Dear [Name], RE: Revised Promissory Note I hope this letter finds you in good health. I am writing to discuss the revision of the promissory note we previously negotiated, dated [original date]. After careful consideration and consultation with legal advisors, we would like to propose certain amendments to the terms and conditions outlined in the original promissory note. Maine Sample Letter for Revised Promissory Note: 1. [Type 1] — Maine Revised Promissory Note for Personal Loan: If you have borrowed money from an individual in Maine and want to revise the terms of the promissory note, this sample letter could guide you. It outlines the necessary details to incorporate in order to make the revision legally binding. 2. [Type 2] — Maine Revised Promissory Note for Business Loan: Businesses in Maine seeking to modify the terms of a promissory note can reference this sample letter. It provides a framework to effectively communicate the changes to be made to the terms and conditions of the original business loan agreement. In light of the proposed revisions, we kindly request your approval on the following amendments: 1. Interest rate modification: — Specify the new interest rate percentage. — Indicate whether the rate will be fixed or variable. — Clarify whether the rate is compounded annually, monthly, or at specified intervals. — State the effective date of the revised interest rate. 2. Extension of the repayment term: — Proposed duration for the extension— - Revised due dates for payments, including any changes to the frequency (e.g., monthly, quarterly, annually). — Mention any adjustments to the amortization schedule. — Specify the date on which the revised term will become effective. 3. Modification of payment structure: — Propose a change to the amount or frequency of payments. — Specify any alterations to the principal payment timeline. — Include details about any grace periods, if applicable. It is crucial to emphasize that these amendments will require the execution of a revised promissory note. We believe that these revisions will better align the terms with our current financial situation and contribute to a mutually beneficial arrangement. To proceed with the revised promissory note, we kindly request your prompt response outlining your agreement with the proposed amendments. Upon receiving your consent, our legal team will draft the updated promissory note for your review. It is essential that all parties involved have a clear understanding of the revised terms and mutually accept them before signing the revised agreement. We appreciate your prompt attention to this matter and value our ongoing partnership. Should you have any questions or concerns regarding the proposed revisions, please do not hesitate to reach out to me at [phone number] or [email address]. Thank you for your cooperation, and I look forward to your favorable response. Yours sincerely, [Your Name] [Your Title/Position] [Your Company/Organization Name]
Maine Sample Letter for Revised Promissory Note
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