# Amortization Agreement
**This Amortization Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**Lender:**
[Full Name or Company Name]
[Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**Borrower:**
[Full Name or Company Name]
[Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
## 1. Loan Amount
The Lender agrees to loan the Borrower the sum of **[Loan Amount]** (the "Loan").
## 2. Interest Rate
The Loan shall bear an interest rate of **[Interest Rate]%** per annum.
## 3. Term of Loan
The term of the Loan shall be **[Loan Term]**, commencing on **[Start Date]** and maturing on **[Maturity Date]**.
## 4. Amortization Schedule
The Borrower agrees to repay the Loan in equal monthly installments of **[Monthly Payment Amount]**. The first payment is due on **[First Payment Date]**, and subsequent payments are due on the same day of each month thereafter until the Loan is paid in full.
### Amortization Details:
- Total Number of Payments: **[Total Payments]**
- Payment Frequency: Monthly
- Total Interest Over Term: **[Total Interest Amount]**
- Total Payment Over Term: **[Total Payment Amount]**
## 5. Prepayment
The Borrower may prepay the Loan in whole or in part without penalty. Any partial prepayments shall be applied against the principal outstanding.
## 6. Late Payments
Payments not received within **[Grace Period]** days after the due date shall incur a late fee of **[Late Fee Amount]**.
## 7. Default
In the event of default, the Lender may demand immediate payment of the entire outstanding principal and accrued interest. A default occurs if the Borrower fails to make any payment when due.
## 8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of **[State]**.
## 9. Amendment
This Agreement may only be amended in writing, signed by both parties.
## 10. Signatures
In witness whereof, the parties have executed this Amortization Agreement as of the day and year first above written.
**Lender:**
______________________________
[Name]
[Title] (if applicable)
**Borrower:**
______________________________
[Name]
[Title] (if applicable)
---
**Notices:**
All notices or communications required or permitted under this Agreement shall be in writing and shall be deemed given when delivered personally or sent via certified mail, return receipt requested, to the addresses stated above or to such other address as either party may designate in writing.
**Entire Agreement:**
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, discussions, or agreements regarding the Loan.
---
> **Disclaimer:** This document is for informational purposes only and does not constitute legal advice. Parties should seek professional legal counsel before entering into any legally binding agreement.