Agreement to Modify Promissory Note

Name of Borrower 1: ________________________________
Name of Borrower 2: ________________________________
Name of Lender: ________________________________

1. This Agreement modifies an original promissory note dated _________________under which Borrower promises to pay to Lender the amount of $____________ at the rate of ______% per year from the date this note was signed until _________________________________.
2. Lender and Borrower agree to the following modifications [choose all that apply]:
[   ] Borrower has until _______________ to pay the note in full.
[   ] Borrower will make interest-only payments beginning on _____________ until ___________________, at which time the remaining principal balance will be reamortized over the remaining months of the note.
[   ] Beginning on ________________________________, the interest rate will change to _______%. The new monthly payments will be in the amount of $_______________.
[   ] Other: _________________________________________________________.

The term Borrower refers to one or more borrowers. If there is more than one borrower, they agree to be jointly and severally liable. The term Lender refers to any person who legally holds this note, including a buyer in due course.

Borrower 1's signature: ________________________________
Date: ________________________________
Print name: ________________________________
Location: ________________________________ [city or county where signed]
Address:	_____________________
_____________________

Borrower 2's signature: ________________________________
Date: ________________________________
Print name: ________________________________
Location: ________________________________ [city or county where signed]
Address:	_____________________
_____________________