Get the free extension loan agreement

Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate Agreement made on the date between Name of Trustor of street address city county state zip code referred to herein as Trustor and 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 Trustor borrowed the original 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 Deed of Trust the Deed of Trust dated date and recorded in Book at Page of the office of Whereas the description of the real property covered in and by said Deed of Trust is hereby incorporated herein by reference thereto and Whereas there is now due and owing on the Note the sum of with interest continuing to accrue at the rate of...per annum as set forth in said Note and Whereas there are no defenses or offsets to the Deed of Trust 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 Extension of Maturity Date Lender hereby extends the time of payment of the principal indebtedness secured by the Note and Deed of Trust from...the present maturity date of Trustor shall pay interest on the amount owing on the Note and Deed of Trust at the rate of per annum as set forth in Paragraph 2 below. Increased Interest Rate Trustor 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 Monthly Payments The said principal and interest shall be payable at 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 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. Other Modifications of Note and Deed of Trust 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 Deed of Trust 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 Deed of Trust 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 Deed of Trust 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.