A Promissory Note Modification Agreement becomes necessary when the parties to an existing promissory note need to change certain terms without creating an entirely new agreement. This document is commonly used in situations where borrowers require payment restructuring, interest rate adjustments, or term extensions due to financial hardship or mutual benefit. Under U.S. law, this agreement must clearly reference the original note and specify which terms are being modified while explicitly stating that all other terms remain in full force and effect. The modification agreement helps prevent default scenarios and provides flexibility in loan management while maintaining legal enforceability. It's particularly relevant in economic downturns or when circumstances necessitate loan restructuring across various sectors including commercial, real estate, and consumer lending.
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1. Parties: Identification of lender and borrower with their complete legal names and addresses
2. Background: Reference to original note including date, parties, principal amount, and reason for modification
3. Definitions: Key terms used in the agreement including Original Note, Effective Date, Modified Terms
4. Modification Terms: Specific changes to original note terms including payment amounts, interest rates, or maturity date
5. Ratification: Confirmation that all unmodified terms of the original note remain in full force and effect
6. Execution: Signature blocks, date, and notary acknowledgment if required
1. Conditions Precedent: Prerequisites that must be satisfied before modification becomes effective, such as payment of fees or delivery of documents
2. Representations and Warranties: Statements of fact by parties regarding their authority, financial condition, and status of the loan
3. Security Provisions: Changes to collateral terms or security arrangements, if the note is secured
4. Default Provisions: Any modifications to events of default or remedies under the original note
1. Schedule A - Modified Payment Schedule: Detailed schedule of new payment terms, amounts, and due dates
2. Schedule B - Original Promissory Note: Copy of the original promissory note being modified
3. Schedule C - Collateral Description: Detailed description of any security or collateral (if applicable)
4. Schedule D - Compliance Certificates: Any required compliance certificates or documentation required by state law
Original Note
Modification Date
Effective Date
Modified Terms
Outstanding Principal Balance
Modified Interest Rate
Modified Payment Schedule
Modified Maturity Date
Original Loan Documents
Default
Event of Default
Borrower Obligations
Security Interest
Collateral
Loan Documents
Business Day
Payment Date
Governing Law
Original Parties
Modified Payment Amount
Modification of Terms
Consideration
Ratification
Representations and Warranties
Conditions Precedent
Default Provisions
Notice Requirements
Amendment and Waiver
Governing Law
Severability
Integration
Counterparts
Assignment
Further Assurances
Payment Terms
Interest Rate
Security Interest
Events of Default
Remedies
No Novation
Release
Acknowledgment
Fees and Expenses
Survival
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