Kansas IOU
Kansas IOU
I. The Promise to Pay
In this document, [YOUR NAME], henceforth referred to as the "Borrower," promises to pay to the undersigned, the "Lender," the sum of [AMOUNT] dollars ($[AMOUNT]). This amount is lent at an address agreed upon by both parties, primarily at [LENDER'S ADDRESS], located in the state of Kansas.
II. Terms of Loan
The principal amount shall be paid in full by [DUE DATE]. Any partial payments made prior to this date shall be deducted from the principal sum and recorded accordingly. The Borrower agrees to notify the Lender within three (3) business days of any change in financial circumstances that might affect the ability to repay this debt.
III. Interest
This loan bears an interest rate of [INTEREST RATE]% per annum. Interest will be computed on the unpaid balance and added to the total amount owed until fully paid.
IV. Payment Method
Payments under this IOU shall be made via [PAYMENT METHOD], directed to the address or account specified by the Lender:
-
Bank Name: [BANK NAME]
-
Account Number: [ACCOUNT NUMBER]
-
Routing Number: [ROUTING NUMBER]
V. Borrower's Contact Information
The Borrower's complete contact and company profile information is as follows:
- Company Name: [YOUR COMPANY NAME]
- Email: [YOUR COMPANY EMAIL]
- Address: [YOUR COMPANY ADDRESS]
- Phone Number: [YOUR COMPANY NUMBER]
- Website: [YOUR COMPANY WEBSITE]
- Social Media: [YOUR COMPANY SOCIAL MEDIA]
VI. Legal and Binding Agreement
This IOU is legally binding and is in accordance with the laws of the state of Kansas. Any alterations must be made in writing and signed by both parties.
VII. Default and Remedies
In case of default, the Borrower has a grace period of ten (10) business days to settle the payable amount. If payment is not made within this period, the Lender reserves the right to demand immediate payment of the full balance due.
VIII. Signatures
This document, signed by both parties, represents a voluntary agreement to the terms and conditions outlined above.
Borrower's Signature:
Date: [DATE]
Lender's Signature:
Date: [DATE]
