Virginia IOU
Virginia IOU
I. Parties Involved
I, [BORROWER'S NAME], residing at [BORROWER'S ADDRESS], hereby acknowledge and agree to owe the sum of [AMOUNT IN WORDS AND NUMBERS] to [LENDER'S NAME], residing at [LENDER'S ADDRESS], for the purpose of [IOU PURPOSE].
II. Principal Amount
The principal amount of the debt which the Borrower owes to the Lender is [DEBT AMOUNT] USD.
III. Repayment Terms
The Borrower agrees to repay the full principal amount of [DEBT AMOUNT] USD to the Lender by [FINAL REPAYMENT DATE]. Payments will be made in accordance with the following schedule:
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Initial Payment of [INITIAL PAYMENT AMOUNT] USD due by [INITIAL PAYMENT DATE]
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Subsequent payments of [SUBSEQUENT PAYMENT AMOUNT] USD each due on the [DAY] of each month starting from [START DATE] to [END DATE]
IV. Interest
This debt [INCLUDE / EXCLUDES] the accrual of interest. If included, the interest rate is [INTEREST RATE] per annum, compounded monthly.
V. Prepayment
The Borrower reserves the right to prepay any part of the principal without penalty or premium at any time prior to [FINAL REPAYMENT DATE].
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia, without regard to its conflicts of law principles.
VII. Signature
Both parties acknowledge the debt outlined herein and agree to the terms of this IOU as demonstrated by their signatures below:
[LENDER NAME]
[DATE]
[BORROWER NAME]
[DATE]
