Promissory Note Addendum Template for the United States

Promissory Note Addendum Template Template for United States

A Promissory Note Addendum is a legal document used in the United States to modify the terms of an existing promissory note without creating an entirely new agreement. It allows parties to amend specific terms such as interest rates, payment schedules, or collateral arrangements while keeping other original terms intact. The document must comply with federal regulations including the Truth in Lending Act and state-specific usury laws.

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What is a Promissory Note Addendum Template?

A Promissory Note Addendum Template is essential when parties need to modify the terms of an existing promissory note without voiding the original agreement. This document is commonly used in the United States when circumstances require changes to payment terms, interest rates, or other conditions of the original note. The addendum must comply with both federal and state lending laws, including the Truth in Lending Act and state usury regulations. It serves as a formal modification that maintains the enforceability of the original note while clearly documenting agreed-upon changes.

What sections should be included in a Promissory Note Addendum Template?

1. Reference to Original Note: Details of the original promissory note including date, parties, and amount

2. Purpose of Addendum: Clear statement of why the addendum is being created

3. Terms Being Modified: Specific terms being changed from the original note

4. Confirmation of Unchanged Terms: Statement that all other terms remain in full force and effect

5. Signatures: Execution section for all parties

What sections are optional to include in a Promissory Note Addendum Template?

1. Interest Rate Modification: Section detailing changes to interest rate terms, including new rate, calculation method, and effective date

2. Payment Schedule Modification: Section specifying changes to payment terms, including new payment amounts, dates, and duration

3. Collateral Modification: Section outlining changes to security/collateral arrangements, including description of new or modified collateral

What schedules should be included in a Promissory Note Addendum Template?

1. Updated Amortization Schedule: New payment schedule showing modified payment amounts, dates, and allocation between principal and interest

2. Modified Collateral Description: Detailed description and documentation of any new or modified collateral arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Document Type

Amendment Agreement

Cost

Free to use
Industries

Truth in Lending Act (TILA): Federal law requiring clear disclosure of lending terms and standardized information about credit and loan terms

Fair Debt Collection Practices Act (FDCPA): Federal law governing debt collection practices and protecting debtors from abusive collection practices

Consumer Credit Protection Act: Federal law providing a comprehensive framework for consumer credit rights and protections

UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments, including promissory notes

State Usury Laws: State-specific laws that set maximum legal interest rates and regulate lending practices

State Promissory Note Requirements: State-specific regulations governing the form, content, and execution of promissory notes

State Contract Modification Laws: State-specific rules governing how existing contracts can be legally modified

State Statute of Limitations: Time limits set by state law for bringing legal action to collect on a debt

Statute of Frauds: Legal requirement that certain contracts must be in writing to be enforceable

Contract Modification Principles: Common law principles governing how contracts can be modified, including requirements for mutual agreement

Consideration Requirements: Legal principle requiring exchange of value for contract modifications to be valid

Recording Requirements: Legal requirements for recording modified notes when secured by real property

Original Note Reference Requirements: Documentation requirements for clearly identifying and referencing the original promissory note being modified

Signature and Notarization Requirements: Legal requirements for proper execution of the addendum, including signatures and notarization

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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