearly interest on the
unpaid sum fix at 25% per year.
6. The Debtor hereby accepts that all his
properties and cash at hand or in bank
shall be subject to being auction or used to pay the creditor,
PARTIES
HERETO SET THEIR HANDS AND SOAL ON THE DAY FIRST ABOVE WRITTEN
SIGNED
SEALED AND
DELIVERED
BY THE
"CREDITOR"
……………………………….
(NAME
HERE)
IN THE
PRESENCE OF
NAME:…………………………………..……..
ADDRESS:………………………………………
OCCUPATION:……………………….………..
SIGNATURE:……………………………………
SIGNED
SEALED AND DELIVERED BY THE
"DEBTOR "
……………………………….
(NAME HERE)
IN THE
PRESENCE OF
NAME:…………………………………..……..
ADDRESS:………………………………………
OCCUPATION:……………………….………..
SIGNATURE:……………………………………