Terms and Condition of Credit Agreement

ACKNOLEDGMENT OF DEBT/ OFFER TO PURCHASE

This Agreement (the “Agreement”) is entered into .(the “Effective Date”  date clicked on the link), by and between Onalothando (pty) ltd. Trading as eazylease.co.za with an address of  Madadeni Section 3 C3306 now will be reffered to as the “Credit provider” or “Lender” between you ”Burrower”  of the address lissted on the application.

 

 

The Borrower/YOU has desired to borrow a fixed amount of money. And the Lender/Credit provider  has agreed to lend a fixed amount of money to the burrower.

IN CONSIDERATION of, the following stipulations, covenants, and conditions contained herein, the Parties agree as follows:

 

  1. Principal debt. The Parties agree the Lender,will loan the Borrower a specified amount (the “Loan”) with an Interest Rateas specified in the application form page.
  2. The Parties agree the Interest Rate for this loan shall bea certain percentage as stipulated on the application form .
  3. Loan Term. The duration of the loan shall be for a period both agreed upon by the credit provider and buurrower
  4. Both parties have agreed during the duration the loan the Borrower shall enlist collateral to back the loan, in case failure to repay the loan amount.
  5. The Parties agree the Borrower shall repay the principal debt with interest and including admin fee (include initiation fee, mandate fee et)
    1. Payment shall be applied as follows:
      1. The Borrower shall pay the Lender the Principal Loan Amount + Interest + processing fee to specified upon finalising the loan.
    2. Late Payments. Payment shall be considered late if received by the Lender a day after its due date. The Lender will have the option not limited to, charge an additional late penalty fee interest, of 10% to the “loan” every 24hrs the amount is not paid.
      1. Late Payment interest will be calculated as follows:
        1. Outstanding Loan amount(interest + processing fee included ) + late interest 10%
      2. An additional of 72hrs will be given to the BORROWER to repay the LENDER the agreed loan amount with interest, including the agreed and late interest rate.

 

OFFER TO PURCHASE

 

  1. Upon failure to Repay the amount due within 72 hours,Late interest will sieze to be charged and The Borrower/YOU agrees to relinquish ownership right to the Credit Providerof  Collateral listed to back the loan in the case, the Borrower doesnt Replenish the lenders capital summing up to the total cost mentioned above including clause 6 on the agreed upon date for all installment will be completed .The said Collateral listed above will be rendered to Lender to cover all cost incured by Burrower. In doing so the colleteral wil have became sole property of Credit provider with the bellow stipulation taken into consideration:

 

  1. If the agreed [ITEM]/ Collateral, is not available on the day ofcollection, the LENDER/Credit provider  shall have the right to confiscate the BORROWERS/YOU other belonging of equal os substential value to cover the loan, until payment has been made.
  2. Failure paying the “loan” with its acquired interest the LENDER shall sell the [ITEM] to make up for the lost amount not paid.
  • Upon settling the loan with the storage fee of R150 charged monthly the  ollateral/ Item listed will be sold back / return to You as sole owner
  1. The LENDER/Credit providerreserves the right to seek legal action against the BORROWER/ YOU in the event of failure to repay the amount.
  1. The Borrower will not be penalized for early payment.
  2. Representations and Warranties. Both Parties represent that they are fully authorized to enter into this Agreement. The performance and obligations of either Party will not violate or infringe upon the rights of any third party or violate any other agreement between the Parties, individually, and any other person, organization, or business or any law or governmental regulation.
  3. The failure by either party to exercise any right, power, or privilege under the terms of this Agreement will not be construed as a waiver of any subsequent or future exercise of that right, power, or privilege or the exercise of any other right, power, or privilege. 
  4. Legal Fees. In the event of a dispute resulting in legal action, Borrower/ YOUshall pay for Lender/ Credit provider legal fees including, but not limited to its attorneys’ fees and time spent at court if successful.
  5. Governing Law and Jurisdiction. The Parties agree that this Agreement shall be governed by the Contract laws of South Africa.
  6. Entire Agreement. The Parties acknowledge and agree that this Agreement represents the entire agreement between the Parties. In the event that the Parties desire to change, add, or otherwise modify any terms, they shall do so in writing to be signed by both parties.

 

 

 

The Parties agree to the terms and conditions set forth above and both have read and fully comprehend the depth of this agreement as demonstrated by clicking the agree button.

 

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