I received the following letter, that I signed returned and paid for the insurance. Received a call that the loan fell through but I could get a larger amount for an extra $2000 on insurance. I paid the insurance, and was told that the fund insurance was finalized and fund would be transfered to my account the next day. Now it has been 4 banking days and no signs of funds. My calls are now blocked as every time I call it is busy but I can use someone elses phone and the call goes through until they hear my name. I have sent many emails to J Grant and A Bentley without response, and then resorted to faxes and of course no response there either.
LOAN AGREEMENT
This LOAN AGREEMENT is entered into this 1/17 by and between South West Financial Lending (hereinafter "Lender"), and (hereinafter "Borrower") residing at TX.
NOW, THEREFORE, the Lender and the Borrower do hereby agree as follows:
1. The loan
1.1. The Loan. South West Financial Lending agrees to extend, subject to the conditions hereof, and Borrower agrees to take, a Loan (hereinafter "Loan") totaling $10,000.00
1.2. The Note. Borrower shall execute a promissory note in favor of South West Financial Lending in a form substantially similar to that completed promissory note attached hereto as Exhibit A, the terms and conditions of which are incorporated herein by reference (hereinafter, "the Note").
1.3. Draws. It is contemplated that Borrower will borrow the entire loan amount at closing and repay same as required by the terms of the Note and this Agreement.
1.4. The Terms of the Loan. The aforesaid Loan shall be for a term of 48 month (s) from the date of the Note. The principal balance of the Loan shall be payable monthly by Borrower as required by the terms of the Note.
1.5. Rate and Payment of Interest. The aforesaid Note shall bear interest at the rate of percent (7.9500000000000002 %) per annum calculated on the basis of a 365 day year.
1.6. Termination. The Loan and South West Financial Lending;s obligations shall terminate automatically upon the occurrence of any event of default hereunder and South West Financial Lending's subsequent determination not to waive such event of default.
Both Borrower and South West Financial Lending shall have the right to terminate the Loan at any time, regardless of the existence of an event of default, by giving written notice of its decision to terminate to the other party thirty days (30) in advance of the effective date of such termination. Termination by either South West Financial Lending or the Borrower shall not release the Borrower from its obligation to repay the amount advanced by South West Financial Lending under the Loan; nor shall termination prejudice or release any of the collateral or rights to enforce repayment of the Loan that South West Financial Lending may have.
1.7. The Guarantor. Payment of the Loan will be personally guaranteed pursuant to an Insurance Policy Agreement in favor of South West Financial Lending on a form approved by South West Financial Lending.
1.8. Reports. Borrower shall submit written reports within fifteen (15) days after written request by South West Financial Lending showing Debtors current financial status on forms approved by South West Financial Lending during the term of the Loan.
2. The collateral
2.1. Grant of Insurance Premium. Borrower does hereby grant to the South West Financial Lending an Insurance Premium in the amount of $2,500.00 in order to secure Borrower's obligations due under the Note and this Agreement and agrees to execute all documents required by South West Financial Lending to further establish and perfect said insurance policy. Fifty (50%) of the premium shall be refunded after 6 months of consecutive payments, on time and in full. The balance shall be refunded upon completion of the loan obligation.
2.2. Corporate Authority.in its corporate borrowing resolution given to South West Financial Lending, Borrower shall state the names and titles of those corporate officers authorized to execute this Agreement, the Note, and any additional documentation.
2.3. Power of Attorney. Borrower hereby grants South West Financial Lending an irrevocable Power of Attorney to endorse any and all checks and to execute any other documentation in the name of and on behalf of the Borrower to enable the South West Financial Lending to collect the Note and obtain the Security.
3. Default
Upon the happening of any of the following events, each of which shall constitute a default hereunder, all liabilities of the Borrower to South West Financial Lending shall become immediately due and payable at the option of South West Financial Lending: (a) failure of the Borrower (which shall include any endorser, surety or Guarantor) to perform any agreement hereunder or to pay any obligation secured hereby when due; (b) dissolution of the Borrower or death of any Guarantor of this Note; (c) filing of any petition of bankruptcy by or against the Borrower or any Guarantor of this Note; (d) application for appointment of a receiver, or making of a general assignment for the benefit of creditors by, or insolvency of the Borrower or any Guarantor; (e) determination by any officer of the South West Financial Lending that a material adverse change has occurred in the financial condition of the Borrower or any Guarantor.
Upon the occurrence of any such event of default and at any time thereafter, South West Financial Lending shall have all of the remedies of a secured party under the Uniform Commercial Code of the State of TX, and as provided in this agreement, the Note and all other documents executed by Borrower in connection herewith. Any notice of sale or other intended disposition of the Collateral sent to the Borrower at least thirty (30) days prior to such action will constitute reasonable notice to the Borrower. South West Financial Lending may waive any default before or after the same has been declared without impairing its rights to declare a subsequent default hereunder, this right being a continuing one.
