This agreement to modify a promissory note is a document that allows Parties to change the terms of an already executed Promissory Note. A Promissory Note dictates the terms of an agreement for the Lender to loan money to the Borrower. Using the agreement to modify a promissory note, the Parties are given the opportunity to change the terms of the original Note. This can be especially useful in instances where the Parties want to make the terms more amenable such that the Borrower is better able to continue to meet the terms of the Note without defaulting on the Loan.
How to Use This Document
This document allows you to make a number of changes including:
There is also space to include custom modifications based on the needs of the Lender and the Borrower.
Once the agreement is complete, both parties should sign the document before a notary public and then have the document notarized. Each party should keep a copy of the agreement and file it in the same place they keep their copy of the Promissory Note so that all of the terms and conditions of the Note are in one location.
Promissory Notes are governed by Article III of the Uniform Commercial Code (the "UCC").
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