West Virginia IOU
West 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 total amount of debt acknowledged by the Borrower to the Lender is [TOTAL AMOUNT] U.S. Dollars (USD).
III. Repayment Terms
Repayment Amount: The Borrower agrees to repay the full principal amount of [TOTAL AMOUNT] USD.
Payment Schedule: Payments will be made in installments of [REPAYMENT AMOUNT] USD, commencing on [START DATE] and thereafter [PAYMENT INTERVAL] until the debt is paid in full.
Method of Payment: Payments will be made via [PAYMENT METHOD] to the account specified by the Lender.
IV. Interest
No interest will be charged on the aforementioned sum during the term of this IOU unless a late payment occurs. In case of late payment, an interest rate of [INTEREST RATE]% per annum will be applied to the overdue amount.
V. Default Terms
If the Borrower fails to make payments as agreed, the Lender has the right to demand the full balance due, including any accrued interest.
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of West Virginia.
VII. Miscellaneous
This IOU is binding upon both parties and their respective successors and assignees. Any modifications to this agreement must be made in writing and signed by both parties.
[Your Lender]
[Date]
[Borrower's Name]
[Date]
