Arkansas Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement

• Category: Promissory Notes - Secured
• State: Multi-State
• Control #: US-00601-D
• Format: Word; Rich Text

Description

This form is a model balloon note rider and addendum, providing the debtor with a conditional right to refinance the balloon payment. Such rider may be provided by lender for a variety of reasons including justification for a slightly higher interest rate. Adapt to fit your specific circumstances. The Arkansas Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement is a legal document that serves as an extension or modification to the original loan agreement between a borrower and a lender in Arkansas. This addendum provides specific provisions related to the repayment terms and conditions of a balloon payment, which is a large, lump-sum payment that is due at the end of a loan period. In Arkansas, there are two main types of Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement: 1) Arkansas Fixed-Rate Balloon Secured Note Addendum and Rider: This type of addendum is applicable when the borrower and lender agree to a fixed interest rate over a specified period of time, followed by a balloon payment due at the end of the loan term. The addendum outlines the amount of the balloon payment, the date it is due, and any other relevant terms related to the repayment of the loan. 2) Arkansas Adjustable-Rate Balloon Secured Note Addendum and Rider: This addendum is used when the loan agreement between the borrower and lender includes an adjustable interest rate. Similar to the fixed-rate addendum, it outlines the repayment details, including the balloon payment amount and due date. Additionally, it includes provisions related to any adjustments to the interest rate, ensuring clear communication between the parties involved. Both types of addendums are designed to provide clarity and protect the rights of both the borrower and lender. They serve as legally binding agreements and should be carefully reviewed and signed by both parties before being attached to the original Mortgage, Deed of Trust, or Security Agreement. Keywords: Arkansas Balloon Secured Note Addendum, Rider to Mortgage, Deed of Trust, Security Agreement, loan agreement, repayment terms, balloon payment, fixed-rate, adjustable-rate, interest rate adjustment.

The Arkansas Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement is a legal document that serves as an extension or modification to the original loan agreement between a borrower and a lender in Arkansas. This addendum provides specific provisions related to the repayment terms and conditions of a balloon payment, which is a large, lump-sum payment that is due at the end of a loan period. In Arkansas, there are two main types of Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement: 1) Arkansas Fixed-Rate Balloon Secured Note Addendum and Rider: This type of addendum is applicable when the borrower and lender agree to a fixed interest rate over a specified period of time, followed by a balloon payment due at the end of the loan term. The addendum outlines the amount of the balloon payment, the date it is due, and any other relevant terms related to the repayment of the loan. 2) Arkansas Adjustable-Rate Balloon Secured Note Addendum and Rider: This addendum is used when the loan agreement between the borrower and lender includes an adjustable interest rate. Similar to the fixed-rate addendum, it outlines the repayment details, including the balloon payment amount and due date. Additionally, it includes provisions related to any adjustments to the interest rate, ensuring clear communication between the parties involved. Both types of addendums are designed to provide clarity and protect the rights of both the borrower and lender. They serve as legally binding agreements and should be carefully reviewed and signed by both parties before being attached to the original Mortgage, Deed of Trust, or Security Agreement. Keywords: Arkansas Balloon Secured Note Addendum, Rider to Mortgage, Deed of Trust, Security Agreement, loan agreement, repayment terms, balloon payment, fixed-rate, adjustable-rate, interest rate adjustment.