Addendum To Promissory Note Template Template for the United States

When you need to modify an existing loan agreement, an addendum to a promissory note gives you a sound method to adjust terms without invalidating the underlying contract. It lets you change items such as the payment schedule, interest rate, or maturity date while keeping the promissory note enforceable under United States law. If you want to see how the base instrument is structured before amending it, review our promissory note templates.

What is an addendum to a promissory note?

An addendum is a supplement that changes one or more terms of a promissory note already signed by the parties. It references the note it amends, states exactly which terms change, and confirms the rest stays intact. Because the note remains in place, its history, priority, and any recorded security interest carry through. People also call this a note addendum, a promissory note amendment, or an amended promissory note, and the terms are used interchangeably in commercial lending.

How do you fill out the template?

Open the form, enter the details of the certain promissory note you are amending, and set out each term you want to modify. You can view the full document on screen, edit the figures and dates, and email a copy to the borrower or any guarantor for review before signatures are collected. Because the template is reusable, the same structure works whether the purpose is a short extension, a rate change, or a revised payment plan.

How to reference the original note

Start the addendum by identifying the certain promissory note it amends. A typical recital reads: "This Addendum amends the promissory note dated [date] between [Borrower] and [Lender] (the "Note"). The parties hereby agree to modify the Note as follows." That single sentence ties the amendment to the note date, names the people involved, and uses "hereby" to signal binding intent. Every clause you leave untouched stays in force, so you only spell out what changes. Every modification should be written down, since an unwritten change to the money owed or the time allowed to repay is far harder to enforce.

Addendum vs amendment vs a new note

These three approaches solve different problems, and choosing the right one keeps your records clean.

In practice, an addendum and an amendment often achieve the same result, so many teams draft a single document titled either way when they modify a promissory note.

When do you need this document?

You'll need an addendum when circumstances call for a change to an existing loan arrangement. Common situations include a borrower facing temporary financial hardship who needs modified payment terms, an interest rate that needs adjusting for market conditions, or both sides agreeing to extend the maturity date. It is also the right tool for adding or removing a guarantor, changing collateral, or revising any other significant term. These additional changes often come up when money is lent to fund a purchase, a product build-out, or the sale of part of a business, and the repayment timeline needs to track the deal. Rather than issuing a fresh note, the addendum preserves the earlier agreement's foundation while recording the specific changes.

What should an addendum to a promissory note include?

A complete addendum covers the following elements:

• A clear reference to the promissory note being amended, by date, parties, and principal amount
• The names of the lender, borrower, and any guarantor or co-signer (for a business loan, the full legal name of the company or corporation)
• An effective date for the changes
• A precise statement of each term being modified, such as the new payment schedule, interest rate, or maturity date
• Confirmation that all other provisions remain unchanged and in full force
• A statement of consideration supporting the changes
• Signature blocks for every party who signed the note, plus notarization where a state requires it

A worked example

Say a lender holds a promissory note dated March 3, 2024 with a $50,000 principal, and the borrower (a technology company) needs six more months to repay. The addendum recites the original note date and parties, then states: "The maturity date is amended from January 1, 2026 to July 1, 2026. In consideration of this extension, the interest rate is amended from 6% to 7% per annum. All other terms and conditions of the Note remain in full force." Both sides sign, and the change takes effect without a fresh instrument being issued. The money paid back now follows the new schedule, and nothing in the note needs to be replaced.

How do you make the addendum enforceable?

Tie the addendum to the note it amends so the connection is unambiguous. Support every change with valid consideration, meaning each party gives or receives something in return. State plainly which terms change and confirm the balance of the note continues. Have everyone who signed the note execute the addendum, including guarantors and co-signers, and use the same formality as the note, including witnessing or notarization if your state requires it. Where the note is secured by property, check your county's recording requirements so the security interest stays intact.

Legal requirements in the United States

Federal rules including the Truth in Lending Act and the Equal Credit Opportunity Act can apply, especially for consumer loans, calling for specific disclosures. State usury laws set the maximum interest rate you can reach through a modification, and state contract law governs the addendum's validity. The Uniform Commercial Code, mainly Articles 3 and 9, frames negotiable instruments and secured transactions that bear on any change to the note. The Statute of Frauds in most states requires loan modifications to be in writing. Confirm the amended note still complies with the consumer protection rules that applied when it was first signed.