Arkansas IOU (I Owe You)
I. Loan Details
This IOU acknowledges that [BORROWER'S NAME], residing at [BORROWER'S ADDRESS], hereinafter referred to as the "Borrower," owes [LENDER'S NAME], residing at [LENDER'S ADDRESS], hereinafter referred to as the "Lender," the sum of [AMOUNT OF LOAN] dollars ([AMOUNT IN WORDS]), which represents the principal loan amount.
The loan was extended on [DATE OF LOAN] and is intended to facilitate [PURPOSE OF LOAN]. The Borrower acknowledges receipt of the loan amount in full as of the aforementioned date.
II. Terms of Agreement
The Borrower agrees to repay the loan amount in full, plus any accrued interest, according to the following terms:
Loan Date: The loan was extended on [DATE OF LOAN], which marks the commencement of the repayment obligation.
Due Date: The Borrower shall repay the entire outstanding balance of the loan on or before [DUE DATE FOR REPAYMENT]. Failure to repay the loan by this date shall constitute default under the terms of this agreement.
Payment Method: The Borrower shall make payments towards the loan using the following method: [METHOD OF REPAYMENT]. Acceptable methods may include cash, check, bank transfer, or any other mutually agreed-upon method.
III. Repayment Plan
The Borrower shall repay the loan amount in [NUMBER OF INSTALLMENTS] equal installments of [AMOUNT OF EACH INSTALLMENT] dollars ([AMOUNT IN WORDS]) each, beginning on [START DATE OF REPAYMENT].
The installment payments shall continue on a [WEEKLY/MONTHLY] basis until the entire outstanding balance, including any accrued interest, is repaid in full. The Borrower shall ensure that each installment payment is made in a timely manner and without delay.
IV. Interest
The parties mutually agree that no interest shall accrue on the loan amount. This means that the Borrower shall only be obligated to repay the principal loan amount without any additional interest charges.
V. Severability
If any provision of this IOU is held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions of this agreement shall remain in full force and effect. The parties agree that in such an event, the invalid or unenforceable provision shall be replaced with a valid and enforceable provision that most closely achieves the original intent of the parties.
VI. Governing Law
This IOU shall be governed by and construed in accordance with the laws of the State of Arkansas. Any disputes arising out of or related to this IOU shall be resolved in accordance with the laws of Arkansas, and the parties hereby submit to the exclusive jurisdiction of the courts located in [COUNTY], Arkansas.
VII. Security
In consideration of the loan provided by the Lender, the Borrower pledges [DESCRIPTION OF COLLATERAL, IF APPLICABLE] as security for the repayment of this loan. This collateral shall serve as a guarantee of repayment and may be used by the Lender in the event of default by the Borrower. The Borrower agrees to take all necessary steps to maintain the security and value of the pledged collateral until the loan is fully repaid.
VIII. Signatures
In witness whereof, the parties hereto have executed this IOU as of the date first above written. Each party acknowledges that they have read and understood the terms of this agreement and voluntarily enter into this IOU with full understanding of its implications.
Debtor's Signature:
[BORROWER'S NAME]
[DATE]
Creditor's Signature
[LENDER'S NAME]
[DATE]
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