Oakland Michigan Sample Letter for Revised Promissory Note

• Category: Promissory Notes - Revisions
• State: Multi-State
• County: Oakland
• 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 [Recipient's Name], RE: Revised Promissory Note Regarding [Loan Amount] I hope this letter finds you well. I am writing to inform you of a necessary revision to the promissory note previously entered into between us on [date], pertaining to the loan extended to you in the amount of [loan amount]. It is essential that we update this document to reflect the agreed-upon amendments and ensure clarity and accuracy. The purpose of this revised promissory note is to provide a comprehensive and legally binding agreement between the lender, [Lender's Name], and the borrower, [Borrower's Name], in regard to the loan transaction. All essential terms and conditions related to repayment, interest, and any other pertinent obligations will be detailed herein. As per our discussions and mutual agreements, the following provisions have been amended and should be reflected in the revised promissory note: 1. Loan Amount: The principal amount of the loan previously set at [original loan amount] has been modified to [revised loan amount]. This updated figure represents the outstanding balance that requires repayment. 2. Repayment Schedule: The revised promissory note will outline the revised payment schedule, including the frequency of payments, due dates, and the total number of installments deemed appropriate for successful repayment. We have taken into consideration your requested modification and have realigned the terms accordingly. The schedule will be outlined in detail within the document. 3. Interest Rate: We have taken into account your financial capabilities and have adjusted the interest rate on the loan to accommodate your current situation. The revised interest rate will be reflected in the promissory note and will be applied to the outstanding loan balance. 4. Late Payment Penalties: To ensure timely repayments, late payment penalties will also be detailed within the revised promissory note. These penalties serve as a deterrent for any potential delinquency and emphasize the importance of adhering to the agreed-upon schedule. It is crucial to acknowledge that this revised promissory note shall serve as the sole agreement between the parties involved regarding the specified loan. It supersedes any prior agreements or understandings, whether oral or written. In order to proceed with the implementation of this revised promissory note, I kindly request your thorough review and understanding of its content. Should you find any discrepancies or have any further suggestions, please do not hesitate to reach out to me at your earliest convenience. I have enclosed two copies of the revised promissory note for your perusal and signature. Please review, sign and return one copy to me on or before [deadline date] to ensure that we have the document properly executed. Thank you for your prompt attention to this matter. I genuinely believe that these amendments will provide the necessary flexibility to help you meet your financial obligations successfully. If you have any concerns or queries, please feel free to contact me. I look forward to our continued collaboration and successful resolution of this loan agreement. Sincerely, [Your Name] [Your Title/Position] [Your Contact Information]

Dear [Recipient's Name], RE: Revised Promissory Note Regarding [Loan Amount] I hope this letter finds you well. I am writing to inform you of a necessary revision to the promissory note previously entered into between us on [date], pertaining to the loan extended to you in the amount of [loan amount]. It is essential that we update this document to reflect the agreed-upon amendments and ensure clarity and accuracy. The purpose of this revised promissory note is to provide a comprehensive and legally binding agreement between the lender, [Lender's Name], and the borrower, [Borrower's Name], in regard to the loan transaction. All essential terms and conditions related to repayment, interest, and any other pertinent obligations will be detailed herein. As per our discussions and mutual agreements, the following provisions have been amended and should be reflected in the revised promissory note: 1. Loan Amount: The principal amount of the loan previously set at [original loan amount] has been modified to [revised loan amount]. This updated figure represents the outstanding balance that requires repayment. 2. Repayment Schedule: The revised promissory note will outline the revised payment schedule, including the frequency of payments, due dates, and the total number of installments deemed appropriate for successful repayment. We have taken into consideration your requested modification and have realigned the terms accordingly. The schedule will be outlined in detail within the document. 3. Interest Rate: We have taken into account your financial capabilities and have adjusted the interest rate on the loan to accommodate your current situation. The revised interest rate will be reflected in the promissory note and will be applied to the outstanding loan balance. 4. Late Payment Penalties: To ensure timely repayments, late payment penalties will also be detailed within the revised promissory note. These penalties serve as a deterrent for any potential delinquency and emphasize the importance of adhering to the agreed-upon schedule. It is crucial to acknowledge that this revised promissory note shall serve as the sole agreement between the parties involved regarding the specified loan. It supersedes any prior agreements or understandings, whether oral or written. In order to proceed with the implementation of this revised promissory note, I kindly request your thorough review and understanding of its content. Should you find any discrepancies or have any further suggestions, please do not hesitate to reach out to me at your earliest convenience. I have enclosed two copies of the revised promissory note for your perusal and signature. Please review, sign and return one copy to me on or before [deadline date] to ensure that we have the document properly executed. Thank you for your prompt attention to this matter. I genuinely believe that these amendments will provide the necessary flexibility to help you meet your financial obligations successfully. If you have any concerns or queries, please feel free to contact me. I look forward to our continued collaboration and successful resolution of this loan agreement. Sincerely, [Your Name] [Your Title/Position] [Your Contact Information]