Printable IOU(I Owe You)
Date: September 1, 2050
Lender: Jane Doe
Borrower: [YOUR NAME]
Amount Borrowed: $10,000
Interest Rate: 5% per annum
Repayment Date: September 1, 2055
I. Parties
This IOU agreement is entered into between:
Jane Doe, residing at 2158 Dogwood Road, Phoenix AZ 82704, hereinafter referred to as the "Lender,"
and
[YOUR NAME], residing at 2303 Polk Street, Tempe AZ 85282 hereinafter referred to as the "Borrower."
II. Loan Details
Principal Amount: $10,000 (Ten Thousand Dollars)
Loan Date: September 1, 2050
The Lender agrees to loan to the Borrower the sum of Ten Thousand Dollars ($10,000), to be repaid in accordance with the terms and conditions set forth in this IOU.
III. Purpose of Loan
The Borrower acknowledges that the loan is for the purpose of funding a home renovation project, and agrees not to use the funds for any other purpose without the express consent of the Lender.
IV. Terms of Repayment
The Borrower shall repay the loan amount in full by September 1, 2055.
The repayment shall be made in monthly installments via bank transfer to an account designated by the Lender.
The Borrower agrees to pay any accrued interest at the rate of 5% per annum.
V. Default
In the event of default by the Borrower, the entire outstanding balance of the loan, including accrued interest, shall become immediately due and payable.
The Lender reserves the right to pursue all available legal remedies to enforce repayment of the loan.
VI. Governing Law
This IOU agreement shall be governed by and construed in accordance with the laws of the State of Arizona.
VII. Signatures
Signed on this 1st day of September, 2050.
Jane Doe
Lender
[YOUR NAME]
Borrower
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