I ……………………………………….. hereby apply for a loan/an additional loan of $......…………… for (state purpose) …………………………………………………………
For value received, I/we ,the undersigned waiving my/our rights of demand and notice, singly/jointly promise to pay the Fond St Jacques Credit Cooperative Credit Society Limited the Sum of $............................. made up of $.......................... being the present loan balance and the new application of $......................... with interest to be charged at the rate of ………….. percent on the monthly reducing balance, the first payment of $................... to be made in the month of ……………........ for ………… consecutive months thereafter until the full amount has been paid.
Upon default of payment of any instalment of this agreement or if the money borrowed in this agreement is not used for the intended purpose as stipulated in the agreement or in the case of any false statement made by the borrower in obtaining the loan then the Credit Union will use its authority to demand immediate payment of the loan balance. In event of default of payment, the Credit Union will authorise the Treasurer to withdraw the said amount from the makers share balance to meet the loan obligation.