EXHIBIT A
PROMISSORY NOTE
$10,000.0 1/17 1/17
Amount of Note Date of Note Due Date
The undersigned, (hereinafter called "Borrower"), promises to pay to South West Financial Lending (hereinafter called "Lender"), ($11706.940000000001) with interest thereon at the rate of 7.9500000000000002 percent per annum from the date hereof until paid, payable as follow:
TERMS OF NOTE
Loan Amount: $10,000.00
Interest Rate: 7.9500000000000002%
Total Cost of Borrowing: $1706.9400000000001
Monthly Payment: $243.89
First Payment: 2/16
Maturity Date/Final Payment: 1/17
Upon the happening of any of the following events, each of which shall constitute a default hereunder, the Obligation of the Maker to Lender shall become immediately due and payable at the option of Lender: (1) failure of any Obligor (which shall include each maker, endorser, surety and guarantor of this note) to perform any agreement hereunder or pay any obligation secured hereby when due; (2) death of any Obligor; (3) filing of any petition on South West Financial Lending by or against any Obligor; (4) application for appointment of a receiver for, making of a general assignment for the benefit of creditors by, or insolvency of any Obligor, or (5) an Event of Default under any Security Agreement executed in connection herewith.
Upon occurrence of any such event or at any time thereafter, Lender shall have the remedies of a secured party under Uniform Commercial Code of TX or real estate laws, as applicable to the security.
All Obligors waive protest of this note. If this note is not paid when due, all Obligors agree to pay all costs and expenses of collection, including reasonable attorneys' fees and legal expenses, all of which are secured by the Collateral. Any demand upon or notice to Maker shall be sufficiently served for all purposes if personally delivered or placed in the mail addressed to the address shown above or such other address as may be shown on Lender's records.
PRESENTMENT for payment, demand, notice of dishonor, protest, notice of protest and any homestead or personal property exemption allowed by the constitutions or laws of any state are hereby waived by the undersigned. Failure by the holder hereof to exercise any option granted it hereunder shall not constitute a waiver of future rights. The term "undersigned" as used herein shall include all makers, co-makers, endorsers, sureties and guarantors hereof.
THERE will be no pre-payment penalty on this Note.
IF DEFAULT is made in the payment specified herein, or any part thereof, and such default shall continue for a period of 10 days, then the holder hereof may, at its option, declare the whole sum then remaining unpaid immediately due and payable.
Borrower (1) Signature Date
Borrower (2) Signature Date
Certificate of life and disability insurance
this document contains important information and should be kept in a safe place
This document is a brief summary of the life and disability insurance provided in the Group Insurance Policy which is the governing document. Any variation between the information in this Certificate of Insurance and the Group Insurance Policy will be resolved by reference to the Group Insurance Policy.
IMPORTANT TERMS AND CONDITIONS (Applicable only if Borrower (s) is/are insured)
1. This Certificate of insurance is only valid for the coverage the Borrower (s) applied for and has paid the appropriate premium for.
2. The maximum amount of insurance on all loans insured is $11706.940000000001 for Life Insurance and $1,000.00 per month for Disability Insurance.
3. The maximum age at which insurance may be purchased is 64 years for Life Insurance and 60 years for Disability Insurance.
4. Disability Insurance may not be purchased without Life Insurance.
5. For the Disability Insurance, no disability benefits will be payable for a disease or condition for which medical advice or treatment was received within the six (6) month period immediately preceding the Effective Date of Insurance for the condition unless free of medical advice or treatment for a period immediately preceding the Effective Date of Insurance for the condition unless free of medical advice or treatment for a period of at least six (6) consecutive months ending after the Effective Date of Insurance for the disease or condition.
If a person is not eligible for insurance, liability is restricted to a refund of premium
In consideration of payment of the appropriate premium, DeMarco Insurance Company (the Insurer) hereby certifies that according to the provisions of Group Policy SW-48373 (the Policy) issued to (South West Financial Lending), the Borrower (s) whose name (s) appear (s) on the Promissory Note is/are insured under this Policy.
General Provisions
1. An insured Borrower is a Borrower for whom insurance is in effect. A maximum of two persons may be insured for Life and Disability Benefits in respect to the same loan.
2. To be eligible for insurance coverage, Borrower must:
a) Be a natural person
b) Reside in the United States of America, and
c) Be under age sixty-one for Disability Insurance and under age sixty five for Life Insurance.
3. Insurance Coverage shall be effective on the Effective Date of the Loan, provided the Borrower to be insured, on or prior to that date, has:
a) Made application for insurance, and
b) Agreed to the payment of any charge required by South West Financial Lending for the Insurance.
4. If a Borrower is charged a premium for insurance where he/she was not eligible for insurance for any reason, then such a Borrower shall not be insured under the Policy. Upon discovery of such non-insured status, the insurer shall have no liability other than to refund the amount of premiums paid with respect to such Borrower.
5. An Insured Borrower is only eligible for benefits which he/she has applied for and has paid the appropriate premium
6.insurance coverage under this Certificate of insurance shall cease upon the earliest of the following dates:
a) The Expiry Date of Loan shown in the Application.
B) The date of the loan is transferred to a creditor other than South West Financial Lending.
C) The loan is discharged for any reason.
D) The date the loan is paid in full, renewed or refinanced, or otherwise terminated.
