Utah Sample Letter for Request for Extension of Time on Promissory Note [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Name of Lender] [Address of Lender] [City, State, ZIP Code] Subject: Request for Extension of Time on Promissory Note Dear [Name of Lender], I hope this letter finds you in good health and high spirits. I am writing to request an extension of time on the promissory note dated [date of promissory note] with a principal amount of $[loan amount]. Due to unforeseen circumstances, I am unable to meet the original repayment deadline of [original repayment deadline]. I apologize for any inconvenience this request may cause and assure you that I am committed to fulfilling my repayment obligations. I am currently experiencing [briefly explain the unforeseen circumstances, such as job loss, medical emergency, or financial hardship]. These circumstances have severely impacted my financial situation, making it unfeasible for me to make the agreed-upon payment by the original due date. Considering my sincere commitment to repaying the loan, I kindly request an extension of [number of days/weeks/months] to allow me sufficient time to overcome these challenges and fulfill my financial obligations. I understand that this extension request is subject to your approval, and I am prepared to comply with any conditions you may deem necessary. In light of the extension, I would like to propose an amended repayment plan. I suggest the following alternative arrangement: Option 1: Interest-only payments Option 2: Reduced monthly payments Option 3: Lump-sum payment by [specified date] I am open to discussing any alternative payment arrangements that would be mutually beneficial. Please review these options and let me know your preferred choice, or suggest any modifications you deem suitable. In addition to my commitment to repay the loan, I am willing to provide any necessary documentation to support my current financial situation, such as recent pay stubs, bank statements, or medical reports. Please inform me of the specific documents you require, and I will promptly provide them. I understand that a failure to comply with the revised repayment terms would be a breach of the agreement, and I assure you that I will make every effort to avoid such a situation. I am fully aware of the potential consequences of defaulting on the promissory note and the negative impact it would have on my credit standing. Furthermore, I genuinely appreciate your understanding and your willingness to consider granting me an extension of time. Furthermore, I believe that with this extension, I will be able to honor my commitment to repay the loan in full. Furthermore, I value our previous relationship as lender and borrower and hope to maintain it for the long term. Please let me know your decision on my request as soon as possible. I await your response and look forward to resolving this matter in a mutually beneficial manner. You can reach me at [your contact details] if you require any further information or wish to discuss this matter in detail. Thank you for your attention and cooperation. Sincerely, [Your Name] Types of Utah Sample Letter for Request for Extension of Time on Promissory Note: 1. Utah Sample Letter for Request for Extension of Time on Promissory Note — Personal Loan: This type of letter is used when requesting an extension of time for repaying a personal loan. 2. Utah Sample Letter for Request for Extension of Time on Promissory Note — Business Loan: This letter is applicable when seeking an extension of time for repayment of a business loan. 3. Utah Sample Letter for Request for Extension of Time on Promissory Note — Mortgage Loan: This variant is used when requesting an extension of time for repaying a mortgage loan. 4. Utah Sample Letter for Request for Extension of Time on Promissory Note — Student Loan: This type of letter is relevant when requesting an extension of time for repaying a student loan. 5. Utah Sample Letter for Request for Extension of Time on Promissory Note — Emergency Loan: This letter is suitable for seeking an extension of time to repay an emergency loan obtained for critical situations. Note: The content provided above is a sample letter. It is recommended to consult with a legal professional or financial advisor before sending any formal communication to ensure compliance with applicable laws and regulations.
Utah Sample Letter for Request for Extension of Time on Promissory Note
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