A Request for Extension of Time on Promissory Note is a document used by a promissory note holder to extend the repayment terms of a loan. The request may be made by either the borrower or the lender depending on the specific loan terms. The document typically states the reasons for the request and what the new payment terms will be. Depending on the type of promissory note, there are two types of Request for Extension of Time on Promissory Note: 1. Request for Extension of Time on Demand Note: This type of request is used when the loan is due on demand, meaning that the borrower is obligated to repay the note at any time the lender requests. The request will typically include a request for an extension of the due date on the note. 2. Request for Extension of Time on Time Note: This type of request is used when the loan is due on a specific date, meaning that the borrower is obligated to repay the note on that date. The request will typically include a request for an extension of the due date on the note as well as a request for an extension of the total repayment period. Both types of requests must be approved by the lender in order for the new payment terms to take effect. The request must also be signed by both the borrower and lender in order to be valid.
A Request for Extension of Time on Promissory Note is a document used by a promissory note holder to extend the repayment terms of a loan. The request may be made by either the borrower or the lender depending on the specific loan terms. The document typically states the reasons for the request and what the new payment terms will be. Depending on the type of promissory note, there are two types of Request for Extension of Time on Promissory Note: 1. Request for Extension of Time on Demand Note: This type of request is used when the loan is due on demand, meaning that the borrower is obligated to repay the note at any time the lender requests. The request will typically include a request for an extension of the due date on the note. 2. Request for Extension of Time on Time Note: This type of request is used when the loan is due on a specific date, meaning that the borrower is obligated to repay the note on that date. The request will typically include a request for an extension of the due date on the note as well as a request for an extension of the total repayment period. Both types of requests must be approved by the lender in order for the new payment terms to take effect. The request must also be signed by both the borrower and lender in order to be valid.
