The Loan Extension Agreement becomes necessary when a borrower requires additional time beyond the original loan maturity date to complete repayment. This document is crucial in U.S. lending practices as it formally documents the lender's agreement to extend the loan term while preserving the legal enforceability of the original agreement. The agreement typically includes the new maturity date, any modified payment terms, additional conditions or security requirements, and confirmation of all other original loan terms remaining in effect. It must comply with federal and state lending regulations and should be properly executed to maintain the validity of the underlying loan obligation.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Reference to original loan 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. Consideration: Any fees or consideration for the extension
6. Affirmation of Original Terms: Confirmation that all other terms of original loan remain in effect
7. Representations and Warranties: Statements confirming current status of loan and parties
1. Modified Payment Schedule: Section detailing revised payment terms when payment schedule is being modified as part of the extension
2. Additional Security: Section specifying details of any new collateral or security requirements for the extension
3. Interest Rate Modifications: Section outlining any changes to interest rate structure as part of the extension
1. Schedule A - Original Loan Agreement: Copy of the original loan agreement being extended
2. Schedule B - Updated Payment Schedule: New amortization or payment schedule if applicable
3. Schedule C - Additional Security Details: Description of any new security or collateral if applicable
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