New York Sample Letter for Request for Extension of Time on Promissory Note [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Name of Lender] [Title] [Company Name] [Company Address] [City, State, ZIP] Subject: Request for Extension of Time on Promissory Note Dear [Name of Lender], I hope this letter finds you in good health. I am writing to formally request an extension of time on the promissory note dated [date of the promissory note], which is due for payment on [due date]. I apologize for any inconvenience caused due to my inability to meet the original payment deadline. As a result of unforeseen financial circumstances, I am facing temporary financial constraints that have hindered my ability to make the payment on time. However, I am committed to fulfilling my obligation and would like to request an extension of [number of days or months] in order to arrange for the payment. I assure you that this extension request is not due to any lack of responsibility on my part, but rather a temporary setback that has taken me by surprise. I have always been punctual with all my financial obligations in the past and my track record demonstrates my commitment to meeting my debts. To demonstrate my sincerity in fulfilling this obligation, I would like to propose [alternative payment plan or arrangement if applicable]. This arrangement would allow me to meet my financial obligations without causing any further burden on my current financial situation. I am open to discussing any further requirements or conditions that you may have, in order to reach a mutually beneficial agreement. As a resident of New York, I understand the importance of fulfilling contractual agreements and the legal consequences that may arise from non-compliance. Therefore, I am eager to resolve this matter in a timely and mutually agreeable manner. I kindly request your understanding and consideration in granting me an extension of time to ensure my compliance with the promissory note. Please find enclosed [optional: relevant documentation supporting your request, such as financial statements, income proofs, etc.] for your reference. I am confident that upon reviewing my current financial situation, you will acknowledge the temporary hardship I am facing and grant an extension on the promissory note. I kindly request you to respond to this letter at your earliest convenience, acknowledging receipt of my request and indicating your decision regarding the extension. Furthermore, I appreciate your time and attention to this matter, and I remain hopeful for a positive resolution. Thank you for your understanding and cooperation. Yours sincerely, [Your Name]
New York Sample Letter for Request for Extension of Time on Promissory Note
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How to fill out New York Sample Letter For Request For Extension Of Time On Promissory Note?
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FAQ
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.
A promissory note is a written agreement to pay someone essentially an IOU. But it's not something to be taken lightly. "It is a legally binding written document effectuating a promise to repay money," says Andrea Wheeler, a business attorney and owner of Wheeler Legal PLLC of Florida.
Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
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.
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...?
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.
(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).
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.
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.
