Title: Kentucky Sample Letter for Requesting Extension of Time on Promissory Note Introduction: In Kentucky, when borrowers encounter financial difficulties and are unable to meet the obligations specified in a promissory note, they have the option to request an extension of time. This article provides a detailed description of what a Kentucky Sample Letter for Requesting Extension of Time on Promissory Note should include, along with some relevant keywords to guide you in composing the letter effectively. Keywords: Kentucky promissory note, extension of time, request, late payment, financial difficulties, borrower, principal amount, interest rate, collateral, repayment terms, terms and conditions, hardship, agreement, deadline, modification, legal obligated, lender, considerate, borrower's responsibility. Content: 1. Requester's Information: Begin the letter with your full name, address, and contact details. Highlight that you are the borrower and the promissory note holder. 2. Lender's Information: Provide the lender's full name, address, and contact information. Address the letter to the lender or the respective authority handling the promissory note. 3. Reference Details: Include the details of the promissory note such as the date of signing, the principal amount, and any relevant terms and conditions. This helps in identifying the agreement quickly. 4. Explanation: Clearly state the reasons for requesting the extension of time. Explain the financial difficulties you are facing and how they have impacted your ability to make timely payments. Be honest and concise. 5. Current Financial Situation: Provide an overview of your current financial situation to support your request. Explain any unforeseen circumstances that have contributed to the difficulties in making repayments. 6. Proposed Extension Period: Specify the desired duration for the extension. Clearly state the revised deadline by which you expect to fulfill your obligations as per the promissory note terms. 7. Assurances and Handling of Interest: State your commitment to fulfilling the agreement and your willingness to pay any accrued interest during the extension period. Ensure the lender that their rights and interests are being considered. 8. Collateral (if applicable): If collateral is involved, mention its details and how it is being managed during the extension period. Assure the lender that the collateral remains protected and continues to secure the loan. 9. Conclusion: Express your gratitude for the lender's attention to your request. Reiterate your desire to resolve the situation amicably and maintain a healthy financial relationship. Types of Kentucky Sample Letters for Requesting Extension of Time on Promissory Note: 1. Student Loan Extension: A specific type of extension request tailored for college or university students facing difficulties in repaying their student loans in Kentucky. 2. Business Loan Extension: A letter designed for entrepreneurs or small business owners seeking an extension on their business loans in the state of Kentucky. Note: The content above provides a general outline for a Kentucky Sample Letter for Requesting Extension of Time on Promissory Note. It is important to personalize the letter according to your specific situation and consult with a legal professional if needed.
Kentucky Sample Letter for Request for Extension of Time on Promissory Note
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How to fill out Kentucky Sample Letter For Request For Extension Of Time On Promissory Note?
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FAQ
I hereby write to inform you that I will not be able to pay the fees of (Semester/Year) due to (salary issues/some other emergency payments). I promise that I shall pay the fees by (Date and Month), and there will be no delay in the same.
This is to express in writing my inability to pay on time the amount due for my tuition fees amounting to P. I promise to pay said amount on or before . Furthermore, I am fully aware that subsequent Promissory Notes shall not be accepted without settling my current due amount.
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.
I would like to state that my fee submission due date is (Date). I am having a financial crisis due to which I won't be able to pay my dues on time. (show your actual problem and situation). For which I would like to request to the registration office to extend due date till (Date).
(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).
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...?
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
This is to express in writing my inability to pay on time the amount due for my tuition fees amounting to P. I promise to pay said amount on or before . Furthermore, I am fully aware that subsequent Promissory Notes shall not be accepted without settling my current due amount.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
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.
