Fill and Sign the Modification of Promissory Note Deed of Trust Security Form

MODIFICATION OF PROMISSORY NOTE, DEED OF TRUST AND-SECURITY AGREEMENT THIS MODIFICATION OF PROMISSORY NOTE, DEED OF TRUST AND SECURITY AGREEMENT made and entered into on this the ____ day of _________, _______ by and between ______________________________, corporate successor by merger effective _________ ____, _______ to _____________________________. A copy of the Certificate of merger is attached hereto as Exhibit "B." The ___________________________ is an ____________ Corporation, having its principal place of business at _______, _______, _______________ (hereinafter referred to as "Mortgagee")._____________________________, is a Mississippi Limited Partnership (hereinafter referred to as "_______"), composed in part of _______ and _______, its General Partners. _______ is a _______ General Partnership, hereinafter referred to as "_______." W I T N E S S -E T H: WHEREAS, in connection with Loan No. _______ from Mortgagee to _______, _______ did execute a Promissory Note dated _________ ____, _______, in the principal amount of ________________ Dollars ($________________ ), which Note bears interest at the rate of ________ Percent (____ %) per annum in favor of Mortgagee, with the full remaining balance of the principal sum with interest thereon maturing and being finally due and payable on _________ ____, _______; and WHEREAS, said Promissory Note is secured by that certain Deed of Trust (which also constitutes a Security Agreement) by and between _________ and Mortgagee dated _________ ____, _______, and filed of record in Book _____ at page _____, of the Deed of Trust Records of the Chancery Clerk of the _________ Judicial District of __________ County, Mississippi, which Deed of Trust covers the real property described in Exhibit "A" attached hereto and made a part hereof; and WHEREAS, the current principal balance of said Promissory Note is ________________ Dollars ($_________ ); and WHEREAS, said property described in Exhibit "A" was conveyed by _________ to _________ by Warranty Deed recorded in Book ____ at page _____ of the records of said Chancery Clerk's office; and WHEREAS, _______________ is, and hereby warrants to be, the owner of the land described in Exhibit "A"; and WHEREAS, _________ and _________ have requested that Mortgagee modify the terms of said Promissory Note and Deed of Trust to extend the maturity date of _________ ____, _______, to _________ ____, _______; and WHEREAS, Mortgagee has agreed to modify said Promissory Note and Deed of Trust as provided in the Commitment Letter, a copy of which is attached hereto as Exhi bit "C," and provided further that: (a) a security interest be granted by ____________________ and ____________________ in and to the property described in Exhibit "D" attached hereto and that appropriate UCC-1 Financing Statements are executed by ____________________ and by ____________________ and filed with the Chancery Clerk of the ____________________ Judicial District of ____________________ County, Mississippi and the Secretary of State of Mississippi; (b) a Subordination and Intercreditor Agreement is executed by ____________________., a ____________________ corporation, and duly filed in said Clerk's office; and (c) a modification Agreement in form acceptable to Mortgagee be duly e xecuted and filed in said Clerk's office. NOW, THEREFORE, for the consideration described above and in further consideration of the mutual covenants and promises of the parties hereto, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, ____________________, and Mortgagee hereby covenant and agree as follows: I.The maturity date of said Promissory Note, Deed of Trust and Security Agreement is hereby extended from _________ ____, _______;, to _________ ____, _______; , at which time a payment of all unpaid principal and interest shall be due and payable. II. ____________________ and ____________________ do hereby grant to Mortgagee a security interest in and to all property described in Exhibit "D" attached hereto. This security interest shall be in addition to the security interest granted by ____________________ in and to the property described in the said Deed of Trust and Security Agreement recorded in Book ______ at page _____ as recorded in said Chancery Clerk's office. This Modification Agreeme nt is intended as a security agreement under the Mississippi Uniform Commercial Code, and ____________________ and ____________________ agree to execute and deliver, from time to time, such further security instruments as may be requested by Mortgagee to confirm the l ien of this agreement. III. This Modification of Promissory Note, Deed of Trust and Security Agreement is in no manner to be considered or construed as a novation of the indebtedness evidenced by said Promissory Note, and all terms and conditions of said Promissory Note and said Deed of Trust and Security Agreement recorded in Book ______ at page _____ as aforesaid, except as specifically modified herein, shall remain in full force and effect. IV. This agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto. V. Said Promissory Note and Deed of Trust and Security Agreement, as modified hereby, shall be construed according to the laws of the State of Mississippi. VI. Nothing herein contained shall be construed to impair the security or first lien of Mortgagee nor to affect or impair any rights or powers which Mortgagee may have under said Promissory Note and Deed of Trust and Security Agreement for non-fulfillment of any of the terms of said Promissory Note and said Deed of Trust and Security Agreement.IN WITNESS WHEREOF, the parties hereto have executed this Modification of Promissory Note, Deed of Trust and Security Agreement the day and year first above written. ______________________________ a Mississippi Limited Partnership By:, ______________________________General Partner By: ______________________________, President By: , ______________________________, General Partner ______________________________ a Mississippi General Partnership By: ______________________________,General Partner ______________________________ By: STATE OF MISSISSIPPI COUNTY OF Personally appeared before me, the undersigned authority in and for said County and State, on this ____day of _________, _______, within my jurisdiction, the within-named _________, who is President of _________., General Partner of _________, a Mississippi Limited Partnership, and individually as General Partner of said Limited Partnership, who acknowledged that he executed the above and foregoing instrument for and on behalf of said Limited Partnership after having been authorized so to do. NOTARY PUBLIC My Commission Expires: \ STATE OF MISSISSIPPI COUNTY OF ________________ Personally appeared before me, the undersigned authority in and for said County and State, on this ____day of _________, _______, within my jurisdiction, the within-named ______________________________ General Partner of ______________________________, a ____________ General Partnership, who acknowledged that he executed the above and foregoing instrument for and on behalf of said General Partnership after having been authorized so to do. NOTARY PUBLIC My Commission Expires: STATE OF _______________ COUNTY OF _____________ Personally appeared before me, the undersigned authority in and for said County and State, on this _____ day of _______ of __________ within my jurisdiction, the within-named who is of _____________________________, an __________ Corporation (corporate successor to _____________________________), who acknowledged that he executed the above and foregoing instrument for and on behalf of said Corporation after having been authorized so to do. NOTARY PUBLIC My Commission Expires: