Fill and Sign the Mortgage Extension Form

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 __________________________________ (date), between ____________________________________________ (Name of Grantee) of _______________ ______________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Grantee, 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), ________________________ __________________________ (name of original mortgagor) of ________________________ ______________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Original Mortgagor, borrowed the 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, Grantee purchased the following described property from Original Mortgagor on ________________________________________ (date): (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 Gran tee, 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 __________________________________ (date) to ____________________________________ (date), 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 ________________________________________ (date). 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 ______________________________________________________________ ______________________________________________________________________________ (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. 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: (Set forth any new terms, covenants, or conditions) ___________________________________________________________________ _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________. 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. __________________________________________ (Name of Lender) ___________________________________ By: ______________________________________ (Printed name) __________________________________________ (Printed Name & Office in Corporation) ___________________________________ __________________________________________ (Signature of Grantee) (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 Grantee), 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 ___________________________________________ (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 ________________________________________________________