Legal IOU (I OWE YOU)

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Date: October 12, 2055

1. Identification of Parties:

• Lender:
  Name: Keith Martinez
  Address: 1872 B Street, New Brighton MN 55112
  Contact Details: 222 999 4444

• Borrower:
  Name: [YOUR NAME]
  Address: [YOUR COMPANY ADDRESS]
  Contact Details: [YOUR COMPANY NUMBER]

2. Acknowledgment of Debt:

I, [YOUR NAME] (Borrower), acknowledge that I owe Keith Martinez (Lender) the total amount of $500.00 (amount in words: Five Hundred Dollars) under the terms outlined below.

3. Repayment Terms:

• Principal Amount: $500.00

• Interest Rate: 5% per annum

• Total Amount Due: $525.00 (This includes principal and interest)

• Repayment Date: December 2, 2055

4. Payment Schedule:

The borrower agrees to repay the total amount due as follows:

• Lump Sum Payment: Full payment of $525.00 is due on the Repayment Date.

• Installments:

  • Amount of Each Installment: $175.00

  • Number of Installments: 3

  • Due Date for Each Installment: October 2, 2055; November 2, 2055; December 2, 2055

5. Late Fees (Optional):

In the event that the borrower fails to make a payment on time, a late fee of $25.00 will be charged for each day the payment is overdue.

6. Signatures:

Keith Martinez

Lender

[YOUR NAME]

Borrower

Note:

• This IOU is intended to serve as a record of the loan and the terms agreed upon by both parties. It is recommended that both parties keep a copy of this document for their records.

• This document should be kept in a safe place, as it serves as a legal acknowledgment of the debt.

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