Wisconsin IOU
Wisconsin IOU
I. Parties Involved
This IOU agreement ("Agreement") is made and entered into as of [DATE], by and between:
Lender: [YOUR NAME], residing at [YOUR ADDRESS], hereinafter referred to as "Lender".
Borrower: [BORROWER'S NAME], residing at [BORROWER'S ADDRESS], hereinafter referred to as "Borrower".
II. Loan Details
Whereas, Lender has agreed to lend Borrower the sum of [LOAN AMOUNT] dollars ($[LOAN AMOUNT]) for the purpose of [PURPOSE OF LOAN], with the understanding that Borrower shall repay this loan according to the terms set forth herein.
III. Loan Terms
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Principal Amount: The principal amount of the loan shall be [LOAN AMOUNT] dollars ($[LOAN AMOUNT]).
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Interest Rate: The loan shall accrue interest at the rate of [INTEREST RATE]% per annum, calculated [MONTHLY/QUARTERLY/ANNUALLY], compounded [FREQUENCY OF COMPOUNDING].
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Repayment Schedule: Borrower shall repay the loan in [NUMBER OF INSTALLMENTS] equal consecutive installments of [INSTALLMENT AMOUNT] dollars ($[INSTALLMENT AMOUNT]), commencing on [FIRST REPAYMENT DATE] and continuing on the [FREQUENCY OF REPAYMENT], until the entire principal amount plus accrued interest is paid in full.
IV. Late Payments
In the event that Borrower fails to make any payment under this Agreement within [NUMBER OF DAYS] days after the due date, Borrower shall be considered in default and shall be liable for a late payment fee of [LATE PAYMENT FEE] dollars ($[LATE PAYMENT FEE]).
V. Default and Remedies
In the event of default by Borrower under this Agreement, Lender shall have the right to declare the entire outstanding balance of the loan immediately due and payable, and to pursue any and all legal remedies available to Lender under applicable law.
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin.
VII. Amendment
This Agreement may only be amended or modified by a written agreement signed by both the Borrower and the Lender.
VIII. Signatories
Both parties, Borrower and Lender, shall provide their signatures below as a declaration of their agreement to the terms and conditions set forth in this IOU.
[Your Lender]
[Date]
[Borrower's Name]
[Date]
