LOAN AGREEMENT: A RHYMING VERSE

February 17, 2025

1. LOAN TERMS

1.1 Loan Amount

It’s clear to see,
One Thousand Dollars loaned shall be.

1.2 Interest Rate

Five percent is what applies,
Calculated yearly, no disguise.

1.3 Repayment Terms

Each month, a payment shall be made,
One Hundred Five and Twenty-Five paid.
From March the first, the term shall start,
And end December with the final part.

1.4 Payment Method

By check or transfer, they agree,
Or another method in writing shall be.

2. LATE PAYMENTS AND DEFAULT

2.1 Late Fees

Five days late will bring a fine,
Twenty Dollars shall be assigned.

2.2 Default

Two missed months, the debt comes due,
The full amount must be pursued.
If Jane goes bankrupt, it is clear,
The loan’s entire sum is near.

3. PREPAYMENT

Jane may pay the loan before,
With no penalty—just the score.
First to interest, then to sum,
Until the debt is fully done.

4. COLLATERAL

No assets pledged, no gold in store,
The loan stands firm, but nothing more.

5. GOVERNING LAW

The laws of Ohio shall apply,
Through legal means, none shall defy.

6. SEVERABILITY

If one term fails or falls away,
The rest shall stand and not decay.

7. ENTIRE AGREEMENT

This agreement holds alone,
No prior deals are set in stone.

8. AMENDMENTS

If changes come, both must consent,
And sign anew in full assent.

9. DISPUTE RESOLUTION

If disputes should come to light,
Mediation first—resolve what’s right.
If that should fail, then both must go,
To arbitration, settled so,
In Franklin County, where it’s planned,
Where laws of state shall firmly stand.

10. SIGNATURES

In good faith, they sign their name,
Bound by law, they stake their claim.

Lender

John Doe
(Signature) ________________________
Date: ________________________

Borrower

Jane Doe
(Signature) ________________________
Date: ________________________

Witness

(Signature) ________________________
Name: ________________________
Date: ________________________