Tennessee IOU
Tennessee IOU (I Owe You)
I. Parties Involved
This IOU Agreement ("Agreement") is entered into as of [DATE] by and between [YOUR NAME], hereinafter referred to as the "Borrower," and [LENDER NAME], hereinafter referred to as the "Lender." Both parties agree to the following terms and conditions of the debt specified herein. This Agreement is governed by the laws of the State of Tennessee.
II. Borrower's Details
The Borrower is engaged in business under the firm name [YOUR COMPANY NAME], with contact details as follows:
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Email: [YOUR COMPANY EMAIL]
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Address: [YOUR COMPANY ADDRESS]
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Phone Number: [YOUR COMPANY NUMBER]
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Website: [YOUR COMPANY WEBSITE]
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Social Media Page: [YOUR COMPANY SOCIAL MEDIA]
III. Loan Details
The Borrower hereby acknowledges a debt to the Lender in the principal sum of [LOAN AMOUNT] USD ($[AMOUNT IN NUMBERS]). This loan shall be used for [PURPOSE OF THE LOAN].
IV. Repayment Terms
The Borrower agrees to repay the full amount of this loan on or before [REPAYMENT DATE], including an interest rate of [INTEREST RATE]% per annum. Payments shall be made in the manner prescribed herein:
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Initial Payment Due: [INITIAL PAYMENT DATE]
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Final Payment Due: [FINAL PAYMENT DATE]
V. Prepayment
The Borrower retains the authority to make an advance payment on either the entire balance or a portion of the debt prior to the scheduled due date without incurring any penalties for prepayment.
VI. Late Payment
In the event of a late payment, a late fee of [LATE FEE AMOUNT] USD shall be added to the amount due for each day the payment is late.
VII. Default and Remedies
In case of default in the payment of the debt as outlined herein, the Lender has the right to demand the full [DUE AMOUNT], including accrued interest and any applicable late fees. The Lender may also pursue legal action to recover the debt.
VIII. Binding Effect
This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, successors, and assigns as allowed by law.
IX. Entire Agreement
This document contains the entire agreement between the parties regarding its subject matter. This Agreement replaces any prior oral agreements between the parties and can only be modified in writing signed by both parties.
X. Signatures
Each party signing this Agreement represents that they are fully authorized to do so. The signatures below serve as a binding acceptance of all the terms this Agreement contains.
[YOUR NAME]
Lender
[DATE]
[BORROWER'S NAME]
Borrower
[DATE]
