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Law/Patents - Law: Contract(s) / affidavit | | Spanish term or phrase: beneficio del término | COUNTRY: Dominican Republic
1) Que por medio del
presente acto se declaran deudores del señor XXX, (...)
por la suma de UN MILLÓN DE
DOLARES (US$1,000,000.00) o su equivalente en moneda nacional, valor adeudado por
concepto de préstamo; 2) Que la citada cantidad será productiva de intereses a razón del
cinco por ciento (5%), mensual, accesorios pagaderos mensualmente; 3) Que se obligan y
comprometen a pagar la suma prestada a más tardar el día quince (15) de agosto del año dos
mil cuatro (2004), en el sitio y lugar que le fuere comunicado par el señor XXX; 4) Que la falta de pago de cualesquiera de las cuotas relativas a los intereses
pactados, los hará perder _el beneficio del término_, siendo exigible no solo los intereses
restantes sino también el principal capital adeudado...
I do not know what this means; your help would be much appreciated. TIA! |
| | | English translation:[see below] | Explanation:
los hará perder _el beneficio del término_, siendo exigible no solo los intereses restantes sino también el principal capital adeudado...
=
will result in the present contract becoming null and void, with any interest and principal owed thereupon becoming immediately due.
"Owed thereupon" here means "if such non-payment should occur."
Suerte. |
| Selected response from:
  Robert Forstag
United States
Local time: 20:54
| Grading comment I used this one
4 KudoZ points were awarded for this answer |
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