Rhode Island Sample Letter for Revised Promissory Note

• Category: Promissory Notes - Revisions
• State: Multi-State
• Control #: US-0427LTR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Re: Rhode Island Sample Letter for Revised Promissory Note Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss a vital matter concerning the promissory note we previously agreed upon. As you may recall, we entered into a legally binding agreement on [Date], which involved the loan of a certain sum of money from myself to you. Considering the evolving circumstances, I believe that it is essential to revise the terms of our original promissory note to ensure that both parties are better protected and have a clear understanding of their obligations. Therefore, I have drafted a revised promissory note for your review and consideration. The revised promissory note seeks to address the following key changes: 1. Revised Loan Amount: Specify the updated loan amount. If it has changed since our initial agreement, please reflect the new amount accurately. 2. Amended Interest Rate: Clearly state the revised interest rate, if applicable, based on Rhode Island law and any mutually agreed-upon modifications. 3. Revised Repayment Terms: Provide a detailed outline of the revised repayment terms, including the frequency of payments, due dates, and any modifications to the duration of the loan. 4. Adjusted Late Payment Terms: Specify any changes to the penalties or fees related to late payments, and outline the consequences for missed or delayed payments. 5. Additional Clauses: Incorporate any additional clauses, such as acceleration clauses or clauses pertaining to collateral, if applicable and as deemed necessary. By revising the promissory note and addressing the aforementioned changes, we aim to enhance the clarity and fairness of our agreement, considering the updated circumstances. Please review the enclosed revised promissory note carefully. If you have any questions, concerns, or suggestions regarding the changes proposed, please do not hesitate to reach out to me at [Your Phone Number] or via email at [Your Email Address]. I strongly believe that open communication is key to establishing a mutually agreeable arrangement. Your prompt attention to this matter would be greatly appreciated. To proceed with the revision of the promissory note, kindly sign and date the enclosed copy where indicated and return it to me within [reasonable timeframe to allow for review]. Upon receiving the signed copy, I will promptly provide you with a countersigned version for your records. Thank you for your cooperation and understanding. I look forward to resolving this matter amicably and solidifying our revised agreement. Best regards, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Re: Rhode Island Sample Letter for Revised Promissory Note Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss a vital matter concerning the promissory note we previously agreed upon. As you may recall, we entered into a legally binding agreement on [Date], which involved the loan of a certain sum of money from myself to you. Considering the evolving circumstances, I believe that it is essential to revise the terms of our original promissory note to ensure that both parties are better protected and have a clear understanding of their obligations. Therefore, I have drafted a revised promissory note for your review and consideration. The revised promissory note seeks to address the following key changes: 1. Revised Loan Amount: Specify the updated loan amount. If it has changed since our initial agreement, please reflect the new amount accurately. 2. Amended Interest Rate: Clearly state the revised interest rate, if applicable, based on Rhode Island law and any mutually agreed-upon modifications. 3. Revised Repayment Terms: Provide a detailed outline of the revised repayment terms, including the frequency of payments, due dates, and any modifications to the duration of the loan. 4. Adjusted Late Payment Terms: Specify any changes to the penalties or fees related to late payments, and outline the consequences for missed or delayed payments. 5. Additional Clauses: Incorporate any additional clauses, such as acceleration clauses or clauses pertaining to collateral, if applicable and as deemed necessary. By revising the promissory note and addressing the aforementioned changes, we aim to enhance the clarity and fairness of our agreement, considering the updated circumstances. Please review the enclosed revised promissory note carefully. If you have any questions, concerns, or suggestions regarding the changes proposed, please do not hesitate to reach out to me at [Your Phone Number] or via email at [Your Email Address]. I strongly believe that open communication is key to establishing a mutually agreeable arrangement. Your prompt attention to this matter would be greatly appreciated. To proceed with the revision of the promissory note, kindly sign and date the enclosed copy where indicated and return it to me within [reasonable timeframe to allow for review]. Upon receiving the signed copy, I will promptly provide you with a countersigned version for your records. Thank you for your cooperation and understanding. I look forward to resolving this matter amicably and solidifying our revised agreement. Best regards, [Your Name]