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IOU Template

Used 4,882 times

IOU Template

Image 1

[Lender.FirstName][Lender.LastName][Borrower.Company]

Prepared for:

[Borrower.FirstName][Borrower.LastName][Borrower.Company]

Parties Involved

This Agreement is entered into on [Document.CreatedDate] by and between:

Borrower:[Borrower.FirstName][Borrower.LastName] (“Borrower”), with a mailing address of [Borrower.StreetAddress], [Borrower.City], [Borrower.State][Borrower.PostalCode], and

Lender:[Lender.FirstName][Lender.LastName] (“Lender”), with a mailing address of [Lender.StreetAddress], [Lender.City], [Lender.State][Lender.PostalCode].

The Terms of the Loan

The Lender agrees to lend to the Borrower under the following terms:

Principal Amount:($amount being borrowed)

Interest Rate:(interest rate)% compounded per: Month/Day/Year

Date Borrower Will Receive Borrowed Funds:(Date)

Collectively, this will hereinafter be known as the “Borrowed Funds.”

Payment Schedule

The Borrower agrees to repay the entire balance of the Borrowed Money to the Lender, including all accrued interest and any other fees or penalties, under the following agreement:

A Lump Sum Payment.

The Borrower shall make a lump sum payment to repay the Borrowed Money in full, in the amount of $(amount including principal and interest) by (“Due Date”).

Installments.

The Borrower shall pay principal and interest installment amounts equal to ($amount) with the first payment beginning on (date) and the remaining payments to be paid: (choose one of the installment options below and delete the others)

Weekly with any remaining balance payable on (“Due Date”).

Monthly with any remaining balance payable on (“Due Date”).

Quarterly with any remaining balance payable on (“Due Date”).

(Delete the payment arrangement, e.g., Lump Sum or Installments, that doesn't apply to your specific IOU agreement)

Guarantor

[Guarantor.FirstName][Guarantor.LastName] ("Guarantor") agrees to guarantee to the Lender the full payment of the Borrowed Amount should the Borrower be unable or unwilling to repay the Borrowed Amount. The Guarantor agrees that this guarantee will remain in full force and effect until this Agreement is complete and the Borrowed Amount has been fully repaid.

Additional Terms

Successors and Assigns.

This Agreement will inure to the benefit of and be binding on the respective successors and permitted assigns of the Borrower. The Borrower may not assign its rights or delegate its duties under this Agreement without the Lender’s prior written consent.

Joint and Several Liability.

If there is more than one Borrower, the obligation of each Borrower shall be joint under the terms of this Agreement.

Amendments.

This Agreement may not be amended or modified in any way except by express written consent of both the Borrower and Lender.

Severability.

If any of the provisions of this Agreement are held to be invalid or unenforceable in part or whole, the remaining provisions shall not be affected and shall continue to be valid and enforceable.

Governing Law.

This Agreement shall be governed by and construed by the laws of the State of (state name).

Signatures

This Agreement shall be governed by and construed by the laws of the State of (insert state).

Signature
MM / DD / YYYY

Signature
MM / DD / YYYY

[Borrower.FirstName][Borrower.LastName]

[Borrower.Company]

[Lender.FirstName][Lender.LastName]

[Lender.Company]

IOU Template

Used 4,882 times

Use this template — free