GENERAL TERMS AND CONDITIONS

By having digitally or by PIN-code verifications signed the general terms and conditions (hereinafter referred to as the signature) the user of the portal (hereinafter referred to as the User) receives a personal virtual account, on which the administrator and/or the user can perform procedures in accordance with the general terms and conditions.

1. DEFINITIONS

Borrower – A person at least 21 years of age, permanent resident in Estonia or in any other European Union country, who holds valid identity document (passport or ID card) from above mentioned countries and who has made a loan application through the Portal. A person with regular income, clean personal finances history with no payment default entries in the credit information registry.

Investor – A person at least 18 years of age, permanent resident in Estonia or in Estonia or in any other European Union country, who holds valid identity document (passport or ID card) from above mentioned countries and who has signed the investment terms and conditions on the Portals's investment account. Investor can be also a legal person, who grants credit not in the course of its trade, business or profession and this credit to a physical person does not form a consumer credit contract under the laws of the residency of the borrower.

Loan Agreement – A complete set of documents signed by the Borrower and the Investor, which hold the statements of intent by the Borrower and the Investor for requesting and giving loans in accordance with the terms and conditions they have set. A comprehensive loan agreement consists of separately signed General and Special Terms and Conditions.

Special Terms and Conditions – The part of the Borrower's loan terms and conditions and the investor's investment terms and conditions, which will be added to a Loan Agreement according to the clause 2.5 of General Terms and Conditions 2.5.

Borrower's Loan Terms and Conditions – A statement of intent signed by the Borrower, with which the Borrower sets the terms and conditions he would be willing to loan under.

Investor's Investment Terms and Conditions – A statement of intent signed by the Investor, according to which the Investor will agree to offer a loan and the Portal makes loan offers to Borrowers.

Loan Offer – An offer generated by the Portal for the purpose of concluding the Loan Agreement under the terms and conditions set in the Loan Offer, which is formed in accordance with the terms and conditions signed by the Investor and the Borrower.

Investment Account – an account used through the Portal, through which the Investor loans out money.

Virtual Account – a personalized User account, used through the Portal and for keeping account of the transactions under the Loan Agreements.

Portal Administrator – OÜ Omaraha, Posti 30, 90504 Haapsalu, Estonia, reg.nr. 12045597.

Portal – Portal is an e-service environment managed by the Portal's Administrator, through which users will be able to lend from each other. Located online at omaraha.ee.

Portal User – A natural or legal person who uses the Portal for making loan agreements in accordance with the General Terms and Conditions. The Portal User is under no obligation to enter into Loan Agreements, but in this case the User's rights are automatically terminated if the User doesn't sign in to the Portal during the first 6 months after the signing of the General Terms and Conditions.

2. LOAN AGREEMENT AND THE AGREEMENT PROCEDURE, TRANSFER OF A LOAN AMOUNT

2.1. The Loan Agreement between the Investor and the Borrower (hereinafter referred also to as the Party or the Parties) consists of separately signed General Terms and Conditions and Special Terms and Conditions, which together form a comprehensive Loan Agreement. General Terms and Conditions will be signed by the Parties before making any transactions through the Portal. The General Terms and Conditions need to be re-signed only if the Portal Administrator has changed the General Terms and Conditions or if it's been 6 months since the General Terms and Conditions were last signed.

2.2. The Investor signs the Investor's Investment Terms and Conditions, under which the Portal will generate the appropriate (d) Loan Offer (s) for Borrowers.

2.3. The Borrower signs the Borrower's Loan Terms and Conditions, and finally the suitable Loan Offer generated by the Portal.

2.4. The Loan Agreement will be formed under the terms and conditions signed by the Investor and the Borrower.

2.5. The following information signed by the Investor and the Borrower will be transferred into the Loan Agreement:

2.5.1. The time and date of the Investor's Investment Terms and Conditions signed by the Investor, the Investor's name and identification number, the loan principal amount and the interest rate.

