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Modifications to Multifamily Loan and Security Agreement ADDENDA TO SCHEDULE 2 SUMMARY OF LOAN TERMS (New York Gap Note Modifications) (Interest Rate Type ARM (1 and 3 Month LIBOR))1. The following
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Modifications to multifamily loan involve changes made to the terms and conditions of a loan for a multifamily property.
Any party involved in the multifamily loan agreement, such as the borrower or lender, may be required to file modifications to the loan.
Modifications to multifamily loan can typically be filled out by completing a modification form provided by the lender and submitting it with any required documentation.
The purpose of modifications to multifamily loan is to make changes to the terms of the loan agreement in order to better suit the needs of the borrower or lender.
Information such as the reason for the modification, the new terms of the loan, and any supporting documentation may need to be reported on modifications to multifamily loan.
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