{"terms":"\r\nTHIS LOAN AGREEMENT (this Agreement) is entered on this Day, 2021 <br>\r\nBETWEEN <br>\r\nPAY24 FINANCIAL SERVICES LTD PLOT 1615, NTINDA P.O BOX 25371, KAMPALA \u2013 UGANDA t\/a Azima (hereinafter referred to as the \u201cLender\u201d) <br>\r\nAnd <br>\r\nThe \u201cBorrower\u201d<br>\r\nBy the Borrower\u2019s requisition of a loan on this day and month of 2021, Azima has agreed to grant the Borrower a loan of UGX as stated in the App together with interest costs, expenses and commission thereon. \r\nIn consideration of Azima availing to the Borrower the loan requested upon the terms set out herein, the Borrower having undertaken to punctually pay and discharge the obligations under this Loan Agreement, now therefore the Borrower, with full title guarantee and as a continuing interest  hereby offers their Mobile Phone as security for securing the loan advanced by Azima.\r\nLoan Amount and Interest\r\nThe Lender promises to loan the above amount to the Borrower and the Borrower promises to repay this principal amount to the Lender in a period of not more than 61 days from the date when they obtained the loan. The amount or balance on the loan and for the time being advanced shall bear interest at a rate of 20% per month. \r\nIf the interest is not paid on its due date, it shall bear additional interest at a penalty rate to be set at the sole discretion of Azima from the date when it should have been paid until the date when it is paid and interest rate will automatically rise and shall be compounded monthly on the outstanding balance. \r\nContinuing Security  \r\nIt is hereby agreed and declared that the security herein created shall be a continuing security and shall remain in force as to guarantee or indemnify Azima in respect of the Loan advanced to the Borrower and shall not be determined or affected by any transfer of ownership of the Mobile Phone.\r\nPayment on Demand  \r\nThe Borrower hereby covenants with Azima that upon a notification of demand on their Mobile Phone via any form of message made to him \/ her by Azima to pay the principal monies under this Loan Agreement or so much money for which the time being shall be found to be due and owing under this Loan Agreement as set out in the message of notification (demand) together with interest thereon and such other sums, shall be due from the Client to Azima.  \r\n<br>\r\nDefault<br>\r\nNotwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable. If the Borrower defaults in payment as required under this Agreement or after the lapse of 10 days from the date of receipt of the demand, the Security will be immediately provided to the Lender and the Lender is granted all rights of ownership and possession as a secured creditor under this Agreement in order recover the monies due under this Loan Agreement.\r\nThe Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete legal costs of the Lender incurred by enforcing this Agreement as a result of any default by the Borrower and such costs will be added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon demand.\r\n<br>\r\nSecurity<br>\r\nThis Loan is secured by the following security (the Security): mobile phone.\r\nThe Borrower grants to the Lender a security interest in the Security until this Loan is paid in full. The Lender will be listed as a lender on the title of the Security whether or not the Lender elects to perfect the security interest in the Security. The Borrower will do everything necessary to assist the Lender in perfecting its security interest.\r\n<br>\r\nGoverning Law<br>\r\nThis Agreement will be construed in accordance with and governed by the laws of Uganda.\r\n<br>\r\nBinding Effect <br>\r\nThis Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender.\r\nNo Waiver<br>\r\nNo failure or delay by Azima in exercising any right, power or remedy provided under the this Loan Agreement or by law shall operate as a waiver of that right, power or remedy and no single or partial exercise of such rights shall preclude its further or the exercise of any other right, power or remedy.\r\n<br>\r\nSeverability<br>\r\nThe clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.\r\n<br>\r\nGeneral Provisions<br> \r\nHeadings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.\r\n<br>\r\nEntire Agreement<br>\r\nThis Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.\r\n"}