ELF Loan Agreement Template
Template for: LOAN AGREEMENT BETWEEN CRSP-ELF AND (name)
I, _________________________, (lender), agree to loan $ _________to CRSP’ Ecological Revolving Loan Fund (ELF) for use in (check one or more):
- _____ The acquisition and pre-development expenses for the. property at 3554 W. First St.
2._____ The eco-rehabilitation of the Eco-Village properties at 117 Bimini Place, 127-133- 1/2 Bimini Place, and 140 Bimini Place.
3._____ To pay back current lenders at the expiration of their loan periods.
4._____ To provide seed capital for green business and organization development within Eco-Village, or a specific project (circle): LAEV Family Child Care Veggie Café White House Place Learning Garden
5._____ Any or all of the above.
6._____ To hold in reserve for a potential payment on my share loan for membership in the US/TU Co-op or future Cohousing community, if I otherwise qualify. If this option is of interest to you, please contact Lois before making a loan commitment.
Term of the loan is (check one or more):
__3 months 1 year __2 years __5 years __Other __To be reviewed annually
The interest rate shall be 1.5% at this time (2016) and will be on a (check one)
_____ simple interest basis, _____amortizing basis, ___________ negotiated basis
CRSP shall pay me the interest or amortizing amount every three months starting at the end of the first full quarter after the loan has been deposited by CRSP. CRSP-ELF may negotiate other payment options to be included on this agreement by mutual agreement with the lender.
At the end of the initial loan period on interest-only loans, the full principal will be due from CRSP along with the then-due interest payment. At the end of the initial loan period, also, I (the lender) will have the option of renewing the loan on a simple-interest or amortizing basis at an interest rate and term to be determined at that time between CRSP and lender.
In the event that CRSP decides to pay back the loan in part or full prior to the full term of the loan, there will be no interest penalty. In the event that I (the lender) must have my loan paid back prior to its due date, arrangements may be made with CRSP without penalty to me. Generally between 30 and 90 days notice is required for early paybacks, depending on the size of the loan.
Agreed: Lender Name, address, phone no., email address, date___________________________
Name (signed & Date)_____________________________________________
Agreed by CRSP:__________________________________________________________________ Lois Arkin, Executive Director, CRSP Corporate Treasurer Signature Date
Mail to: 117 Bimini Pl., #221, Los Angeles 90004 or email@example.com More info: Lois Arkin 213/738-1254
handout: November 2016