This form is a sample of an agreement to extend the time of a loan commitment in order to consummate a purchase of real property which will be security for the loan. In effect the loan applicant is asking for an extension of the date of closing set forth in the loan commitment or application.
Kansas Extension of Loan Closing Date refers to a legal provision that allows borrowers in the state of Kansas to request an extension on their loan closing deadline. This provision grants borrowers additional time to complete the necessary paperwork and fulfill any outstanding requirements before finalizing the loan agreement. There are two main types of Kansas Extension of Loan Closing Date: 1. Formal Extension: When borrowers encounter unforeseen circumstances or face delays in meeting the loan closing requirements, they can formally request an extension from the lender. This formal extension is subject to the lender's approval and may involve an extension fee or additional interest charges. Borrowers must provide a valid reason for the delay, such as difficulties with document gathering, complications in property appraisal, or unexpected financial setbacks. 2. Force Mature Extension: Also known as an "act of God" extension, this type applies when unexpected events, such as natural disasters, pandemics, or government-mandated lockdowns, prevent the borrower from meeting the original loan closing deadline. Force majeure extensions are usually granted automatically, with no additional fees or penalties imposed on the borrower. However, borrowers are required to promptly inform the lender about the circumstances causing the delay and provide supporting documentation. It is important to note that each lender may have its own set of rules and conditions regarding the Kansas Extension of Loan Closing Date. Borrowers should carefully review their loan agreement and consult with their lender before requesting an extension. Additionally, borrowers should be prepared to provide sufficient evidence supporting the need for an extension and be aware of any potential financial implications associated with the extension, such as increased interest rates or extension fees. Overall, the Kansas Extension of Loan Closing Date offers borrowers flexibility and a means to overcome unexpected obstacles that may arise during the process of finalizing their loan agreement. It provides valuable breathing room for borrowers, ensuring they have adequate time to complete necessary tasks and secure the financing they require.
