Ohio IOU

Ohio IOU (I Owe You)

I. Parties Involved

This agreement is made between:

Lender: [YOUR NAME]
Borrower: [BORROWER'S NAME]

II. Loan Details

Loan Amount: $[LOAN AMOUNT]
Date of Agreement: [DATE OF AGREEMENT]
Repayment Date: [REPAYMENT DATE]
Interest Rate: [INTEREST RATE], IF APPLICABLE

III. Terms of Repayment

The Borrower agrees to repay the [LOAN AMOUNT] to the Lender by the Repayment Date.
If applicable, interest shall accrue at the agreed-upon rate from the date of this agreement until the Loan Amount is fully repaid.
The Borrower may repay the Loan Amount in full or in instalments as mutually agreed upon by both parties.

IV. Method of Repayment

The Borrower shall make repayments via [PAYMENT METHOD], to the Lender's account as follows:

Account Name:[YOUR NAME]
Account Number: [YOUR ACCOUNT NUMBER]
Bank Name: [YOUR BANK NAME]
Routing Number: [YOUR ROUTING NUMBER]

V. Default

In the event of default, the Borrower shall be responsible for any additional costs incurred by the Lender in the collection of the outstanding debt.
Default shall include failure to repay the [LOAN AMOUNT] by the Repayment Date or violation of any other terms outlined in this agreement.

VI. Governing Law

This agreement is to be governed and construed in accordance with the laws of the State of Ohio. Moreover, any interpretation and enforcement of the terms stipulated within this agreement shall also be carried out in compliance with the legal statutes of the State of Ohio.