Model Adjustable Rate Note Form

Agreement to Modify Interest Rate on Promissory Note Secured by a Mortgage

Agreement made on the ,

between of

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)

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 .

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.

(Acknowledgments may vary by state)

Acknowledgment for Mortgagor

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:

Acknowledgment for Officer

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 of , 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