Subject: Request for Extension of Time on Promissory Note — California Sample Letter Dear [Creditor's Name], I hope this letter finds you well. I am writing to formally request an extension of time on the promissory note that I entered into with your esteemed institution on [date of agreement]. Due to unforeseen circumstances, I am finding it difficult to meet the original repayment deadline of [current due date]. Therefore, I kindly request an extension to fulfill my financial obligation. [Your Relationship with Creditor]: Before proceeding, I would like to express my appreciation for the excellent working relationship we have had thus far. I value our association and want to assure you that my intention is to fulfill my financial commitment in its entirety. I truly believe that this extension is a temporary solution that will alleviate the burden caused by the current circumstances. [Explain the Reason for Extension Request]: In light of the recent economic downturn caused by the COVID-19 pandemic and its ripple effects on my personal finances, I have experienced a significant reduction in my income. This downturn has affected my ability to meet the payment schedule as decided under the original terms of the agreement. I am committed to rectifying this situation as soon as possible and ensuring that all payments are made in a timely manner. [Specify Desired Extension Period]: In consideration of the above-mentioned circumstances, I kindly request an extension of [number of days, weeks, or months] to fulfill my payment obligation. This additional time would allow me to reposition my finances, overcome the current obstacles, and make the necessary arrangements to meet my commitment as agreed. I understand that this extension will result in extending the term of the promissory note accordingly. [Supporting Information and Documentation]: I am attaching the necessary documentation, including relevant financial statements, current income verification, and any other materials you may require to substantiate my request. The enclosed information will demonstrate the efforts I am making to improve my financial situation and meet my obligations responsibly. [Offer Alternative Solutions]: In addition to the extension request, I am open to discussing potential temporary modifications to the repayment terms that may assist both parties during this challenging time. I am confident that with a little flexibility and understanding, we can reach a mutually beneficial agreement that will ensure the long-standing relationship between us continues positively. [Closing Remarks]: Please know that my intention is not to evade my financial responsibility but to genuinely seek your understanding and assistance during this hardship. I am committed to reestablishing a stable financial situation and meeting all my obligations promptly. I greatly appreciate your attention to this matter, and I sincerely hope for your cooperation in granting the extension request. Thank you for your time and consideration. I eagerly await your favorable response. If you require any further information or have any questions, please do not hesitate to contact me at [your contact information]. Best regards, [Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] Keywords: California, Sample Letter, Request for Extension, Time, Promissory Note, Financial Obligation, Repayment Deadline, Unforeseen Circumstances, Economic Downturn, COVID-19, Pandemic, Reduction in Income, Extension Period, Supporting Information, Documentation, Temporary Modifications, Mutual Agreement, Financial Responsibility, Cooperation.
California Sample Letter for Request for Extension of Time on Promissory Note
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How to fill out Sample Letter For Request For Extension Of Time On Promissory Note?
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FAQ
The financial condition of my family has become quite uncertain and unstable. As a result of this, I have not been able to pay my school fee for the month of May and June, 2019. Kindly give my family a time period of two weeks. I shall be able to pay the fee by July 2, 2019.
How to write a leave extension letterCheck your company's leave extension rules.Include date, name and address.Add the name and address of the recipient.Add a subject line.Add a salutation.Refer to your original leave status.Explain the reason for the extension.Specify the duration of the extension.More items...?
(Cordially describe your greetings). We will try our best to make the payment on time and apologize for the inconvenience caused to you. I ask you to consider my request for postponement of the last day for the advance payment of the money promised according to the deal signed between us and your company (date).
My next specify payment will be due on , 20 . Due to an unexpected emergency that has occurred, I will be unable to make this payment by the date I am requesting an extension of time to make this payment.
Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.
In order for a promissory note to be valid and legally binding, it needs to include specific information. "A promissory note should include details including the amount loaned, the repayment schedule and whether it is secured or unsecured," says Wheeler.
Acceptance is not an essential requirement of a valid promissory note.
Characteristics of promissory note:It is a written legal document. There must be a clear, point to point and unconditional promise of paying a certain amount to a specified person. It should be drawn and signed by the maker. It should be stamped properly. It specifically identifies the name of the maker and payee.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Circumstances for Release of a Promissory NoteThe debt owed on a promissory note either can be paid off, or the noteholder can forgive the debt even if it has not been fully paid. In either case, a release of promissory note needs to be signed by the noteholder.
