Fill and Sign the Illinois Modification Form

After Recording Return To: _____________________________________ _____________________________________ _____________________________________ _____________________________________ ___________________ [Space Above This Line For Recording Data] ___________________ Modification of Mortgage Loan in Default to Bring it Current and to Change Variable Rate of Interest to Fixed Rate Agreement made on the __________________________________ (date) , between ___________________________________________ (Name of Mortgagor) of _____________ ______________________________________________________________________________ _____________________ (street address, city, county, state, zip code) , referred to herein as Mortgagor , 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) , Mortgagor 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 Mortgage (the Mortgage ) 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 Mortgage is hereby incorporated herein by reference thereto; and Whereas, said Loan is in default and there is now due and owing on the Note the sum of $_______________ with interest continuing to accrue at the rate as set forth in said Note; and Whereas, Mortgagor desires to bring this Loan current, and Mortgagee is willing to make certain concessions in order to allow Mortgagor to do so; 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. Change in Interest Rate Mortgagor hereby agrees that the interest rate on the Note shall be changed from a variable rate to the fixed rate of _______% per annum as to the remaining balance of the principal on the loan. The new rate of________% shall be effective on _____________________ _____________ (date) . 2. Maturity Date of Loan The maturity date of this Loan shall be __________________________________ (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 _______________________________________ (maturity date) . 4. Other Modifications of Note and Mortgage 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) ___________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ _____________________________________________________________________________ . 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 Mortgagor) (Signature of Officer) Attested By: ______________________________________ (P rinted or typed name) ______________________________________ (Signature and Office in Lender) STATE OF ILLINOIS COUNTY OF _____________________ The foregoing instrument was acknowledged before me this ________ day of ________________________, 20_____ by _______________________________________ (Name of Mortgagor) . __________________________________ NOTARY PUBLIC (SEAL) Printed Name: __________________________ My Commission Expires: ________________________ STATE OF ILLINOIS COUNTY OF ______________________________ I, ______________________________________________ (name of notary public) , a Notary Public in and for the said County, in the State aforesaid, DO HEREBY CERTIFY that ________________________________________________ (name of officer of Lender) personally known to me to be the ______________________________________ (name of office) of _________________________________________________ (name if Lender) a ________________________________________ (name of state) corporation, and ______________________________________________ (name of Attester) , personally known to me to be the ____________________________________________ (name of office) of said corporation, and personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person, and severally acknowledged that as such _________________________________________ (name of office of Attester) and ____________________________________________ (name of office of officer) , they signed and delivered the said instrument and caused the corporate seal of said corporation to be affixed thereto, pursuant to authority, given by the Board of Directors of said corporation as their free and voluntary act, and as the free and voluntary act and deed of said corporation, for the uses and purposes therein set forth. Given under my hand and notarial seal, this _____ day of ___________________________________, 20_____. _______________________________________ Notary Public (SEAL) Printed Name: ___________________________ My Commission Expires: ________________________