Agreement to Modify Promissory Note and Mortgage

Agreement to Modify Promissory Note and Mortgage to Extend Maturity Date

Agreement made on the (date),

between of

(street address, city, county, state, zip code), referred to herein as Mortgagor, and , a corporation organized and existing under the laws of the state of ,

with its principal office located at

referred to herein as Lender.

Whereas, Mortgagor has borrowed certain moneys from Lender as evidenced by Loan Number and the Promissory Note dated

in the original principal amount of $ (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

and recorded in Book at Page of the office of

(County official’s name and office where Deeds are recorded); and

Whereas, there is now due and owing on the Note the amount of $ , with interest accruing at the rate of % per annum, from (date);

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 Mortgage from the present maturity date of to , provided that Mortgagor shall continue to pay interest on the amount owing on the Note and Mortgage at the rate of % per annum, from , (e.g., monthly) on the first day of each month beginning .

2. Principal and Interest Payments

Mortgagor, in consideration of the above extension and other valuable consideration, the receipt of which is acknowledged, shall pay the principal sum and interest as set forth above on or before the maturity of the Note as extended by this Agreement, and shall comply with the other terms of the Note and Mortgage, except as modified in this Agreement.

3. Other Modifications of Note and Mortgage

In addition to the above extension, the Note and Mortgage shall be further modified as follows:

If the terms and provisions contained in the Note and Mortgage 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 Mortgage 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 Mortgage shall not be construed as a waiver or relinquishment of a right to the option in the case of any other default, but the right to such further option shall remain in full force and effect.

4. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of .

5. 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.

(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, , who acknowledged that he executed the above and foregoing 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 , who acknowledged that he is

, a 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