THIS DEED is made the ______ day of _________________ year _____
BETWEEN:
(1) __________________ of _________________ (the ‘Customer’); and
(2) _________________ of _________________(the ‘Creditor’).
WHEREAS:
(A) The Customer and the Creditor acknowledge that the Customer is indebted to the Creditor in the sum of ___________ (the ‘Debt’), which sum is now due and payable.
(B) The Creditor agrees to extend the term for payment of the Debt.
NOW THIS DEED WITNESSES as follows:
1. The Creditor agrees to the payment of the Debt on extended terms, together with interest on the unpaid balance payable in the following manner: _________________
_________________
_________________
2. The Customer agrees to pay the Debt to the Creditor together with interest thereon under the terms set out in paragraph 1.
3. In the event that the Customer shall fail to make any payment on the due date, the Creditor shall have full rights to collect the entire balance then remaining which amount shall be immediately due and payable and the Creditor shall be entitled to interest, both before and after any judgment, at the rate of ______% per annum on the said balance until judgment or sooner payment.
4. In the event of default, the Customer agrees to pay all reasonable solicitors’ fees and costs of collection.
5. At the election of the Creditor, the Customer agrees to execute note(s) evidencing the balance then due on terms consistent with this agreement.
6. This agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.
IN WITNESS OF WHICH the parties have executed this deed the day and year first above written
_________________
Signed for and on behalf of:
Signed by the Customer
__________________________________
in the presence of (witness)
Name _________________
Signed for and on behalf of:
Signed by the creditor
__________________
__________________
_________________
in the presence of (witness)
Name _______________________________
