[Loan Contract]

IGN: @Alarah


Users Involved in this Contract: @Alarah, @ToxicMiner44


General Purpose of Contract: To Validate a loan, and ensure it's safe and full repayment in an orderly fasion


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, @Alarah, agree to pay @ToxicMiner44 the amount of $60,000 Ecodollars within 24 hours of this contract being approved.
I, @Alarah, will also place a trade sign at the warp of /warp daemonheim, in the Legacy world, to be used for repayment of this loan. (coordinates: -9887, 64, 11153) This sign will consist of 88 dirt priced at $1,000 ECD each, and not be collected until ALL dirt has been purchased.


The other user(s) involved with this contract must agree to the following terms:
@ToxicMiner44 will repay the original loan of $60,000 Ecodollars plus $28,000 interest, totalling $88,000 payback within 8 weeks of this contract being approved.
@ToxicMiner44 will use the sign located at /warp daemonheim, in the Legacy world, (coordinates: -9887, 64, 11153) as the method of payback.

Should @ToxicMiner44 fail to complete $88,000 repayment upon the conculsion of the 8th week (july 10th 11:59 PM), late fees will begin at the rate of $5,000 ECD per week until the entire amount + fees is paid. There will be a maximum of 4 weeks of late fees. After such time, if the balance is not paid, this will result in a breach of contract.

If @ToxicMiner44 feels they will be unable to meet the initial terms of this contract, @ToxicMiner44 may contact @Alarah BEFORE the 8th week ends, to discuss a possible extention of 7 additional days. up to a maximum of 21 extra days. (these negotiated weeks have zero cost. Late fees will only be assessed if no prior negotiations take place)

As stated previously, late fee rate is $5,000 per extra week. the week will begin Monday at midnight, and end at 11:59 the following Sunday.

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, @Alarah agree to this contract.




@ToxicMiner44

Please use the following format for confirmation of this contract:

Code:

IGN:
<your in-game name.>

I, as another party to this contract, agree to the terms laid out for me to uphold, and understand that failure to complete such terms will result in a breach of contract:
<Agreement to the terms laid out in the contract post, yes or no.>

 

@ToxicMiner44 contract has been slightly edited, please re-read and re-agree at your leisure.

Thanks