Cuyahoga Ohio Sample Letter for Revised Promissory Note

• Category: Promissory Notes - Revisions
• State: Multi-State
• County: Cuyahoga
• 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. Dear [Lender's Name], RE: Revised Promissory Note — [Loan Amount— - [Borrower's Name] - [Loan Date] I hope this letter finds you well. Firstly, we would like to express our gratitude for providing us with the initial loan of [Loan Amount] on [Loan Date]. We are writing to request a revision of the existing promissory note to reflect certain changes that we believe will benefit both parties involved. After careful consideration and assessment of our financial position, we have determined that it would be in our best interest to propose an amendment to the terms and conditions of the original promissory note. We believe this revision will help ensure a more realistic repayment structure that aligns with our current financial capabilities. Enclosed with this letter, please find the revised promissory note for your perusal. The proposed changes include the following: 1. Modification of Repayment Schedule: We propose extending the repayment term by [number of months/years] to allow for lower monthly installments. This adjustment will alleviate the financial burden and enable us to make timely payments without compromising our other financial obligations. 2. Adjustment of Interest Rate: In order to make the repayment terms more feasible, we kindly request a reduction in the interest rate from the original [X] to [YO]. This reduction will significantly ease our financial burden and enable us to fulfill our repayment obligations effectively. 3. Inclusion of Grace Period: We request the addition of a grace period of [number of days/months] before any late payment penalties are applied. The grace period will act as a safeguard in case of any unforeseen financial difficulties or temporary setbacks. We firmly believe that these changes will help us honor our financial commitment to you while ensuring our business remains viable in the long run. We trust that you will understand our position and consider these modifications to be mutually beneficial. Furthermore, we kindly request your prompt attention and consideration of our proposal. If you have any questions or require further information, please do not hesitate to contact our office at [phone number] or [email address]. We are available at your convenience to discuss any concerns you may have regarding the revised promissory note. Thank you for your understanding and cooperation in this matter. We greatly value the business relationship we have with you and look forward to your positive response. Your continued support is crucial to our success. Yours sincerely, [Your Name] [Borrower's Name]

Dear [Lender's Name], RE: Revised Promissory Note — [Loan Amount— - [Borrower's Name] - [Loan Date] I hope this letter finds you well. Firstly, we would like to express our gratitude for providing us with the initial loan of [Loan Amount] on [Loan Date]. We are writing to request a revision of the existing promissory note to reflect certain changes that we believe will benefit both parties involved. After careful consideration and assessment of our financial position, we have determined that it would be in our best interest to propose an amendment to the terms and conditions of the original promissory note. We believe this revision will help ensure a more realistic repayment structure that aligns with our current financial capabilities. Enclosed with this letter, please find the revised promissory note for your perusal. The proposed changes include the following: 1. Modification of Repayment Schedule: We propose extending the repayment term by [number of months/years] to allow for lower monthly installments. This adjustment will alleviate the financial burden and enable us to make timely payments without compromising our other financial obligations. 2. Adjustment of Interest Rate: In order to make the repayment terms more feasible, we kindly request a reduction in the interest rate from the original [X] to [YO]. This reduction will significantly ease our financial burden and enable us to fulfill our repayment obligations effectively. 3. Inclusion of Grace Period: We request the addition of a grace period of [number of days/months] before any late payment penalties are applied. The grace period will act as a safeguard in case of any unforeseen financial difficulties or temporary setbacks. We firmly believe that these changes will help us honor our financial commitment to you while ensuring our business remains viable in the long run. We trust that you will understand our position and consider these modifications to be mutually beneficial. Furthermore, we kindly request your prompt attention and consideration of our proposal. If you have any questions or require further information, please do not hesitate to contact our office at [phone number] or [email address]. We are available at your convenience to discuss any concerns you may have regarding the revised promissory note. Thank you for your understanding and cooperation in this matter. We greatly value the business relationship we have with you and look forward to your positive response. Your continued support is crucial to our success. Yours sincerely, [Your Name] [Borrower's Name]