Fill and Sign the Payment Promissory Note Form

Agreement to Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Mortgage Agreement 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 a maturity date of _____________________________________ (date); 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 as to the remaining balance of the principal on the loan. The reduced rate of interest shall be effective on ___________________________________________ (date). 2. 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). 3. Principal and Interest Payments Mortgagor agrees to pay the remaining principal amount owed as of _____________________________________ (date), together with interest thereon from that date at the rate of _____________ (new interest rate) per annum on the unpaid balance until paid. The said principal and interest shall be payable in ________ (number) consecutive monthly installments of $________________. The installments shall be due and payable on the first day of _____________________________ (month, year), and each subsequent monthly installment shall be due and payable on the 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. 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. 5. 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 Agreem ent cancels and supersedes such prior rights and agreements, whether written or verbal. 6. 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 ____________________________________________