Idaho IOU
Idaho IOU (I Owe You)
This IOU Agreement ("Agreement") is entered into as of [DATE], by and between [YOUR NAME], hereinafter referred to as the "Borrower," with contact information as follows: [YOUR COMPANY NAME], [YOUR COMPANY EMAIL], [YOUR COMPANY ADDRESS], [YOUR COMPANY NUMBER], [YOUR COMPANY WEBSITE], and [YOUR COMPANY SOCIAL MEDIA] pages (collectively, the "Borrower Information"), and the individual or entity named [LENDER NAME], hereinafter referred to as the "Lender."
I. Principal Amount
The principal amount of the debt hereby acknowledged by the Borrower to the Lender is [LOAN AMOUNT] dollars ($).
II. Repayment Terms
Borrower agrees to repay the aforementioned principal amount to Lender by [DUE DATE], without the necessity of demand. Payment will be made in the form of [SPECIFIED PAYMENT METHOD], sent to the following address or account specified by the Lender: [LENDER PAYMENT ADDRESS/ACCOUNT].
III. Interest
It is agreed that the loan amount will be subject to an annual interest rate of [INTEREST RATE] percent, accruing daily from the date hereof until the loan is paid in full.
IV. Prepayment
Borrower reserves the right to prepay the whole outstanding amount or any part thereof at any time without penalty. Any partial prepayments shall first be applied to accrued interest and then to the principal loan amount.
V. Default
In the event of a default, wherein the Borrower fails to pay the full amount due by the maturity date, [DUE DATE], additional interest shall accrue at the rate of [DEFAULT PENALTY INTEREST RATE] percent per annum. Further, the Lender may demand immediate payment of all remaining balance, including accrued interest.
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Idaho. Any legal actions, claims, or demands shall be handled in a court of competent jurisdiction within the State of Idaho.
VII. Amendment
This Agreement may only be amended in writing signed by both parties.
VIII. Signatures
Both parties hereby agree to the terms set forth in this IOU Agreement and obligate themselves to its fulfilment.
Signed:
[BORROWER NAME]
[DATE]
[LENDER NAME]
[DATE]
