The Loan To Family Member Agreement is essential when family members wish to formalize financial arrangements in Hong Kong. This document is particularly relevant when substantial sums are involved or when clarity is needed to prevent future misunderstandings. It combines legal enforceability under Hong Kong law with consideration for family dynamics, making it suitable for various scenarios from helping with property purchases to business investments. The agreement includes key elements such as loan terms, repayment schedules, and any applicable interest, while also addressing unique family considerations like hardship provisions and simplified dispute resolution procedures. It's designed to protect both parties' interests while maintaining family harmony, and can be especially important for tax purposes and estate planning.
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1. Parties: Identifies the lender and borrower with their full legal names, addresses, and relationship to each other
2. Background: Explains the context of the family loan and confirms the intention to create legal relations despite the family relationship
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the exact amount being lent and the intended purpose of the loan
5. Interest Rate: States whether interest applies and if so, the rate and calculation method
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and final repayment date
7. Method of Payment: Specifies acceptable payment methods and account details for transfers
8. Early Repayment: Outlines the borrower's right to repay the loan early and any associated conditions
9. Default: Defines what constitutes a default and the consequences
10. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement
11. Governing Law and Jurisdiction: Confirms Hong Kong law governs the agreement and Hong Kong courts have jurisdiction
1. Security: Include when the loan is secured against specific assets
2. Death or Incapacity: Include provisions for what happens if either party dies or becomes incapacitated
3. Interest Grace Periods: Include if there are circumstances where interest might be suspended or reduced
4. Loan Forgiveness: Include if there are conditions under which part or all of the loan might be forgiven
5. Payment Holiday Provisions: Include if the borrower might need temporary suspension of payments
6. Dispute Resolution: Include specific family-oriented dispute resolution procedures before legal action
7. Financial Hardship Provisions: Include procedures for handling financial difficulties
8. Deed of Priority: Include if there are other loans or charges that need to be considered
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Security Details: Description of any assets provided as security (if applicable)
3. Schedule 3 - Guarantor Details: Information about any family members acting as guarantors (if applicable)
4. Appendix A - Family Loan Statement: Template for recording payments made and balance outstanding
5. Appendix B - Default Notice Template: Standard form for notifying of payment defaults
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