Illinois IOU
Illinois IOU (I Owe You)
I. Acknowledgment of Debt
This IOU Agreement ("Agreement") is made and entered into on [DATE], by and between [YOUR NAME] ("Borrower"), with a principal place of business at [YOUR COMPANY NAME], [YOUR COMPANY ADDRESS], and the Lender, [LENDER NAME], with a principal place of business at [LENDER ADDRESS].
II. Promise to Pay
The Borrower unconditionally promises to pay to the Lender the sum of [LOAN AMOUNT] USD, together with interest at a rate of [INTEREST RATE] percent per annum.
III. Payment Terms
Repayment of the principal amount and any accrued interest shall commence on [START DATE] and shall continue with payments due on the [DAY] of each month until [END DATE], or until the debt is paid in full. Early repayment of this loan may be made at any time without penalty.
IV. Use of Loaned Funds
The Borrower agrees that the loaned funds will be used for [SPECIFIC PURPOSE OF THE LOAN].
V. Default
In the event of default, the Lender is granted the rights to demand immediate payment of the entire remaining unpaid balance of this loan. This right is in addition to other rights the Lender may have under Illinois law.
VI. Governing Law
This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Illinois.
VII. Amendment
This Agreement may only be amended or modified by a written agreement signed by both the Borrower and the Lender.
VIII. Signatures
Both parties acknowledge and agree that this IOU represents the entire agreement between them and supersedes all prior discussions, understandings, or agreements. Signatures below signify agreement to all terms outlined in this document.
Borrower's Signature:
Date:[DATE]
Borrower's Name: [YOUR NAME]
Borrower's Contact Information: Email: [YOUR COMPANY EMAIL],
Phone: [YOUR COMPANY NUMBER]
Lender's Signature:
Date:[DATE]
Lender's Name: [LENDER NAME]
Lender's Contact Information: Email: [LENDER EMAIL],
Phone: [LENDER PHONE]