2.5.2. The time and date of the Borrower's Loan Terms and Conditions signed by the Borrower, the Borrower's name and identification number, the Borrower's score (established by Portal Administration based on credit ratings and information), the loan principal amount and the interest rate, the repayment schedule.

2.6. The Loan Agreement has been entered into and is binding between the Parties immediately after the Borrower has signed the appropriate Loan Offer generated by the Portal and the Portal has formed a Loan Agreement document, in pdf -format, of the terms and conditions signed by the Parties.

2.7. After Loan Agreement has been entered into and is binding according to the clause 2.6, the Portal Administrator debits the agreed loan amount stated on the Loan Agreement from the Investor's Investment Account and credits the loan amount to the Borrower's Virtual Account on the Portal. With this the Investor's duties under the Loan Agreement is fulfilled and the loan amount to the Borrower is delivered.

2.8. The Borrower has the right to take out the loan from the Virtual Account and use it at his own discretion.

2.9. By signing the General Terms and Conditions, the Parties agree to the service fees, fines and other fees on the Portal Administrator's price list (published in the Portal), as well as to the automatic debiting from the User's Virtual Account.

2.10. The Parties recognize that the Loan agreement is an agreement between the Investor and the Borrower, i.e between physical persons and therefor is not qualified as an consumer loan. In case the Investor is a legal person, by entering into the loan agreement it's representative confirms that the Inverstor grants credit not in the course of its trade, business or profession.

2.11. Means of Client Identification and Digital Signature. Options for signing contracts.
The Users identify themselves for the purposes of using the Portal by using digital signature. If means for using digital signature for identifying purposes is not available, the Users are identified after registering to the to the Portal: After registration person is identificated by the Portal Administrator by using PIN-code verification and this identification is subsequently controlled via e-mail or telephone. The Portal Administrator agrees to use its best efforts to identify Users and act carefully. Portal Administrator assumes no liability for the losses caused by identity thefts or the lack of accuracy and correctness of the information submitted by the Users when registering to and using the Portal. Contracts can be signed either digitally or with the PIN-code.

3. REPAYMENT OF THE LOAN AMOUNT

3.1. The Borrower returns the loan amount and the interest to the Investor in installments in accordance with the repayment schedule agreed upon in the Loan Agreement.

3.2. The Borrower is obligated to guarantee the existence of the installment amounts in the Borrower's Virtual Account on the day of the repayment as set in the repayment schedule.

3.3. The Borrower's installment amounts are automatically debited from the Borrower's Virtual Account by the Portal Administrator on the due date as set in the repayment schedule and are forwarded by the Portal Administrator to the Investor's Virtual Account.

3.4. The Investor agrees that the loans with repayment terms of up to 90 calendar days, the Borrower has an option to extend the loan repayment by a month at a time under the same conditions.

4. INTEREST AND OVERDUE CHARGE

4.1. The interest rate is fixed in the Loan Agreement. Interest is paid as a percentage of the unrepaid Loan Amount. Interest is calculated up until the due date of the the last installment payment, as specified in the repayment schedule.

4.2. Interest is calculated daily, taking to account that there are 365 days in a year.

4.3. In the absence of repayment or part of it, the Borrower is obliged to pay overdue charge. After the due date for repaying the loan or an installment of it according to the repayment schedule, overdue charge will be calculated from the day following the due date of the repayment. Overdue charge is calculated on the amount that has not been paid according to the repayment schedule up until the day it is paid and made available on the Borrower's Virtual Account.

5. VALIDITY OF THE LOAN AGREEMENT

5.1. The Loan Agreement is terminated when the Borrower has fully recovered the loan debt to the Investor, ie has returned the total amount of the loan received through the Loan Agreement, has payed accrued interest and other payments and fulfilled all other obligations under the Loan Agreement.

5.2. Premature termination of the Loan Agreement does not relieve the Borrower from fulfilling the financial obligations, which were received through the Loan Agreement before the cancellation.

