This is a sample agreement for informational purposes.
This Collateral Agreement ("Agreement") is made and entered into as of [Date] by and between:
Fund Me Wizly, a [Company Type] with its principal place of business at [Address] ("Fund Me Wizly"), And [Participant Name], residing at [Address] ("Participant"). WHEREAS, Fund Me Wizly is providing a loan to [Beneficiary Name] ("Beneficiary") in the amount of [Loan Amount] ("Loan Amount");
and WHEREAS, Participant desires to provide collateral to Fund Me Wizly in support of the Loan;
and WHEREAS, Fund Me Wizly is willing to accept the Collateral from Participant on the terms and conditions set forth in this Agreement. NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements hereinafter set forth, the parties agree as follows:
1. Collateral. Participant agrees to provide collateral to Fund Me Wizly in the amount of [Collateral Amount] ("Collateral Amount"). The Collateral shall consist of [Description of Collateral].
2. Collateral Verification. Participant agrees to provide Fund Me Wizly with all necessary documentation to verify the value and ownership of the Collateral.
3. Collateral Release. Upon full repayment of the Loan Amount and accrued interest by Beneficiary, Fund Me Wizly shall release the Collateral to Participant.
4. Default. If Beneficiary defaults on the Loan, Fund Me Wizly may, at its sole discretion, sell or otherwise dispose of the Collateral to recover the outstanding Loan Amount and accrued interest. 5. Representations and Warranties. Participant represents and warrants that:
* Participant has the legal capacity to enter into this Agreement.
* The Collateral is free and clear of any liens or encumbrances.
* Participant has the full right, power, and authority to provide the Collateral to Fund Me Wizly.
6. Disclaimer of Warranties. Fund Me Wizly makes no warranties, express or implied, with respect to the Collateral.
7. Limitation of Liability. Fund Me Wizly shall not be liable for any damages arising out of or in connection with this Agreement, including but not limited to, any indirect, incidental, consequential, or punitive damages.
8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
9. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements or understandings, written or oral.
10. Amendments. This Agreement may be amended only by a writing signed by both parties.
11. Severability. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall remain in full force and effect.
12. Notices. All notices required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, sent by certified or registered mail, return receipt requested, or sent by overnight courier service to the addresses set forth above.
13. Waiver. No waiver of any provision of this Agreement shall be effective unless in writing and signed by the party against whom such waiver is sought to be enforced.
14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.