WOW - just read through nostr:nprofile1qqsvn0dkjt80raqrxd470c98n7zrdehmcvj6p5hgw3kyku6zyd8z0fqpz4mhxue69uhkummnw3ezuvrcw3ezuer9wchsaq9gnx bitcoin Loan agreement, and was absolutely appalled and floored by a clause therein, #11 Lender Appointed Attorney-in-Fact:
In summary, it basically states that the borrower, while in default (which CAN HAPPEN in various ways, and things come up in life!) "hereby appoints" "with FULL AUTHORITY" "lender as attorney in fact" to "TAKE ANY ACTION" ... "For the purposes of the agreement".
WHAT THE HEAVENLY FUCK kind of GODLY POWER is the lender assuming here as an AGENT ON YOUR BEHALF TO DO LITERALLY ANYTHING THEY WANT LEGALLY AS IF IT WAS YOU, I.e. sell your house, sell your car, open a bank account, mortgage your house, divorce your wife... Literally, what an absolutely INSANE clause that nobody in their right mind should EVER agree to. I am floored. I have never seen a clause like that in any loan agreement, ever.
Strike is cool, awesome I'd say, but people need to BE AWARE AND READ THE FUCKING AGREEMENT because that is some CRAZY shit to sign off on. And totally unnecessary, considering the 2x collateral they enjoy throughout the loan. Absurd.
Without that clause I'd happily use those loans as needed, would be a wonderful product if the agreement remotely made any sense for the borrower.
nostr:nprofile1qqsvf646uxlreajhhsv9tms9u6w7nuzeedaqty38z69cpwyhv89ufcqprpmhxue69uhhyetvv9ujucm4wfex2mn59en8j6f0qythwumn8ghj7un9d3shjtnswf5k6ctv9ehx2ap0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7snuh0e