Borrowed Money IOU
Borrowed Money IOU (I Owe You)
I. Parties Information
This IOU Agreement is made and entered into this [DATE OF AGREEMENT], by and between
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[LENDER'S NAME], residing at [LENDER'S ADDRESS] (hereinafter referred to as the "Lender"),
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And [BORROWER'S NAME], residing at [BORROWER'S ADDRESS] (hereinafter referred to as the "Borrower").
II. Principal Amount
The Debtor acknowledges an indebtedness to the Creditor in the principal sum of [PRINCIPAL AMOUNT] ([CURRENCY]).
III. Repayment Terms
The Debtor agrees to repay the full principal amount of [PRINCIPAL AMOUNT] ([CURRENCY]) to the Creditor by [FINAL REPAYMENT DATE]. The amounts will be paid according to the following schedule: [PAYMENT SCHEDULE HERE].
IV. Interest
This loan will [WILL/WILL NOT] carry interest. [IF INTEREST APPLIES, SPECIFY THE ANNUAL INTEREST RATE AND HOW IT WILL BE COMPOUNDED/ACCUMULATED].
V. Default and Remedies
In the event of default, which occurs if the Debtor fails to make any scheduled payment by the due date or fails to fulfill any other covenant or agreement herein, the Creditor has the right to demand immediate full repayment of the outstanding balance, including any accrued interest where applicable.
VI. Governing Law
This IOU shall be governed by and construed in accordance with the laws of [APPLICABLE LAW/JURISDICTION].
VII. Amendment
This IOU can only be amended by a written agreement duly signed by both the Debtor and the Creditor.
VIII. Signatures
Both parties acknowledge that they have read and understood all the terms and conditions described in this IOU, and hereby sign this document as of the date first above written:
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[YOUR NAME], Debtor
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[CREDITOR NAME], Creditor
