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Loan Agreement Page 2
7 Acceleration clause
If the Borrower fails to pay any instalment on due date the Lender shall be entitled but not obliged to claim
the full balance of the loan together with interest up to the date of payment.
8 Waiver
No relaxation by the Lender of enforcing the acceleration clause at any stage shall amount to waiver of the
Lender’s rights in terms of that clause.
9 Prepayment by Borrower
The Borrower shall be entitled to pay larger instalments than prescribed or the full balance of capital and
interest at any time prior to the prescribed dates of payment. In any such event interest shall be calculated up
to the date of payment.
10 Breach of terms
If the Borrower fails to make payment of any instalment on due date and the Lender decides to enforce the
acceleration clause, he shall rst give written notice to the Borrower calling upon him or her to make payment
within (number) days, failing which the Lender shall be entitled to claim payment of whatever is due in terms
of this agreement by way of summons.
11 Insolvency
The full balance of the capital and interest shall become payable immediately upon sequestration of the
Borrower’s estate.
12 Security
This agreement is subject to the suspensive condition that the Borrowers obligations are secured by a surety
who binds himself validly as surety and co-principal debtor.
13 The whole contract
The parties conrm that this contract contains the full terms of their agreement and that no addition to or
variation of the contract shall be of any force and eect unless done in writing and signed by both parties.
14 Domicilium citandi et executandi
The parties choose as their domicilium citandi et executandi the following addresses:
The Lender _________________________________________________________
The Borrower________________________________________________________
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