The Mortgage Loan Extension Agreement is utilized when a borrower needs to extend the term of their existing mortgage loan, typically due to financial hardship or restructuring needs. This document, governed by U.S. federal and state lending laws, provides a formal modification to the original mortgage agreement by extending the maturity date and potentially adjusting other terms such as interest rate or payment schedule. It's essential for maintaining compliance with regulations while providing flexibility in loan management.
Mortgage Loan Extension Agreement for the United States
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Key Requirements PROMPT example:
Mortgage Loan Extension Agreement
"I need a Mortgage Loan Extension Agreement to extend my client's $500,000 commercial property mortgage for an additional 5 years, with the new maturity date set to March 15, 2025, including a 0.5% increase in interest rate."
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Reference to original mortgage agreement and reason for extension
3. Definitions: Key terms used in the agreement including Original Loan Agreement, Extension Period, etc.
4. Extension Terms: Specific details of the extension including new maturity date and any modified terms
5. Payment Terms: Modified payment schedule, amounts, and interest rate if applicable
6. Original Agreement Validity: Confirmation that all other terms of original mortgage remain in effect
7. Representations and Warranties: Confirmations from borrower regarding current status and ability to pay
1. Modified Interest Rate: Include when interest rate is being changed as part of extension
2. Extension Fee: Terms of any fees charged for the extension
3. Additional Security: Details of any additional security required
1. Schedule A - Modified Payment Schedule: Detailed amortization schedule showing new payment dates and amounts
2. Schedule B - Property Description: Legal description of mortgaged property
3. Appendix 1 - Original Mortgage Agreement: Copy of original mortgage agreement being extended
4. Appendix 2 - Borrower's Financial Statements: Current financial information supporting extension request
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