(j) the implementation of the agreement. The borrower/Mortgagor pays the commitment and makes all obligations and agreements defined in this PN-CM. This agreement defines all the terms of the loan, including the personal data of the creditor and the debtor (such as name, nationality, marital status and address), the amount of money borrowed and the method of payment of the loan as well as the signature of the parties. When a representative signs for one of the parties, the representative must present a special power of attorney to enter into the credit agreement on behalf of that party. ☐ The loan is guaranteed by guarantees. The borrower agrees that the loan will be repaid in full by – The commitment also includes the existing debt of the borrower-Mortgagor s. to the mortgage and additional amounts of money as part of an agreement, whether it is an absolute or contingent agreement, direct or indirect, principal or secondary, whether it is a surety, a guarantee or any other quality, whether contractually agreed before or during the implementation of this PN-CM, and therefore guaranteed by this PN-CM without a new agreement being implemented. For more information, check out our article on the differences between the three most common credit forms and choose what`s right for you. Once completed, the document should be printed for each creditor and debtor. The parties must carefully review the document and sign it. If the document is notarized, the parties must personally go to a notary with competent proof of identity and recognize the loan agreement.
If the document contains a statement under oath of good faith, the parties must sign the same thing before the notary. If the loan is not guaranteed, the user has the option to include a confirmation to convert the document into a public document. If a document is a public document, it is self-authenticated and does not require additional authentication, which must be presented as evidence in court. While loans can be made between family members – a family credit contract – this form can also be used between two organizations or companies that have a business relationship.