LOAN REPAYMENT AGREEMENT
LOAN REPAYMENT AGREEMENT
This Agreement is made this day of 2020
BETWEEN
BRIGHTER HOMES & GARDENS LLC of the following address 70 Toronita Ave, Pittsfield, MA 01201, hereinafter referred to as “Company” which expression shall where the context so admits include its personal representatives and assigns) on the first part; AND
CLINTON DEROZARIO hereinafter referred to as “Clinton” which expression shall where the context so admits include his personal representatives and assigns) of the other part.
WHEREAS:
- Clinton and Company are in agreement that this agreement is enforceable under any circumstance and by executing the same they have decided to abide by the terms and conditions herein.
IN CONSIDERATION OF the matters described above and of the mutual benefits and obligations set forth in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, Clinton and Company agree as follows:
- INCOME
All revenues for the business will be divided on a per job basis. For example silver packages for Eric B. cost $3499 per month, so, 50% of it will be for performing the labor and any materials needed to fulfill the contract with our customers. The 50% is available but may not always require all of the 50% to fulfill the contract with the customer, in that event the remaining will go into the company. This will apply to any project taken on by Brighter Homes And Gardens.
- EXPENSES
Of the 50% that goes to the company, it will first be used to cover all overheads, including any loans to the company from Clinton Derozario.
- LOAN
3.1 Each month the Company will pay a monthly sum of $ 543.73 with 15 % interest rate.
3.2 In the event more money is put into the business then a new contract will be written to reflect the new amount.
- PROFITS
4.1 After all customer contracts are satisfied and operating expenses are covered (including payments for loan) this will be profits and will be paid out on a quarterly basis to Clinton Derozaro and Andrew Wells as follows: Clinton Derozario 51% and Andrew Wells 49%.
4.2 Dividend payments to Clinton and Andrew will only begin after the business has been up and running for 6 months. It will be re-visited on how often the payouts will happen (weekly, monthly…) at the 6 month mark, September 2020.
- ENTIRE AGREEMENT
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.
- SEVERABILITY
In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative.
- WAIVER
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
