Utah IOU (I Owe You)

I. The Parties

[YOUR NAME] (hereinafter referred to as "Borrower"), with a business operating under the name [YOUR COMPANY NAME], contactable via email at [YOUR COMPANY EMAIL], located at [YOUR COMPANY ADDRESS], phone number [YOUR COMPANY NUMBER], further details at website [YOUR COMPANY WEBSITE], and social media page [YOUR COMPANY SOCIAL MEDIA].

AND [CREDITOR NAME] (hereinafter referred to as "Lender"), with an address at [CREDITOR ADDRESS], and contactable at [CREDITOR EMAIL].

II. Acknowledgment of Debt

The Borrower, [YOUR NAME], hereby acknowledges and confesses that they are indebted to the Lender in the aggregate amount of [LOAN AMOUNT] ([AMOUNT IN WORDS]) dollars. The amount reflects money borrowed to finance [REASON FOR LOAN].

III. Payment Terms

It is agreed by and between the parties that the total sum of [LOAN AMOUNT] dollars shall be repaid under the following conditions:

• Initial payment of [INITIAL PAYMENT AMOUNT] due by [INITIAL PAYMENT DATE]

• Remaining balance to be paid in [NUMBER OF PAYMENTS] monthly instalments of [MONTHLY INSTALLMENT AMOUNT] each, beginning on [START DATE] and thereafter on the [DAY] of each month

IV. Interest

The debt described herein shall be subject to an annual interest rate of [INTEREST RATE]% computed on a [COMPOUNDING METHOD] basis. Interest will be calculated from the date hereof until the debt is paid in full.

V. Default

A default occurs if the Borrower fails to make any scheduled [PAYMENT] in full on or before the payment deadline. In the event of a default, the Lender has the option to declare the entire remaining balance immediately due and payable.

VI. Governing Law

The interpretation and enforcement of this Instrument of Understanding shall be conducted in accordance with the laws of the State of Utah, and any legal proceedings or disputes arising from this agreement shall fall under the exclusive jurisdiction of the courts located within the State of Utah.

VII. Acknowledgement

Both parties acknowledge and agree that the IOU constitutes a legitimate and enforceable contract as of the indicated [DATE], and sufficient value has been exchanged.

VIII. Signatures

Each party represents and warrants that they have the legal capacity to enter into this agreement. The parties hereby agree to the terms and conditions set forth in this IOU and affix their signatures as confirmation.

[YOUR NAME]

Lender

[DATE]

[BORROWER'S NAME]

Borrower

[DATE]

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