# Bottomry Agreement
**THIS BOTTOMRY AGREEMENT (the "Agreement") is entered into as of the [Date] by and between:**
**1. [Borrower Name]**
Address: [Borrower's Address]
(hereinafter referred to as the "Borrower")
**2. [Lender Name]**
Address: [Lender's Address]
(hereinafter referred to as the "Lender")
**RECITALS**
WHEREAS, the Borrower is the owner of the vessel known as [Vessel Name], registered under [Registration Information] (the "Vessel");
WHEREAS, the Borrower requires financial assistance to cover certain maritime expenses associated with the Vessel;
WHEREAS, the Lender is willing to provide financial assistance to the Borrower subject to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:
## 1. Loan Amount
The Lender agrees to advance to the Borrower the sum of [Loan Amount] (the "Loan") for the purpose of covering [Specify Purpose, e.g., repairs, cargo, etc.].
## 2. Interest Rate
The Loan shall bear interest at the rate of [Interest Rate]% per annum, calculated on the outstanding principal amount from the date of disbursement until the Loan is paid in full.
## 3. Collateral
The Loan shall be secured by the Vessel. In the event of default by the Borrower, the Lender shall have the right to take possession of the Vessel and sell it to recover the outstanding Loan amount, including accrued interest and any costs associated with the sale.
## 4. Repayment Terms
The Borrower agrees to repay the Loan including interest in full on or before [Maturity Date]. Payments shall be made in lawful money of the jurisdiction where the Borrower resides.
## 5. Default
In the event that the Borrower fails to make any payment when due, the Lender may declare the entire principal amount and any accrued interest immediately due and payable. The Lender may exercise any and all rights and remedies available to them under applicable law.
## 6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [Governing Law Jurisdiction].
## 7. Entire Agreement
This Agreement contains the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, and negotiations, whether written or oral, with respect to such subject matter.
## 8. Amendments
This Agreement may not be amended or modified except in writing signed by both parties.
## IN WITNESS WHEREOF, the parties hereto have executed this Bottomry Agreement as of the day and year first above written.
______________________________
**[Borrower Name]**
Borrower Signature: __________________
Date: __________________
______________________________
**[Lender Name]**
Lender Signature: __________________
Date: __________________
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**NOTE:** This is a sample Bottomry Agreement. It is recommended to consult with a legal professional before entering into any contractual agreement.