Sample Payment Plan Terms & Conditions
*This is only a sample, a final version will be issued to you for signature once the terms have been agreed upon.*
PAYMENT AGREEMENT
Painting(s): Beneath the Surface
Total Payment Plan Amount: $300.00
Term: 6 months
Monthly Payment Amount: $50.00
First Payment Date: February 04, 2021
Monthly Payment Date: 15th
Date of Agreement: February 04, 2021
For value received, the undersigned CLIENT NAME (the "Borrower"), at CLIENT ADDRESS, promises to pay to the order of MAE MARVELLE | FINE ART & JEWELRY (the "Lender"), on www.maemarvelle.com (or at such other place as the Lender may designate in writing), the sum of $300.00 with no interest.
I. TERMS OF REPAYMENT
A. Payments
The unpaid principal shall be payable in monthly installments of $50.00, the first payment will be made on February 4, 2021 to reserve the painting. Monthly payments will then begin on March 15 , 2021, and end August 15, 2021, (the "Due Date") at which time the remaining unpaid balance of the Note shall be due in full.
B. How to Pay
Six separate listings will be created for your $50.00 payments, the links to each of these listings will be emailed to you. Your painting will not be reserved until you make your first payment. You have until 10 days after your chosen payment date of the 15th to “purchase” the listing each month, and make your payment. Payments will not be taken automatically. You are responsible for manually making payments each month.
C. Late Fee
The Borrower promises to pay a late charge of $10.00 for each installment that remains unpaid more than ten day(s) after its Due Date. The $10.00 late fee will be added to the month’s listing if a payment has not been received within ten days after the due date. This late charge shall be paid as liquidated damages in lieu of actual damages, and not as a penalty. Payment of such late charge shall, under no circumstances, be construed to cure any default arising from or relating to such late payment.
D. Acceleration of Debt
If any payment obligation under this Note is not paid when due, the remaining unpaid principal balance and any accrued interest shall become due immediately at the option of the Lender.
II. PREPAYMENT
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Due Date with no prepayment penalty.
III. COLLECTION COSTS
If any payment obligation under this Note is not paid when due, the Borrower promises to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.
IV. DEFAULT
If any of the following events of default occur, this Note and any other obligations of the Borrower to the Lender, shall become due immediately, without demand or notice:
1) the failure of the Borrower to pay the principal and any accrued interest when due;
2) the liquidation, dissolution, incompetency or death of the Borrower;
3) the filing of bankruptcy proceedings involving the Borrower as a debtor;
4) the application for the appointment of a receiver for the Borrower;
5) the making of a general assignment for the benefit of the Borrower's creditors;
6) the insolvency of the Borrower;
7) a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit; or
8) the sale of a material portion of the business or assets of the Borrower.
V. SEVERABILITY OF PROVISIONS
If any one or more of the provisions of this Note are determined to be unenforceable, in whole or in part, for any reason, the remaining provisions shall remain fully operative.
VI. SHIPPING
Your painting will be shipped within 5 business days of the final payment being received. A tracking number will also be issued at that time.
VII. MISCELLANEOUS
All payments of principal and interest on this Note shall be paid in the legal currency of the United States. The Borrower waives presentment for payment, protest, and notice of protest and demand of this Note.
No delay in enforcing any right of the Lender under this Note, or assignment by Lender of this Note, or failure to accelerate the debt evidenced hereby by reason of default in the payment of a monthly installment or the acceptance of a past-due installment shall be construed as a waiver of the right of Lender to thereafter insist upon strict compliance with the terms of this Note without notice being given to Borrower. All rights of the Lender under this Note are cumulative and may be exercised concurrently or consecutively at the Lender's option.
This note may not be amended without the written approval of the holder.
VII. GOVERNING LAW
This Note shall be construed in accordance with the laws of the State of Oregon.
VIII. SIGNATURES
This Note shall be signed by CLIENT NAME and MAE MARVELLE.