E) The 183rd day any loan payment is in default, in the event a Borrower permits any payment required to be made toward the discharge of the loan to be in default for more that 182 days, or f) In the event the Insured Borrower requests such termination in writing, then on the date of
the request or, if later, on the date South West Financial Lending receives such request. If insurance is terminated prior to the expiry date of the loan, South West Financial Lending shall refund or credit to the Borrower the portion of the charge to which the Borrower is entitled, computed in accordance with the principles of the sum of digits formula (also known as the rule of 78)
1. Any payments by way of premium in respect of any insurance which has terminated in accordance with the terms of the Policy will confer no rights under the Policy other than the right to have such payments refunded.
2. Notice of Claim must be furnished, in writing, to the Insurer within 90 days after the date of death or disability for which claim is being made under the Policy, or as soon as is reasonably possible.
3. Proof of Claim must be furnished, in writing, to the Insurer within 90 days after the date of death or disability for which claim is being made. Failure to furnish such proof within 90 days shall not invalidate any claim if it was not reasonably possible to give proof within such time, provided such proof is furnished as soon as reasonably possible and in no event, except in the absence of legal capacity, later than one year from the time proof was otherwise required.
4. Benefits will not be payable in the event of death or disability resulting from declared or undeclared was or act thereof or due to travel on a non-scheduled aircraft flight.
Premiums Payable
The premium calculated is to be paid in full on or prior to the date the loan was executed.
Claims
In the event of a claim under this Certificate of Insurance, please notify the nearest branch of DeMarco Insurance.
Life Insurance Benefit
1. If, while this Certificate of Insurance is in effect, the Insured Borrower dies, the Insurer will pay to South West Financial Lending, upon receipt of satisfactory proof of claim, an amount equal to the unpaid loan at the date of death, reduced by all installments which are more than three months overdue.
2. The maximum amount of Life Insurance available under the Policy on all loans insured there under (loan amount). However, in no event shall the amount of Life Insurance under the Policy for and Insured Borrower, exceed the lesser of the maximum amount available or the amount of Insurance the Insured Borrower applied for in the application and has paid premiums for under the terms of the Policy.
3. If Joint Life Insurance is in effect and a death benefit is payable under this Certificate of Insurance as a result of the death of the Borrower the Co-borrower, no insurance shall thereafter be in effect as to the survivor. Should deaths occur simultaneously only one death benefit shall be paid.
4.in the event of death occurring by self-destruction while sane or insane, within two years after the effective date of this Certificate of Insurance, the amount payable by the Insurer shall be limited to the amount of the premiums for the insurance benefits.
Disability Benefit
1. If while this Certificate of Insurance is in effect, the Insured borrower becomes Totally Disabled and remains continuously so disabled throughout a waiting period of thirty days, then the Insurer will pay to South West Financial Lending, upon satisfactory proof of claim, a monthly benefit as described in the following. The first payment will begin with the first installment due date following the end of the waiting period and continue on subsequent installment due dates until the earliest of the following dates:
a) The Expiry date of the Loan shown in the Application.
B) The date the Borrower ceases to be Totally Disabled.
C) The date of death of the Borrower.
D) The date the loan is paid in full, or otherwise terminated,
e) The date the Borrower engages in any occupation for wage or profit,
f) The date the Insurer deems the Borrower has failed to provide satisfactory evidence of the continuance of Total Disability.
G) The date the Borrower ceases to receive regular medical supervision and treatment considered satisfactory to the Insurer.
2. The monthly benefit shall be equal to the lesser of the Monthly Loan Payment or $1000. Benefits are calculated from the end of the waiting period. For an incomplete month of disability this benefit shall be prorated at the rate of 1/30th of the Monthly Benefit for each day of disability.
3. If joint disability insurance is in effect and two disabilities occur simultaneously, only one benefit shall be paid. The benefit shall continue for the longer of the two disabilities.
4. No Disability Benefits will be payable for Total Disability resulting, directly or indirectly, from any disease or condition for which medical advice, consultation, or treatment was received by the Insured Borrower or recommended by a physician within the 6 month period ending after the Effective Date of Insurance unless the Insured Borrower was freed of medical advice or treatment for the disease or condition for at least a consecutive 6 month period ending after the Effective Date of Insurance for such disease or condition. Treatment means consultation, care, or service by a physician, including diagnostic measures or taking prescribed drugs.
5. No Disability Benefits will be payable under the Policy in respect of any disability.
A) Caused or contributed to by normal pregnancy
b) During a period of imprisonment, or
c) Due to or resulting from any self-inflicted injury or any attempt at self-destruction while sane or insane.
6 Total Disability means the complete and continuous inability of the Insured Borrower to perform any and every duty of his/her regular occupation or any occupation as the result of injury occurring, or sickness commencing, after the Effective Date of the Insured Borrower's Insurance.in no event shall Total Disability exist during any period in which the Insured Borrower is engaged in his/her pr any other gainful occupation.
Borrower (1) Signature Date
Borrower (2) Signature Date
Monica
Argyle, Texas
U.S.A.
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