Loan Modification Agreement Template: Terms and Payments

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LOAN MODIFICATION AGREEMENT TEMPLATE

This Loan Modification Agreement (“Agreement”) is entered into as of [Date], by and between:

Lender: [Full Name or Company Name], with a principal place of business at [Address]

and

Borrower: [Full Name or Company Name], residing at [Address]

1. Purpose of Agreement

The purpose of this Agreement is to modify the terms of the original Loan Agreement dated [Original Loan Date] between the Lender and Borrower. The parties agree that all modifications contained herein shall be legally binding and shall form part of the original loan arrangement.

2. Modified Terms of the Loan

2.1 Loan Balance

As of the date of this Agreement, the outstanding principal balance of the loan is [Amount in USD], plus any accrued but unpaid interest and fees.

2.2 Interest Rate

The interest rate is hereby modified to [New Interest Rate]% per annum, calculated on a [simple/compound] basis.

2.3 Repayment Schedule

Borrower shall make payments in accordance with the revised schedule:

Payment Amount: [Amount in USD]
Frequency: [Monthly/Quarterly/Annually]
Due Date: [Day] of each month starting [Start Date]

Payment Amount: [Amount in USD]

Frequency: [Monthly/Quarterly/Annually]

Due Date: [Day] of each month starting [Start Date]

2.4 Maturity Date

The final payment shall be due on [New Maturity Date], unless the loan is prepaid or otherwise terminated earlier under this Agreement.

3. Borrower’s Representations and Warranties

The Borrower represents and warrants that:

They have full authority to enter into this Agreement.
All financial information provided to the Lender is accurate and complete.
No bankruptcy, insolvency, or similar proceedings are pending against the Borrower.

They have full authority to enter into this Agreement.

All financial information provided to the Lender is accurate and complete.

No bankruptcy, insolvency, or similar proceedings are pending against the Borrower.

4. Lender’s Rights and Remedies

In the event of Borrower’s default, the Lender shall have the right to:

Declare the entire outstanding balance immediately due and payable.
Charge default interest at the rate of [Default Interest Rate]% per annum.
Enforce all available legal remedies, including foreclosure if applicable.

Declare the entire outstanding balance immediately due and payable.

Charge default interest at the rate of [Default Interest Rate]% per annum.

Enforce all available legal remedies, including foreclosure if applicable.

5. No Waiver of Rights

Except as expressly modified herein, all terms of the original Loan Agreement shall remain in full force and effect. This modification does not waive any rights the Lender may have under the original agreement.

6. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of laws rules.

7. Notices

All notices must be made in writing and delivered to the parties’ addresses stated above or to any updated address provided in writing.

8. Entire Agreement

This Agreement constitutes the complete and exclusive statement of the terms between the parties with respect to the loan modification and supersedes all prior negotiations or agreements.

IN WITNESS WHEREOF, the parties have executed this Loan Modification Agreement as of the date first written above.

Lender Signature: _____________________ Date: ___________

Printed Name: ______________________________

Borrower Signature: ______________________ Date: ___________

Printed Name: ______________________________

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