6. PREMATURE TERMINATION OF THE LOAN AGREEMENT

6.1. The Borrower has the right to repay the loan before the due date as set out in the repayment schedule, using the technical solutions in the Portal. If the Borrower has entered into more than one Loan Agreement based on the Borrower's Terms and Condition, in the event of premature termination the Loan Agreements can only be terminated together.

6.2. To effect the premature termination of a Loan agreement, the Borrower's Virtual Account must have the balance ofthe amount of residues of the Loan Agreement (s), including the amount of interests, overdue charges,service fees and other fees.

6.3. In order to seek the premature termination of a Loan Agreement, the Borrower must make an application of the same to the Portal.

7. APPLICABLE LAW AND JURISDICTION

7.1. Disputes arising from Loan Agreements are settled in court at the option of the Party that starts the procedure. Disputes are settled in accordance of Estonian law.

8. GENERAL OBLIGATIONS OF USERS

8.1. Users (including Borrowers and Investors) must use the Portal in good faith and follow the law and widely acknowledged morals of society when using it. The Portal omaraha.ee and it's copyrighted contents are proprietary property of Omaraha OÜ. The Users have no right to store, copy, modify, , publish or transmit the Portal pages or other content of the Portal for any purpose other than personal use.

8.2. In addition to the clause.8.1. the User agrees:

8.2.1. To behave politely and respectfully when interacting with the Portal Administrator and other Users;

8.2.2. To inform the Portal Administrator when there is a change in User's transmitted data or change in other essential information previously provided to the Portal. By failing to comply with this requirement, the signed-for letter sent to the User to the last address provided by the User will be assumed to have received after 5 days of posting the letter;

8.2.3. To immediately inform the Portal Administrator (by sending a notification via e-mail at the info@omaraha.ee or by using the Portal's technical solution) when there is a reason to believe that the identity document, Portal User identification name and/or Portal passwords and/or PIN-code have fallen into the posession of a third party and/or a third party may have an unauthorized access to the Portal. The User is responsible for any damage caused by this data falling into posession of a third party until the notification of such event is made to the Portal Administartor.

9. PROTECTION OF PERSONAL DATA AND LIABILITY OF THE PORTAL ADMINISTRATOR

9.1. By signing the General Terms and Conditions the User gives the Portal Administrator the right and approval to process the User's personal data and for the purposes and to the extent set in the General Terms and Conditions, on the grounds provided by relevant legislation and procedures. After the termination of User status according to the Clause 10, the natural person User has the right to withdraw consent for processing personal data at any time, to request to stop processing personal data and to erase or close collected personal information according to applicable law.

9.2. The Portal Administrator is obliged to keep the User's personal data confidential and to comply with all of the applicablelaws and regulations on the protection of personal data.

9.3. The Portal Administrator is not responsible for:

9.3.1. The authenticity of the information provided by the Users;

9.3.2. The duties and obligations the Users assume under the Loan Agreements;

9.3.3. The lasting right to represent for the representative of a legal person User.

9.4. Users enter into transactions in the Portal directly, entirely on their own behalf and at their own risk. Users are Parties in the transactions they enter into. The agreement forms proposed in the Portal are for Users to use at their own responsibility and risk. Portal Administrator assumes no liability for the losses caused by identity thefts or the lack of accuracy and correctness of the information submitted by the Users when registering to and using the Portal.

10. TERMINATION OF THE USER STATUS

10.1. The User may terminate their User status only when all their obligations arising from entered Loan Agreements to other Users and the Portal Administrator have been fulfilled, whenthe Loan Offers and Loan Applications become void, have expired or otherwise have been finished and if the User's Portal account balance is zero.

10.2. The User status can be terminated by sending the Portal Administrator a notification via e-mail at the info@omaraha.ee or by using the Portal's technical solution.

