LOAN AGREEMENT

THIS LOAN AGREEMENT (this "Agreement") dated as of the date of first loan payment being made to initiate project development. 

BETWEEN:


Breiter Planet Properties, LLC of 800 Boylston Street, 16th Floor, Boston, MA 02199
(the "Lender")

OF THE FIRST PART

AND


[SOLAR PROJECT BUYER] of [SOLAR PROJECT BUYER'S ADDRESS]
(the "Borrower")

OF THE SECOND PART

IN CONSIDERATION OF the Lender loaning certain monies (the "Loan") to the Borrower, and the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

  1. Loan Amount & Interest
  2. The Lender promises to loan the total project cost in USD multiplied by 1.05 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate per annum indicated on the selected loan product option, calculated yearly not in advance, beginning on the date of first loan payment being made to initiate project development. 
  3. Payment
  4. This Loan will be repaid in consecutive monthly installments of principal and interest commencing on the date of first loan payment being made to initiate project development and continuing every 30 days until the balance owed under this Agreement is paid off.
  5. Default
  6. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.
  7. Further, if the Lender declares the principal amount owing under this Agreement to be immediately due and payable, and the Borrower fails to provide full payment, interest at the rate of 10.00 percent per annum, calculated yearly not in advance, will be charged on the outstanding amount, commencing the day the principal amount is declared due and payable, until full payment is received by the Lender.
  8. If the Borrower defaults in payment as required under this Agreement or after demand for ten (10) days, the Security will be immediately provided to the Lender and the Lender is granted all rights of repossession as a secured party.
  9. Extra Clauses
  10. For all Breiter Planet Solar Loan products, there is a 5% origination fee that goes towards the underwriting of this loan agreement. When calculating the principle loan amount for this agreement, multiply the total financed project costs by 1.05 to account for this origination fee.
  11. With the Investment Tax Credit, local incentives, or personal preferences to reduce debt, the borrower may want to pay off loan early. This is well within borrower's rights. When additional payments are made outside of monthly scheduled payments, the loan term is shortened until principle is paid off. There will be no re-amortization events that will reduce the monthly payments due to additional payments being made.
  12. Lender is operating under the assumption that monthly loan payments will be made via their automate payment platform. If borrower opts for a phone payment, paper check, or cash option, lender will have to add a $7.50 per month manual processing charge to the monthly invoice.
  13. Security
  14. This Loan is secured by the following security (the "Security"): the photovoltaic solar project and all parts associated with project that have been paid for by the homeowner using this loan agreement.

  15. The Borrower grants to the Lender a security interest in the Security until this Loan is paid in full. The Lender will be listed as a lender on the title of the Security whether or not the Lender elects to perfect the security interest in the Security.  The Borrower will do everything necessary to assist the Lender in perfecting its security interest.
  16. Governing Law
  17. This Agreement will be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts.
  18. Costs
  19. All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.
  20. Binding Effect
  21. This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.
  22. Amendments
  23. This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.
  24. Severability
  25. The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
  26. General Provisions
  27. Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
  28. Entire Agreement
  29. This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly agreed to the terms of this agreement once borrower makes first monthly payment to initiate the solar development process for their solar project.