Golden Key Loan Agreement

THIS LOAN AGREEMENT (the “Agreement”), dated DATE, is between NAME, an individual (the "Borrower"), and Golden Key Holdings LLC, an California  Limited Liability company whose address is _________________________________, (the "Lender" and with the Borrower, the “Parties”, with each a “Party”).

 

FOR VALUE RECEIVED, the Parties agree as follows:

 

LOAN:  The Lender agrees to loan $500.00, United States Currency, to the Borrower, and the Borrower promises to repay this principal amount to the Lender as is set forth herein.  IF THE FULL AMOUNT OF PRINCIPAL IS PAID WITHIN 30 DAYS, THERE IS NO INTEREST CHARGED.  After 30 days, the interest payable on the unpaid principal will be at the rate of 49.00 percent per annum, calculated semi-annually not in advance.

 

PAYMENTS:  Payments may be made by debit card or cash at the CASH-N-GO KIOSK or by sending payment directly to the Lender through the CashNgo Website. MyCashNgo.com; provided, however, that all payments sent directly to the buyer are credited when the payment is received by the Lender.  Borrower recognizes that a processing fee may be charged at the CASH-N-GO KIOSK payments processed through the same.  In the event this loan is not paid within 30 days, this loan will be repaid in consecutive monthly installments of $120.00 principal and interest on the same day of the month that this loan originated (and on dates of 30th or 31st with no such date in the following month, the day of the month that is closest to such a date in the following month(s)) by automatically electronically deducting that amount from the Borrower’s debit card (which information was provided in the application process for this loan) for up to the continuing six (6) months following the date hereof.  Borrower may prepay all amounts owed pursuant to this Agreement in whole or in part at any time without penalty.  Any partial payments shall first apply to interest owed, then to principal.

OBLIGATIONS TO PAY:  Borrower will pay, when due, all indebtedness described herein. 

 

PURPOSE:  It is understood and agreed that nothing herein contained shall be construed to obligate the Lender to make any loans or advances to the Borrower and the sole purpose of this Agreement is to set forth the terms of the loan contained herein.  The Parties agree that the loan contained herein is not a “line of credit”, “flex plan lending” nor other arrangement wherein the Parties contemplate any repeated or further loans between the Parties.  The Parties further agree that this Agreement does not contemplate any of the following loan practices: (a) deferred presentment loans; (b) money transmissions; (c) holding of a post-dated check; (d) holding of a security, including but not necessarily limited to real property pursuant to a mortgage or automobile title, as collateral for the payments on the loan contemplated herein; or (e) payday loan practices.

 

OTHER LOANS: Borrower understands that if Borrower currently has any loans or other financial obligation of any kind – short-term or long-term, secured or unsecured – Lender recommends that Borrower evaluates Borrower’s ability to repay the present loan before signing this Agreement.

 

TERM OF AGREEMENT:  This Agreement shall continue in full force and effect until amended, replaced, released or terminated in writing, even if at any time during the term of this Agreement there may not be an outstanding obligation.

 

DEFAULT:  Time is of the essence of this Agreement.  The occurrence of any one or more of the following events shall constitute an "Event of Default" hereunder:

 

  1. Failure of Borrower to make any payment, when due, of any sum or sums secured by this Agreement;

  2. Borrower's death, dissolution, termination of existence, or insolvency (defined to include (a) liabilities exceeding assets or (b) inability to pay debts as they come due; (c) assignment for benefit of Lenders; or (d) appointment of a receiver or the commencement of bankruptcy proceedings by or against Borrower); No waiver by the Lender of any event of default shall be effective unless in writing, nor operate as a waiver of any other default or of the same default on a future occasion.  Any other document or instrument signed in connection with this loan, and any amendments thereto, are collectively referred to as the "Loan Documents".

 

REMEDIES:      In the event of any default hereunder, the Lender may elect, without notice, that all sums secured hereby shall become immediately due and payable, and in such event Lender shall have all of the rights and remedies of a Lender, all of which rights and remedies shall, to the full extent permitted by law, be optional and cumulative, and Borrower shall be required to pay Lender 36.00 percent per annum, calculated yearly not in advance, on any outstanding amount, commencing the day the principal amount is declared due and payable by Lender, until full payment (of all principal and interest) is received by the Lender.

 

AMENDMENTS:  This Agreement may only be amended or modified by a written instrument executed by both the Lender and Borrower.

 

SEVERABILITY:  If any clause or provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws, then such clause or provision will be severed from this Agreement and the Agreement will be enforced to the fullest extent permitted by law in a manner that is consistent with the intentions of the parties hereto.

 

ADDITIONAL COVENANTS AND TERMS:  All rights of Lender hereunder shall inure to the benefit of its successors and assigns; and all obligations of Borrower shall bind its heirs, executors, administrators, successors and assigns.  If there be more than one Borrower their obligations hereunder shall be joint and several.  Borrower has caused this Agreement to be executed the day and year first above written.  In the event of any Event of Default, Borrower agrees to pay all costs incurred by Lender in collecting the sums due hereunder, including, without limitation, Lender’s reasonable attorneys’ fees and Lender’s legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post judgment collection services. This Agreement will be governed by Idaho law as an agreement entered into in said state and to be performed in said state. Time is of the essence hereof.  Headings in this Agreement are inserted for convenience of the parties only and are not to be considered when interpreting this Agreement.  Words in the singular mean and include the plural and vice versa.  Words in the masculine mean and include the feminine and vice versa.

 

ENTIRE AGREEMENT:  This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.  Borrower recognizes that Lender does not own or operate the CASH-N-GO KIOSK and has not made any representations, agreements, or statements through any mean thereby.

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