Promissory Note IOU (I OWE YOU)
Date: September 1, 2050
1. Parties Involved:
Lender:
Name: Jane Smith
Address: 3331 Deercove Drive, Dallas, TX 75201
Borrower:
Name: [YOUR NAME]
Address: 4844 Clousson Road, Houston TX 77002
2. Principal Amount:
The Borrower acknowledges receipt of ten thousand dollars ($10,000).
3. Interest Rate:
The loan will bear an interest rate of 5% per annum.
4. Repayment Terms:
Repayment Period: 24 months
Due Date: September 1, 2052
Payment Schedule: Monthly payments of $438.71 each, starting on October 1, 2050, and continuing on the same day of each subsequent month.
Payment Method: Payments will be made via bank transfer to account number TX-77105483 at Texas Bank.
5. Late Fees:
If a payment is late by more than 15 days, a late fee of $50 will be charged.
6. Prepayment:
The Borrower may prepay the loan in full or in part at any time without penalty.
7. Default:
If the Borrower fails to make payments as agreed, the Lender may seek legal remedies to recover the remaining balance of the loan.
8. Governing Law:
This Promissory Note will be governed by and construed in accordance with the laws of the State of Texas.
Signatures:
Jane Smith
Lender
September 1, 2050
[YOUR NAME]
Borrower
September 1, 2050
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