We present a multi-input and multi-output (MIMO) radar system concept employing low-complexity, structured multi-tone modulated chirp waveforms for joint range and angle of arrival estimation with formal recovery guarantees. Previously structured random block Toeplitz and Circulant matrices that result from using random waveforms in time delay and angle of arrival estimation in the MIMO setting have been shown to yield recovery guarantees. However, the corresponding transmitter and receiver structures have high complexity and sampling rate requirements. Our proposed compressive MIMO system uses a set of structured waveforms with much fewer random elements and features a simplified receiver structure with an analog mixer followed by a uniform sampler operating at sub-Nyquist rate. For a scene consisting of a sparse set of targets, we present recovery guarantees for the resulting structured measurement matrix for a sufficiently large number of modulated tones per transmitter.