Need to draft a Loan agreement for a Startup Biotech Company

Need help with a loan agreement from a private party.

We are a small biotech startup seeking seed funding to start business.

We have secured a loan offering from a family member - but need to have a contract in place.

The terms are:
loan amount - 150,000
5% interest per year for 5 years - interest to be paid at year 3 and 5
2% of the profit per year (accrued and payed at year 5)
5% equity ONLY IF the loan cannot be repayed in full in 5 years
a clause that guarantees the loan will be paid first if the company is sold

Hopefully not too complex or difficult!

Thanks in advance for your offer!
About the recuiter
Member since Mar 14, 2020
Shekar Chandra
from Bahia, Brazil

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