Assumption and Modification of Note and Loan Agreement is an agreement between a lender and a borrower that modifies the terms of the existing loan or note. It is typically used when a borrower wishes to increase the amount of the loan, extend the term of the loan, or change the repayment schedule. This agreement allows the lender to agree to the changes while also protecting their interest in the loan. Different types of Assumption and Modification of Note and Loan Agreement include: Loan Modification, Loan Extension, Refinancing, and Interest Rate Adjustment. The agreement is important for both parties as it outlines the changes to the existing loan and ensures that all parties understand the new terms and conditions of the agreement. It also provides protection for the lender by outlining the borrower’s obligations and any potential consequences of defaulting on the loan.
Assumption and Modification of Note and Loan Agreement
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