Debt Acknowledgment IOU
Debt Acknowledgment IOU (I Owe You)
I. Parties
This IOU (the "Agreement") is made on August 8, 2051, by and between:
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Lender: Marissa Simons
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Borrower: [YOUR NAME]
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Company Name: [YOUR COMPANY NAME]
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Email: [YOUR COMPANY EMAIL]
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Address: [YOUR COMPANY ADDRESS]
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Phone: [YOUR COMPANY NUMBER]
II. Principal Amount
The principal loan amount is $1000 (the "Principal"), which was lent by the Lender to the Borrower on August 8, 2051.
III. Repayment Terms
The Borrower agrees to repay the full Principal, along with any accrued interest, by October 9, 2051. The method of repayment will be stipulated as follows: Bank Transfer.
IV. Interest
The loan will incur an interest rate of 2% per annum. Interest will accumulate starting from August 8, 2051 until the loan is paid in full.
V. Prepayment
The Borrower may prepay the balance of the Principal and any accrued interest without penalty.
VI. Default
In the event of default, the Borrower has 15 days after receiving a written notice from the Lender to remedy the defaulted payment. Failure to remedy the default may result in legal proceedings and additional charges.
VII. Governing Law
This Agreement shall be governed and construed in accordance with the laws of Arizona.
VIII. Entire Agreement
This document reflects the entire agreement between the parties and supersedes all prior oral or written agreements.
IX. Signatures
Both parties, by their signatures below, agree to the terms of this IOU.
Borrower's Name:
[YOUR NAME]
August 8, 2051
Marissa Simons
Lendor
August 8, 2051
