Salt Lake Utah Sample Letter for Revised Promissory Note

• Category: Promissory Notes - Revisions
• State: Multi-State
• County: Salt Lake
• 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 [Borrower's Name], RE: Revised Promissory Note for [Loan Amount] — Effective [Effective Date] I hope this letter finds you well. As per our recent discussions, this letter serves as a formal notification regarding the revision of the promissory note for the loan agreement dated [Loan Agreement Date]. 1. The Purpose of the Revised Promissory Note: The purpose of this revised promissory note is to amend certain terms and conditions of the original promissory note, ensuring clarity and effective agreement between the parties involved, and to capture any modifications or changes agreed upon subsequently. 2. Parties Involved: This revised promissory note is made between [Lender's Name], hereinafter referred to as the "Lender," and [Borrower's Name], hereinafter referred to as the "Borrower." The Lender and Borrower are collectively referred to as the "Parties." 3. Loan Details: a) Loan Amount: The original principal loan amount agreed upon on the original promissory note was [Original Loan Amount]. b) New Loan Amount: Pursuant to this revised promissory note, the new principal loan amount is [Revised Loan Amount]. 4. Amendment of Loan Repayment Terms: a) Repayment Schedule: The Parties hereby agree to modify the repayment schedule as follows: — Monthly Installments: The monthly installment amount shall be [Monthly Installment Amount]. — Commencement Date: The repayment of installments shall commence on [Commencement Date]. — Number of Installments: The total number of installments required to repay the loan shall be [Number of Installments]. b) Interest Rate: The interest rate applicable to the revised loan amount shall be [Revised Interest Rate], applicable from the effective date mentioned above. 5. Other Revised Loan Terms: Mention any additional changes/modifications agreed upon between the Parties, such as: — Changes in late paymenpenaltiesie— - Modifications to collateral requirements — Amendments to prepayment clauses, if any 6. Governing Law and Jurisdiction: This revised promissory note shall be governed by and construed in accordance with the laws of the state of Utah, and any disputes arising out of or in connection with this note shall be subject to the exclusive jurisdiction of the courts of Salt Lake City, Utah. It is essential that both parties thoroughly review the terms and conditions mentioned in this revised promissory note before signing and returning a copy to the Lender. If you have any questions or concerns, please do not hesitate to contact me. Thank you for your prompt attention to this matter. Sincerely, [Lender's Name] [Contact Information]

Dear [Borrower's Name], RE: Revised Promissory Note for [Loan Amount] — Effective [Effective Date] I hope this letter finds you well. As per our recent discussions, this letter serves as a formal notification regarding the revision of the promissory note for the loan agreement dated [Loan Agreement Date]. 1. The Purpose of the Revised Promissory Note: The purpose of this revised promissory note is to amend certain terms and conditions of the original promissory note, ensuring clarity and effective agreement between the parties involved, and to capture any modifications or changes agreed upon subsequently. 2. Parties Involved: This revised promissory note is made between [Lender's Name], hereinafter referred to as the "Lender," and [Borrower's Name], hereinafter referred to as the "Borrower." The Lender and Borrower are collectively referred to as the "Parties." 3. Loan Details: a) Loan Amount: The original principal loan amount agreed upon on the original promissory note was [Original Loan Amount]. b) New Loan Amount: Pursuant to this revised promissory note, the new principal loan amount is [Revised Loan Amount]. 4. Amendment of Loan Repayment Terms: a) Repayment Schedule: The Parties hereby agree to modify the repayment schedule as follows: — Monthly Installments: The monthly installment amount shall be [Monthly Installment Amount]. — Commencement Date: The repayment of installments shall commence on [Commencement Date]. — Number of Installments: The total number of installments required to repay the loan shall be [Number of Installments]. b) Interest Rate: The interest rate applicable to the revised loan amount shall be [Revised Interest Rate], applicable from the effective date mentioned above. 5. Other Revised Loan Terms: Mention any additional changes/modifications agreed upon between the Parties, such as: — Changes in late paymenpenaltiesie— - Modifications to collateral requirements — Amendments to prepayment clauses, if any 6. Governing Law and Jurisdiction: This revised promissory note shall be governed by and construed in accordance with the laws of the state of Utah, and any disputes arising out of or in connection with this note shall be subject to the exclusive jurisdiction of the courts of Salt Lake City, Utah. It is essential that both parties thoroughly review the terms and conditions mentioned in this revised promissory note before signing and returning a copy to the Lender. If you have any questions or concerns, please do not hesitate to contact me. Thank you for your prompt attention to this matter. Sincerely, [Lender's Name] [Contact Information]