A Replacement Promissory Note is utilized when parties need to modify, update, or restate the terms of an existing promissory note without creating a new debt obligation. This document type is common in situations where loan terms need restructuring, payment schedules require modification, or errors in the original note need correction. The Replacement Promissory Note must carefully reference the original note being replaced and clearly state its intention to supersede the original while maintaining any existing security interests. It must comply with both federal and state-specific lending laws, including usury restrictions and the Uniform Commercial Code.
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1. Replacement Declaration: Statement that this note replaces and supersedes the original note, including reference to date and parties of original note
2. Promise to Pay: Core obligation stating principal amount, interest rate, and fundamental payment terms
3. Original Note Reference: Detailed information about the original note being replaced including date, parties, and original terms
4. Payment Terms: Comprehensive details of payment schedule, method of payment, and location/recipient of payments
5. Interest Calculation: Method of calculating interest, including rate, compounding frequency, and basis
6. Execution: Signature block with date and parties' signatures, including any required witness or notarization provisions
1. Security Interest: Details of any collateral securing the note, including continuation of security interests from original note
2. Default Provisions: Specified events of default and consequences, including acceleration rights and collection procedures
3. Prepayment Terms: Provisions governing early payment options, including any prepayment penalties or notice requirements
4. Representations and Warranties: Statements of fact and promises about the status of the debt and parties' authority
5. Assignment and Transfer: Terms governing if and how the note can be assigned or transferred to other parties
1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and allocation between principal and interest
2. Original Note: Copy of the original note being replaced, attached as reference
3. Collateral Schedule: Detailed description of any security or collateral, including updated valuations if applicable
4. UCC Filings: Copies of any UCC financing statements or other security registrations
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