Mortgage Extension

Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest

Agreement made on the between of referred to herein as Grantee, 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, on , of , referred to herein as Original Mortgagor, borrowed the principal sum of $ from Lender as evidenced by Loan Number and the Promissory Note dated (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 ;

Whereas, Grantee purchased the following described property from Original Mortgagor on :

(Legal Description of Real Property)

Whereas, said real property described above (the Mortgaged Property) is the same property covered by the Mortgage; and

Whereas, there is now due and owing on the Note the sum of $ with interest continuing to accrue as set forth in said Note; and

Whereas, a condition of the sale of the Mortgaged Property from Original Mortgagor to Grantee, Grantee agreed to assume the obligation to pay the balance of the Note;

Whereas, there are no defenses or offsets to the Mortgage 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 Mortgage from the present maturity date of to , provided that Grantee shall pay interest on the amount owing on the Note and Mortgage at the rate of per annum as set forth in Paragraph 2 below.

2. Increased Interest Rate

Grantee 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 .

3. Monthly Payments

Grantee hereby agrees to pay the principal amount of the Note outstanding of $ , together with interest at the rate of . The said principal and interest shall be payable at or at such other place as the holder of the Note may designate in writing, in consecutive monthly installments of $ .

The first of said new monthly installments shall be due and payable on the 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 .

4. Grantee to Abide by Note and Mortgage

Grantee hereby agrees to abide by all conditions and requirements of the Note and Mortgage as modified by this Agreement.

5. 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:

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 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.

(Acknowledgments may vary by state)