EDUCATION ASSISTANCE AGREEMENT
THIS AGREEMENT (the “Agreement”) is made and entered into this __th day of ________(the “Effective Date”) between HisHouseYourHouse LLC, incorporated in Texas USA (“HHYH”) and [Full name and address of individual requesting assistance] (the “Individual”).
WHEREAS, HHYH was formed for the purpose of assisting individuals with tuition and other costs associated with obtaining a degree at a college, university, or technical school.
WHEREAS, the Individual is seeking financial assistance from HHYH as more fully described below and HHYH is willing to provide such assistance provided the Individual agrees to and abides by the terms of this Agreement.
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, accepted, and agreed to, the Individual and HHYH agree to the terms set forth below.
1. THE EDUCATION
The Individual is currently or will soon be enrolled at [Name of the institution] (the “Educational Institution”) to obtain a degree or certification in [Name of degree or certification].
2. THE FINANCIAL ASSISTANCE
(a) HHYH will provide a payment or on-going payments in the amount of [USD]directly to the Educational Institution. There may some unique circumstances where such payments cannot be paid directly but assurances will be made and documented that the money is directly spent on educational related expense.
(b) The payment is conditional upon no change in the employment or family status of the Individual between signing of this Agreement and when the payment is made or no other negative information has become known to HHYH regarding the honesty and integrity of the Individual.
3. THE COMMITMENT
(a) The Individual represents, warrants and commits to (i) attend all classes (except for emergencies such as sickness), (ii) timely complete all classwork, and (iii) maintain an above average grade point average of [3.0 or equivalent] (Minimum Average Grades).
(b) The Individual agrees to promptly (with 48 hours) notify HHYH in the event the Individual (i) makes a decision to change her/his degree, (ii)withdrawals from the Educational Institution, (iii) withdrawals or stops attending any class,iv) based on test results or other indicators, does not appear that the Individual will be maintaining the Minimum Average Grades, or (v) has a change in employment status that negatively impacts the financial status of the Individual.
c) Upon receipt, immediately forward to HHYH electronic copies of class schedules, documents relating to amounts owed and paid, any reports regarding attendance and grades or assessment of work.
4. TERM
The term of this Agreement shall be from the Effective Date of this Agreement until the Individual is no longer enrolled at the Educational Institution, provided, however, HHYH can terminate the agreement and its obligations at any time for any reason.
5. MISCELLANEOUS.
(a) ENTIRE AGREEMENT; AMENDMENT. This Agreement is the sole agreement between HHYH and the Individual and it cannot be modified unless in writing.
(b) GOVERNING LAW. This Agreement shall be governed by and interpreted in accordance with laws of the State of Texas without giving effect to any conflict of laws provisions.
(c) COUNTERPARTS. This Agreement may be executed in counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. Facsimile signatures and signatures transmitted by PDF shall be equivalent to original signatures.
(d) SURVIVAL. The covenants, representations and warranties in this Agreement shall survive the termination of this Agreement.
IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written.