New York IOU
New York IOU (I Owe You)
I. The Parties
This IOU (I Owe You) Agreement ("Agreement") is entered into on [Your Date] by and between:
Borrower Information
Name: [YOUR NAME]
Company Name: [YOUR COMPANY NAME]
Email: [YOUR COMPANY EMAIL]
Address: [YOUR COMPANY ADDRESS]
Lender Information
Name: [LENDER NAME]
Company Name: [LENDER COMPANY NAME]
Email: [LENDER EMAIL]
Address: [LENDER ADDRESS]
II. Promise to Pay
Borrower agrees and acknowledges that they are indebted to the Lender in the total amount of [LOAN AMOUNT] dollars ($ [AMOUNT]) ("Principal"), and promises to pay this in full to the Lender.
III. Payment Terms
Repayment of the Principal amount will be paid in the manner following: [Specify repayment terms such as lump sum, installments, etc.] The final payment will be due on or before [FINAL PAYMENT DATE].
IV. Interest
If late payment occurs, an interest rate of [LATE PAYMENT INTEREST RATE]% per annum may be applied until full payment is received.
V. Prepayment
Borrower reserves the right to prepay the whole or any part of the Principal without penalty or premium at any time.
VI. Default
A default under this Agreement occurs upon Borrower's failure to make any payment when due to Lender as per the terms agreed herein. Upon default, Lender may declare the entire outstanding balance immediately due and payable.
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles.
VIII. Amendment
This Agreement may only be amended in writing signed by both parties.
IX. Signature
In witness whereof, the parties have duly executed this IOU (I Owe You) Agreement as of the date first above written.
Borrower's Signature
Date: [DATE]
Lender Signature
Date: [DATE]
