Fill and Sign the Extension Loan Agreement Form

Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate Agreement made on the ____________________________________ (date) , between ____________________________________________ (Name of Trustor) of ________________________________________________________________________ ________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Trustor , and ____________________________________________ (Name of Lender) , a corporation organized and existing under the laws of the state of _____________________________, with its principal office located at ____________________________________________ ________________________________________________________________________ ___________ (street address, city, county, state, zip code) , referred to herein as Lender . Whereas, on _______________________________________ (date) , Trustor borrowed the original principal sum of $____________ from Lender as evidenced by Loan Number _____________ and the Promissory Note dated _____________________ ________ (date) (the Note ), a copy of which is attached hereto as Exhibit A and initialed by both parties, and which Note is secured by that certain Deed of Trust (the Deed of Trust) dated __________________________________ (date) and recorded in Book ____________ at Page ___________ of the office of _____________________________ ________________________________________________________________________ ________________ (County official’s name and office where Deeds are recorded) ; and Whereas, the description of the real property covered in and by said Deed of Trust is hereby incorporated herein by reference thereto; and Whereas, there is now due and owing on the Note the sum of $____________ with interest continuing to accrue at the rate of _______% per annum as set forth in said Note; and Whereas, there are no defenses or offsets to the Deed of Trust or to the debt that it secures. Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Extension of Maturity Date Lender hereby extends the time of payment of the principal indebtedness secured by the Note and Deed of Trust from the present maturity date of ____________________ ___________ (date) to ____________________________________ (date) , provided that Trustor shall pay interest on the amount owing on the Note and Deed of Trust at the rate of per annum as set forth in Paragraph 2 below. 2. Increased Interest Rate Trustor hereby agrees that the interest rate on the Note shall be increased to ________% per annum as to the remaining balance of the principal on the loan. The increased rate of________% shall be effective on _______________________________ _______ (date) . 3. Monthly Payments The said principal and interest shall be payable at _________________________ ________________________________________________________________________ _________________ (street address, city, county, state, zip code) , or at such other place as the holder of the Note may designate in writing, in _________ (number) consecutive monthly installments of $_______________. The first of said new monthly installments shall be due and payable on the ________________________________________ (date) , and each subsequent monthly installment shall be due and payable on the (e.g., first) __________________ day of each succeeding month thereafter until the entire indebtedness evidenced by the Note is fully paid, except any remaining indebtedness, if not sooner paid, shall be due and payable on ____________________________________ (new maturity date) . 4. Other Modifications of Note and Deed of Trust In addition to the above extension of maturity date and increase in interest rate, the Note and Mortgage shall be further modified as follows: (Set forth any new terms, covenants, or conditions) __________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ _______________________________________________________________________ . If the terms and provisions contained in the Note and Deed of Trust in any way conflict with the terms and provisions contained in this Agreement, the terms and provisions of this Agreement shall prevail, and, as modified by this Agreement, the Note and Deed of Trust are ratified and confirmed. The failure or omission of either party to exercise, in one or more instances, any option given by this Agreement or in the Note or Deed of Trust shall not be construed as a waiver or relinquishment of a right to the option in the case of default, but the right to such further option shall remain in full force and effect. 5. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________________. 6. Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified mail if sent to the respective address of each party as set forth at the beginning of this Agreement. WITNESS our signatures as of the day and date first above stated. ____________________________________ (Name of Lender) ________________________________ By: ________________________________ (P rinted name) ____________________________________ (P rinted Name & Office in Corporation) _________________________________ ____________________________________ (Signature of Trustor) (Signature of Officer) (Acknowledgments may vary by state) STATE OF ______________________________ COUNTY OF ___________________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this _____ day of ________________________________, 20_____, within my jurisdiction, the within named, ______________________________________ (Name of Trustor) , who acknowledged that he executed the above and fore going instrument. ______________________________ NOTARY PUBLIC My Commission expires: ______________________ STATE OF ______________________________ COUNTY OF ___________________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this ____ day of __________________________________, 20____, within my jurisdiction, the within named ______________________________________ (Name of Officer) , who acknowledged that he is ________________________________ (Name of Office) of _______________________________________________ (Name of Corporation) , a ___________________________________ (name of state) corporation, and that for and on behalf of the said corporation, and as its act and deed he executed the above and foregoing instrument, after first having been duly authorized by said corporation so to do. ______________________________ NOTARY PUBLIC My Commission expires: _______________________ Prepared By (and record and return to): Name of Attorney _________________________________________ State Bar Number ________________________ Post Office Box or Street Address ___________________________________________ City, State, Zip Code ______________________________________________________