Promissory Note IOU

Promissory Note IOU (I OWE YOU)


Date: September 1, 2050

1. Parties Involved:

  • Lender:
    Name: Jane Smith
    Address: 3331 Deercove Drive, Dallas, TX 75201

  • Borrower:
    Name: [YOUR NAME]
    Address: 4844 Clousson Road, Houston TX 77002

2. Principal Amount:
The Borrower acknowledges receipt of ten thousand dollars ($10,000).

3. Interest Rate:
The loan will bear an interest rate of 5% per annum.

4. Repayment Terms:

  • Repayment Period: 24 months

  • Due Date: September 1, 2052

  • Payment Schedule: Monthly payments of $438.71 each, starting on October 1, 2050, and continuing on the same day of each subsequent month.

  • Payment Method: Payments will be made via bank transfer to account number TX-77105483 at Texas Bank.

5. Late Fees:
If a payment is late by more than 15 days, a late fee of $50 will be charged.

6. Prepayment:
The Borrower may prepay the loan in full or in part at any time without penalty.

7. Default:
If the Borrower fails to make payments as agreed, the Lender may seek legal remedies to recover the remaining balance of the loan.

8. Governing Law:
This Promissory Note will be governed by and construed in accordance with the laws of the State of Texas.

Signatures:

Jane Smith

Lender

September 1, 2050

[YOUR NAME]

Borrower

September 1, 2050

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