The Mortgage Extension Agreement is utilized when a borrower needs additional time to repay their mortgage beyond the original term. This agreement, governed by U.S. federal and state laws, maintains the original mortgage's security interest while modifying the repayment timeline. It typically includes details of the original mortgage, the extended term, modified payment schedule, and any changes to interest rates or other terms. The document must comply with various regulations including TILA, RESPA, and state-specific requirements.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Details of original mortgage and reason for extension
3. Definitions: Key terms used throughout the agreement
4. Extension Terms: Specific details of the extension including new maturity date
5. Payment Terms: Modified payment schedule and amounts
6. Confirmation of Original Terms: Statement that all other terms of original mortgage remain in effect
7. Execution: Signature blocks and notarization requirements
1. Additional Security: Used when additional collateral is required for extension
2. Modified Interest Rate: Terms of any interest rate changes when extension includes interest rate modification
3. Fee Structure: Details of any fees associated with extension
1. Schedule A - Property Description: Legal description of mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule showing new payment structure
3. Schedule C - Original Mortgage: Copy of original mortgage agreement
4. Appendix 1 - Required Disclosures: State and federal required disclosure documents
Relevant legal definitions
Agreement
Original Mortgage
Extended Maturity Date
Property
Mortgage Extension
Borrower
Lender
Original Loan Amount
Outstanding Principal Balance
Payment Schedule
Interest Rate
Monthly Payment Amount
Default
Security Interest
Effective Date
Extension Period
Extension Fee
Loan Documents
Mortgage Property
Business Day
Governing Law
Recording Office
Extension Terms
Original Maturity Date
Closing Date
Original Mortgage
Extended Maturity Date
Property
Mortgage Extension
Borrower
Lender
Original Loan Amount
Outstanding Principal Balance
Payment Schedule
Interest Rate
Monthly Payment Amount
Default
Security Interest
Effective Date
Extension Period
Extension Fee
Loan Documents
Mortgage Property
Business Day
Governing Law
Recording Office
Extension Terms
Original Maturity Date
Closing Date
Clauses
Extension Term
Repayment
Interest Rate
Security Interest
Representations and Warranties
Conditions Precedent
Default and Remedies
Amendment and Modification
Recording and Registration
Fees and Expenses
Governing Law
Notices
Assignment
Severability
Entire Agreement
Counterparts
Further Assurances
Force Majeure
Compliance with Laws
Insurance Requirements
Property Maintenance
Tax and Insurance Escrow
Due on Sale
Acceleration
Repayment
Interest Rate
Security Interest
Representations and Warranties
Conditions Precedent
Default and Remedies
Amendment and Modification
Recording and Registration
Fees and Expenses
Governing Law
Notices
Assignment
Severability
Entire Agreement
Counterparts
Further Assurances
Force Majeure
Compliance with Laws
Insurance Requirements
Property Maintenance
Tax and Insurance Escrow
Due on Sale
Acceleration
Relevant Industries
Relevant Teams
Relevant Roles
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