Forbearance Agreement - Long Format
for Your State
This Forbearance Agreement (Long Format) is for use by a borrower and a bank who will agree to postpone exercising its rights and remedies under a default.
This Forbearance Agreement is between a borrower and a bank who agrees to postpone exercising its rights and remedies with regard to a default by the borrower. This agreement contains specifics regarding the loan or credit agreement including the unpaid balance, amount of accrued interest and collateral held by the bank in relation to the loan. It also details the amounts that are in default and the extended term of the loan pursuant to this agreement.
This agreement acknowledges the conditions which must be met prior to this forbearance and the bank's rights to exercise all available rights and remedies upon termination of the forbearance period In addition, this agreement contains provisions regarding the borrower's representations and warranties and who will be responsible for any forbearance and loan extension fees.
This Forbearance Agreement includes the following provisions:
Protect your rights and your company by using our attorney-prepared forms.
This attorney-prepared packet contains:
This agreement acknowledges the conditions which must be met prior to this forbearance and the bank's rights to exercise all available rights and remedies upon termination of the forbearance period In addition, this agreement contains provisions regarding the borrower's representations and warranties and who will be responsible for any forbearance and loan extension fees.
This Forbearance Agreement includes the following provisions:
- Parties: Specifies the bank, or agent acting in its capacity, and the borrower who postpone rights and remedies the bank can take due to default on payments;
- Recitals: Terms include amount of loans from bank to the borrower, obligations owed by borrower, collateral held by the bank, identified defaults and borrower's request for forbearance and loan modification;
- Reaffirmation: Borrower desires to reaffirm all obligations contained in any credit agreement;
- Forbearance: Provisions include that forbearance is limited to identified defaults, no new events of defaults and the termination of forbearance period;
- Additional Collateral: Sets out any additional security which the borrower will grant to the bank in order to forbear the debts;
- Conditions Precedent: Provisions regarding receipt of documents, reimbursement of costs and expenses by the bank and payment of forbearance fees and past due interest;
- Borrower's Representations/Acknowledgments: Representations made by borrower which include accuracy of representations in all documentation, financial information, banks have not breached any duty to borrower and all loan balances due are correct;
- Signatures: Both parties must sign the agreement in the presence of a notary.
Protect your rights and your company by using our attorney-prepared forms.
This attorney-prepared packet contains:
- General Information
- Instructions and Checklist
- Forbearance Agreement
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.
Number of Pages23
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43640
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.