Fill and Sign the Page 1 of 9 Model Adjustable Rate Note Form Hud

Agreement to Modify Interest Rate on Promissory Note Secured by a MortgageAgreement 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, Mortgagor has borrowed certain moneys from Lender as evidenced by Loan Number _____________ and the Promissory Note dated _____________________ _____________ (date) 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 _______________ ________________ (date) and recorded in Book ________ at Page _________ of the office of (County official’s name and office where Deeds are recorded) ____________ ________________________________________________________________________ ___________________________________________________________________________________________________________________________________________; and Whereas, the Note and Mortgage provided for an interest rate of _______% per annum; and Whereas, the above-stated interest rate does not reflect current money market conditions and, for that reason, Lender is willing to make certain concessions in its interest rates, 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.Lender hereby agrees that the interest rate on the Note shall be reduced to _____% per annum, effective as to the remaining balance of the principal on the loan. The reduced rate of interest shall be effective on _____________________________________ (date).2.Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part of the Note and/or Mortgage. Except as otherwise specifically provided in this Agreement, the Note and Mortgage will remain unchanged, and the Mortgagor and Lender will be bound by, and comply with, all of the terms and provisions thereof, as amended by this Agreement. 3.Where any provision of this Agreement contradicts any term of a prior agreement between the parties hereto or any predecessor in interest of either party, this Agreement cancels and supersedes such prior rights and agreements, whether written or verbal. 4. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred.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 Mortgagor) (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 Mortgagor), 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 _______________________________________________