[Contact] Loan

IGN:
@Mendiboi

Users Involved in this Contract:
@Exilenela @Joseph01234

General Purpose of Contract:
The general purpose of this contract is to secure a loan for @Exilenela so that he can repay, or greatly reduce, his debt to @Joseph01234. (http://www.ecocitycraft.com/forum/threads/contract.135124/#post-734060)

I (the contract initiator) agree to the following terms, and agree that my failure to complete such terms will result in a breach of contract, as outlined in Rule 3:

I, @Mendiboi, agree to loan $1,000,000 ECD to @Exilenela contingent on @Exilenela using it to repay, or greatly reduce, his current debt to @Joseph01234. I agree to transfer the currency no later than 24 hours after this contract is approved.

The other user(s) involved with this contract must agree to the following terms:

@Exilenela must agree to use this loan to repay, or greatly reduce, his current debt to @Joseph01234. @Exilenela must also agree to repay this loan, with a 10% interest, by December 31 of 2015; he must repay a total of $1,100,000 ECD. @Exilenela must also agree to attempt weekly payments, which must be large enough such that a reasonable, third party player, would consider them fair. @Exilenela has brought to my attention that his life outside of Minecraft can interfere with his ability to make standardized weekly payments, so I want to make this payment clause as forgiving as realistically possible.

@Exilenela must also agree to a financial penalty for failure to repay this loan by December 31 of 2015. This financial penalty will be 15% of the amount due on December 31 of 2015. In other words, the penalty would only apply to the remainder of the $1,100,000 ECD still unpaid. This penalty would automatically extend his deadline by another month if invoked. (I personally loathe cycles of debt, so this clause is meant to protect @Exilenela from having to take out another loan to repay this one)

@Joseph01234 must agree to confirm that @Exilenela's debt has been repayed, or greatly reduced, within 48 hours of this contract being approved.

I agree that the terms in this contract are subject to all of EcoCityCraft's rules, including the rules listed specifically in this forum. I understand that the contract may be affected by future changes in EcoCityCraft rules and server updates, and I accept that due to the possibility of such changes, this contract may be at my own risk. I understand that the contents of this contract are subject to staff assessment, review and approval before it is a binding contract under EcoCityCraft rules. I accept that action may not be taken in case of a breach of contract if appropriate and sufficient evidence is not provided of such.: I agree.