Certain information in promissory note.
The Abilene Texas Agreement for Modification of Note with Extension refers to a legal document that involves altering, adjusting, or amending the terms and conditions of an existing promissory note while extending its maturity date. This agreement is used in Abilene, Texas, and serves as a binding contract between the borrower and the lender. The modification of note with extension is often required when the borrower is facing financial difficulties and needs to restructure the existing loan to make it more manageable. This agreement is a significant tool for both parties involved as it allows them to negotiate and come to a consensus regarding the changes in the original loan terms, ensuring a mutually beneficial outcome. The Abilene Texas Agreement for Modification of Note with Extension encompasses various key elements that ensure clarity and protection for all involved parties. These elements generally include: 1. Identification: The agreement starts with identifying the parties involved, i.e., the borrower and the lender, by stating their full legal names, contact information, and any relevant business details. 2. Reference to Original Note: The agreement explicitly refers to the original promissory note that is being modified. It includes the date of the original note, the initial principal amount, and any other crucial details that help establish the context for the modification. 3. Modification Terms: This section outlines the specific modifications being made to the note. It covers details such as the new repayment terms, including any changes to the interest rate, installment amounts, or frequency of payments. The agreement should also address any fees associated with modifications and how they will be handled. 4. Extension of Maturity Date: The primary purpose of this agreement is to extend the maturity date of the loan. The new maturity date is clearly stated, allowing both parties to have a clear understanding of when the loan must be fully repaid. 5. Conditions and Representations: The agreement may include additional conditions or representations that both parties must adhere to for the modification to be valid. For instance, the borrower may be required to provide updated financial information or undergo credit checks. 6. Legal Enforceability: The agreement typically includes a clause stating that the modification is legally binding, ensuring that both parties are obligated to fulfill their respective obligations outlined in the new terms. It may also cover dispute resolution procedures should any conflicts arise. It is important to note that while the Abilene Texas Agreement for Modification of Note with Extension generally follows a standard format, there may be variations or additional clauses added based on the unique circumstances of each loan modification. Consultation with legal professionals or experts in the field is crucial to ensure compliance with local regulations and to protect the rights and interests of both the borrower and the lender.