10.3. The Portal Administrator has the right to restrict or terminate User's rights to use the Portal at any time, If:

10.3.1. The User violates User obligations;

10.3.2. The User has presented inauthentic information.

11. IN CASE OF A PAYMENT DISORDER

11.1. The overdue will be charged when the due date of loan repayment has passed according to the Clause 4.3.

11.2. Delayed repayments will be used primarily for recovering the costs of the Portal Administrator for calling in the debts, then to pay the overdue charges and fines as specified in the price list on the Portal and then to pay the agreed upon interest rate and loan amount as set outin the Loan Agreement and repayment schedule.

11.3. If the amount transferred onto the Borrower's Virtual Account is insufficient to pay all the installments of loan amounts from all the Loan Agreements, the amount will be divided between the Investors in equal proportion with the size of each demanded installment.

11.4. By signing the General Terms and Conditions the Investor gives the Portal Administrator a (?) a mandate, by which the Portal Administrator has the right to independently or by using collection firms recover debts , which includes the right to terminate/cancel the Loan Agreement, submit claims to a court or to a court of arbitration (as the case may be) on their behalf and to enforce judicial decisions. The Portal Administrator will act in the best interests of the Portal Users.
By signing the General Terms and Conditions the Investor agrees and understand that he may lose a part or whole of his investment if the Borrower fails to meet his obligations under the Loan Agreement. The Portal Administrator assumes no other responsibilty than set out in these General Terms and Conditions in recovering the Investors investment.

11.5. By signing the general terms agreement the borrower and the investor agree that loan contracts concluded on or after 01.03.2014 can automatically be transferred to the Portal, including transfer of all rights and liabilities relevant to the loan contract, at the time when a specific loan and/or its one time repayment is overdue for more than 90 (ninety) days and the relevant obligation is not committed to by the borrower. After loan agreements have been transferred, the Portal is obligated to pay the investor compensation of no less than 60% of loan principal amount balance. This compensation is transferred to the investor’s virtual account on the day of the automatic transfer. The Portal has the right to transfer the loan contract to a third party or to transfer the claims outstanding on the contract.

11.6. The Borrower is obligated to pay all the costs and service fees stated in the Loan Agreement and/or in the price list on the Portal, including reasonable costs of legal assistance, reasonable costs of debt collection service, and the costs of judicial proceedings.

11.7. The Borrower is obligated to immediately indemnify any costs caused by violations of Loan Agreement or unmet obligations and/or the costs incurred with service fees after receiving requests for payment.

11.8. If the Borrower fails to properly perform its obligations under the Loan Agreement and consequently receives a notice about a violation of the Loan Agreement, the borrower is obliged to pay a procedure fine on top the debt payment, as set out in the price list on the Portal.

11.9. If the amount of delayed demanded repayments amounts to two repayments and it has been one (1) month since the last repayment was demanded by a notice, the fixed repayment schedule looses validity. In the event of the repayment schedule loosing validity, the entire loan becomes due, the repayment of the entire loan will be demanded and the Investor has the right to demand payment of the whole loan and interest payments (extraordinary cancellation).
Extraordinary cancellation notice of the Loan Agreement must be submitted to the Borrower by omaraha.ee in writing.

11.10. In case of the extraordinary cancellation of the Loan Agreement the Borrower is obliged to pay a penal fine according to the price list on the Portal.

11.11. By signing these General Terms and Conditions the Borrower will give its consent that the Portal Administrator may share the Borrower's personal and other information submitted to the Portal with the credit information registers for the purposes of checking and maintaining credit status information.. The Borrower gives its consent to the credit information registries to process Borrower's personal and other information, to publicate necessary information in the credit information registry , with the purpose of supplying users of the registry (banks and other credit providers) additional information for credit decisions.

12. FINAL PROVISIONS

12.1. Matters not regulated by the General Terms and Conditions and the Loan Agreement between the Parties shall be governed by the applicable laws in the Republic of Estonia.




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