Loan Agreement Modification

This Loan Agreement Modification is a document that allows Parties to change the terms of an already executed Loan Agreement. A Loan Agreement dictates the terms of an agreement for the Lender to loan money to the Borrower. Using this document to modify the agreement, the Parties are given the opportunity to change the terms of the original agreement. This can be especially useful in instances where the Parties want to make the terms more amenable such that the Borrower is better able to continue to meet the terms of the agreement without defaulting on the Loan. For more information about collecting on a loan agreement once the loan has been modified, please see the guide How to Get your Debtor to Pay.

How to Use This Document

This document allows the user to make a number of changes including:

• allowing interest-only payments until either a specified date or indefinitely
• raising or lowering the amount paid in each installment
• raising or lowering the interest rate that is applied to the loan

There is also space to include custom modifications based on the needs of the Lender and the Borrower.

Once the agreement is complete, both parties should sign the document before a notary public and then have the document notarized. Each party should keep a copy of the agreement and file it in the same place they keep their copy of the Loan Agreement so that all of the terms and conditions of the Note are in one location.

Applicable Law

Loan Agreements are governed by federal law, specifically Article III of the Uniform Commercial Code (the "UCC").

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.