Loan Agreement Modification - Template, Sample Form Pro · US-law
✓ Valid in United States · drafted to comply with local law
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LOAN AGREEMENT MODIFICATION
State of ________
This Loan Agreement Modification (this “Modification”) is made and entered into as of ________ (the “Effective Date”), by and between the parties identified below (each a “Party” and collectively the “Parties”).
RECITALS
A. This Modification modifies and amends that certain Loan Agreement (the “Agreement”) entered into as of ________, by and between the following borrower (the “Borrower”):
________
________
and the following lender (the “Lender”):
________
________
B. Under the terms of the Agreement, the Borrower promised to pay the Lender the principal amount of $________ (________) (the “Loan”), together with interest accruing at the rate and upon the terms set forth in the Agreement.
C. The Parties desire to modify and amend certain terms of the Agreement as set forth herein, and acknowledge that this Modification is supported by adequate and sufficient consideration.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Modification, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
§ 1. Modified Terms.
1.1 Effective as of the Effective Date, the Agreement is hereby modified and amended as follows: ________.
1.2 The outstanding principal balance of the Loan as of the Effective Date is $________, together with accrued and unpaid interest in the amount of $________, which amounts the Borrower hereby acknowledges and confirms as true, correct, and owing without any defense, offset, or counterclaim of any kind.
1.3 From and after the Effective Date, the annual interest rate applicable to the Loan shall be ________%, and the Loan shall be repaid in accordance with the revised payment schedule and maturity date of ________ as set forth in this Modification.
§ 2. No Novation; Continuing Effect.
2.2 Except as expressly modified and amended by this Modification, all of the terms, covenants, conditions, representations, warranties, and obligations of the Agreement and any other loan documents shall remain unchanged and in full force and effect, and are hereby ratified and confirmed by the Parties.
§ 3. Representations and Warranties.
3.1 Each Party represents and warrants that it has full power, authority, and legal right to execute and deliver this Modification and to perform its obligations hereunder, and that this Modification constitutes a legal, valid, and binding obligation enforceable against such Party in accordance with its terms.
3.2 The Borrower represents and warrants that, as of the Effective Date, no event of default has occurred and is continuing under the Agreement, and no event has occurred that, with the giving of notice or the passage of time, or both, would constitute an event of default thereunder.
§ 4. Governing Law; Venue.
4.1 This Modification shall be governed by, and construed and enforced in accordance with, the laws of the State of ________, without regard to its conflict-of-laws principles. The Parties irrevocably consent to the exclusive jurisdiction and venue of the state and federal courts located in ________ County, State of ________, for the resolution of any dispute arising out of or relating to this Modification.
§ 5. Usury Savings.
§ 6. Miscellaneous.
6.1 In the event of any conflict or inconsistency between the terms of this Modification and the terms of the Agreement, the terms of this Modification shall control.
6.2 This Modification, together with the Agreement and any other loan documents, constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements, whether written or oral.
6.3 This Modification may not be amended, modified, or supplemented except by a written instrument signed by both Parties.
6.4 If any provision of this Modification is held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
6.5 This Modification shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, administrators, successors, and permitted assigns.
6.6 This Modification may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Electronic and facsimile signatures shall be deemed valid and binding to the same extent as original signatures.
IN WITNESS WHEREOF, the Borrower and the Lender have executed this Modification under seal as of the Effective Date first written above.
LENDER:
By: ______________________________________________
Name: ________
Title: ________
Date: ________
BORROWER:
By: ______________________________________________
Name: ________
Title: ________
Date: ________
ACKNOWLEDGMENT
State of ________
County of ________
On this ________, before me, the undersigned notary public, personally appeared ________, personally known to me or proven to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged that he/she/they executed the same in his/her/their authorized capacity(ies).
Witness my hand and official seal.
______________________________________________
Notary Public
My commission expires: ________
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