An Amended Promissory Note is utilized when parties need to modify the terms of an existing promissory note without creating an entirely new instrument. This document type is commonly used in India when circumstances require changes to payment terms, interest rates, or other conditions of the original note. The amendment must comply with the Negotiable Instruments Act, 1881, the Indian Contract Act, 1872, and relevant stamp duty laws. It's particularly useful in situations involving debt restructuring, payment term modifications, or when parties agree to alter specific conditions of their financial arrangement. The document must maintain all essential elements of a valid promissory note while clearly delineating the modifications to the original terms.
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1. Original Note Details: Identification of the original promissory note including date, parties, and amount
2. Amendment Declaration: Clear statement that this document amends the original note and the effective date of amendments
3. Parties: Full legal names and addresses of the maker (promisor) and payee (promisee)
4. Amended Terms: Specific modifications to the original note, clearly stating both the original and new terms
5. Reaffirmation: Statement that all other terms of the original note remain unchanged and in full force
6. Promise to Pay: Unconditional promise to pay the amended amount (if applicable) or reaffirmation of original payment promise
7. Payment Terms: Modified payment schedule, interest rate, or other payment-related terms if these are being amended
8. Execution: Signature block, date, and witness details as required by law
1. Security Details: Include if the amendment involves changes to any security or collateral arrangements
2. Interest Modification: Required only if the amendment changes the interest rate or interest calculation method
3. Default Provisions: Include if amending terms related to default scenarios and consequences
4. Guarantor Acknowledgment: Required if the original note had guarantors who need to acknowledge the amendments
5. Consideration Statement: Include if there is specific consideration for the amendment beyond the original consideration
6. Stamp Duty Declaration: Required if additional stamp duty is paid for the amendment
1. Schedule A - Payment Schedule: Modified payment schedule if payment terms are being amended
2. Schedule B - Security Details: Updated details of security or collateral if being modified
3. Appendix 1 - Original Note: Copy of the original promissory note being amended
4. Appendix 2 - Supporting Documents: Any relevant supporting documents such as board resolutions or power of attorney if applicable
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