Writing Letter of Intent for Loan Agreement

Legal Writing Task
Name;
Institutional Affiliation:
Course:
Instructor:
Date:
Legal Writing Assignment
Dear John:
Below is my initial offer for a contract regarding your request to borrow $500 from me. Kindly go through the document well, understand before appending your signature. Signing to it means you will be comfortable with the actions thereafter, in case of any breach. I hope to hear from you soon. The choice of the contract is according to the state laws and the complications that may arise during the repayment time. Feel free to inquire about anything you need clarification for.
Best regards,
Michael Brighton
Enclosure
Loan Agreement (draft)
This Loan Agreement is between Michael Brighton (Offeror) (hereinafter "Lender") and John Smith (Offeree) (hereinafter "Lendee").
1. Lender agrees to provide $500 in cash (hereinafter "Loan") to Lendee.
2. The Loan shall be delivered no later than 30 days from the date of this agreement.
3. Lendee shall repay the Loan subject to the following terms:
* In total amount, in one installment.
* Cater for the bank charges incurred when sending the cash to him.
* Payments sent within the 30 days as we agree will incur no interest.
* Be paid directly to my bank account, detailed enclosed in a different mail
* Provide an update once the money is sent to my account.
4. In the event of a breach, the lender will communicate within seven (7) days before the expiry of the repayment period, explain the reasons for the delay, and provide a repayment plan. The repayment plan is done under the following terms.
* Payment can be in installments within 15 days.
* Shall attract an interest of 10% on the total initial loan issues.
* Agree to a legal procedure if the 15 days ultimatum expires.
* That no physical or personal belongings or security will be accepted as reimbursement of the loan.
* The charges for the legal procedures and hiring of an attorney will be upon you once the process is complete.
Signed, this __ day of April, 2021
S...