Promissory Note Agreement to Modify

for Your State

This Agreement to Modify Promissory Note will effectively modify the terms and provisions of an existing promissory note. This agreement sets out the name so the borrower and lender and the specific provisions to be changed.

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This Agreement to Modify Promissory Note will modify a previously executed promissory note. This modification agreement sets forth the names of the borrower and lender, date of the original note and present monthly payment and interest rate. It also sets forth the specific provisions to be modified and that all other provisions will remain in full force and effect. A written Agreement to Modify Promissory Note will prove useful if there are disagreements or misunderstandings surrounding the modification of an existing promissory note.

This Agreement to Modify Promissory Note includes:
  • Parties: Sets forth the names of the borrower and lender;
  • Original Note: Specifics regarding the note including the original amount, interest rate and date the note was signed;
  • Modifications: Sets out the list of provisions to be modified, such as extension of due date or change in interest rate;
  • Obligations: Borrower confirms that all other provisions of the note which were not modified remain in full force and effect;
  • Signatures: This modification agreement must be signed and dated by both the borrower and lender.

Protect yourself and your rights by purchasing this attorney-prepared form.

This attorney-prepared package includes:
  1. General Information
  2. Instructions and Checklist
  3. Agreement to Modify Promissory Note
State Law Compliance: This form complies with the laws of all states
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43615
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.











Agreement to Modify
Promissory Note










This Packet Includes:
1.  General Information
2.  Instructions and Checklist
3.  Agreement to Modify Promissory Note  











General Information
Agreement to Modify Promissory Note 

This Agreement to Modify Promissory Note modifies a previously executed Promissory Note.  This modification agreement sets out the names of the borrower and lender, date of the original note and present rate of monthly payment and interest.  It also sets forth the provisions which will be modified and that all other obligations under the note remain in effect.   

This agreement clearly sets out the agreed upon modifications to an existing  promissory note.  A written Agreement to Modify Promissory Note will prove useful in the event of disagreements or misunderstandings between the lender and the borrower about the terms of the promissory note.

  



Instructions and Checklist


Agreement to Modify Promissory Note 

   The parties should read the agreement carefully.

   Insert all requested information in the spaces provided on the form.

     This form contains the basic terms and language that should be included in similar agreements.   

   Read the modification provisions carefully.  If there are disagreements they will likely focus on one of these provisions.

     This agreement to modify must be signed by both the borrower and the lender.

   The parties should retain either an original or copy of the signed modification agreement.

   All legal documents should be kept in a safe location such as a fireproof safe or safe deposit box.  



   




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AGREEMENT TO MODIFY PROMISSORY NOTE

Name of Borrower: ________________________________

Name of Lender: __________________________________

1.   This Agreement modifies the original promissory note dated _________________ (Note) under which Borrower promised to pay to Lender the amount of $____________ at the rate of ______% per year from the date the note was signed until _________________________________.

2.   Lender and Borrower agree to the following modifications [choose all that apply]:
[  ] Borrower has until _______________ to pay the note in full.
[ ] Borrower will make interest-only payments beginning on _____________ until ___________________, at which time the remaining principal balance will be re-amortized over the remaining months of the note.
[ ] Beginning on ________________________________, the interest rate will change to _______%. The new monthly payments will be in the amount of $_______________.
[  ] Other:  __________________________________________.

3.   The Borrower ratifies and confirms all of its liabilities and obligations under the Note and agrees that, except as expressly modified in this Agreement, the Note continues in full force and effect as if set forth specifically herein. The Lender and Borrower agree that this Agreement shall not be construed as an agreement to extinguish the original obligations under the Note and shall not constitute a novation as to the obligations of the Borrower under the Note.

4.   This Agreement may not be amended, changed, modified, altered, or terminated without in each instance the prior written consent of the parties. This Agreement shall be construed in accordance with and governed by the laws of ___________________.

5.   This Agreement may be executed in any number of counterparts, all of which when taken together shall constitute one agreement.


Borrower's signature: ________________________________ 
Date: _____________________________________________
Print name:  ________________________________________ 
Location: __________________________________________  [city or county where signed]
Address: _____________________ _____________________

Lender's signature: __________________________________
Date: _____________________________________________
Print name: ________________________________________
Location:  _________________________________________   [city or county where signed]
Address: __________________________________________ 

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