Monthly Rent IOU
Monthly Rent IOU (I Owe You)
I. Acknowledgment of Debt
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[TENANT'S NAME], residing at [TENANT'S ADDRESS] (hereinafter referred to as the "Tenant"),
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And [LANDLORD'S NAME], residing at [LANDLORD'S ADDRESS] (hereinafter referred to as the "Landlord").
II. Rent Details
The Tenant acknowledges and agrees to owe the Landlord the sum of [RENT AMOUNT IN WORDS] ([RENT AMOUNT IN NUMBERS]) as monthly rent for the premises located at [RENTED PROPERTY ADDRESS].
III. Terms of Repayment
The total amount of [AMOUNT] shall be paid in monthly installments of [MONTHLY PAYMENT AMOUNT], commencing on [FIRST PAYMENT DATE] and continuing on the [DAY] of each succeeding month until fully paid by [FINAL PAYMENT DATE].
IV. Interest
It is agreed that no interest shall accrue on the unpaid balance provided that payments are made as stipulated in Section II. In the event of a payment delay, an interest rate of [INTEREST RATE]% per annum may be applied to the outstanding balance.
V. Additional Agreements
Both parties agree that any modifications to this IOU must be made in writing and signed by both parties. In the absence of such modifications, this document shall prevail as the final agreement regarding the unpaid rent specified herein.
VI. Legal and Binding Agreement
This IOU constitutes a legally binding agreement between [YOUR NAME] and [LANDLORD'S NAME] enforceable under the laws of the jurisdiction of [LEGAL JURISDICTION]. By signing this IOU, [YOUR NAME] agrees to fulfill the obligations as detailed herein.
VII. Governing Law
This IOU agreement shall be governed by and construed in accordance with the laws of [GOVERNING JURISDICTION].
VIII. Signatures
Both parties will provide their signatures below as conclusive evidence of their agreement to the terms outlined in this IOU.
Borrower: _____________ Date: _____________
Landlord: _____________ Date: _____________
