Agreement to Modify Promissory Note

This easy-to-use form lets you change the terms of your promissory note (IOU form).You can make various changes, including:

  • lower payments
  • interest-only payments
  • lower the interest rate

You can save and edit the form before you buy--just create a Nolo.com account. It's easy, free, and there's no obligation to buy anything. If you purchase the form, you'll be able to print, send, or download it.

See below the form for a full product description.

 

Borrower

Alternate Selection

Label Contract Text
one
two



The term Borrower refers to both borrowers.
three




The term Borrower refers to all borrowers.
four





The term Borrower refers to all borrowers.

Lender

The term Lender refers to one or more lenders and to any person who legally holds this note, including a buyer in due course.

Original Promissory Note

This agreement modifies the original promissory note dated , under which Borrower promised to pay to Lender the amount of $ under terms set out in that note.

Modifications

Lender and Borrower agree to the following modifications of the original note:

Multiple Selection
Label Contract Text
balloon payment date change

The balloon payment required under the original note, due on , is now due by .

period of interest-only payments

Beginning on , Borrower will make monthly interest-only payments to Lender. On , Borrower shall resume making monthly payments of principal and interest in the amount of set out in the original promissory note.

interest rate change

Beginning on , the annual interest rate will be %. The new monthly payments will be in the amount of $.

different monthly payment, extension of repayment period

The interest rate will not change, but beginning on , Borrower's monthly payments shall be in the amount of  until the principal and interest are paid in full.

interest-only payments, reamortization Beginning on , Borrower will make monthly interest-only payments to Lender. On , Borrower will resume making monthly payments of principal and interest in the amount of   until the principal and interest are paid in full.
 
other Other: 

In all other aspects, the terms of the original promissory note are affirmed.

Alternate Selection

Label Contract Text
one

Borrower's Signature


Signature: ________________________________________
Date: ____________________________________________
two

Borrowers' Signatures


Signature: ________________________________________
Date: ____________________________________________


Signature: ________________________________________
Date: ____________________________________________
three

Borrowers' Signatures


Signature: ________________________________________
Date: ____________________________________________


Signature: ________________________________________
Date: ____________________________________________


Signature: ________________________________________
Date: ____________________________________________
four

Borrowers' Signatures


Signature: ________________________________________
Date: ____________________________________________


Signature: ________________________________________
Date: ____________________________________________


Signature: ________________________________________
Date: ____________________________________________


Signature: ________________________________________
Date: ____________________________________________

Lender's Signature


Signature: _______________________________________
Date: ___________________________________________

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