Loan Modification Agreement Example

There is also space to include custom modifications based on the needs of the lender and borrower. Once the agreement is reached, both parties should sign the document before a notary and have the notarial document certified. Each party must keep a copy of the agreement and deposit it in the same place as keeping its copy of the loan agreement, so that all the conditions of the notification are in the same place. This loan agreement is a document that allows the contracting parties to change the terms of an existing loan agreement. A loan agreement requires the lender to lend money to the borrower. On the basis of this document amending the agreement, the parties have the option of amending the terms of the original agreement. This can be particularly useful when contracting parties wish to make the terms more accessible so that the borrower is better able to meet the terms of the agreement without the credit being late. G. As part of the transfer of mortgages to the trust fund, the lender transferred the loan, mortgage, LLA and other loan documents (defined below) to trust funds. 2. Satisfaction with previous conditions.

The obligations of the agent153 arising from this contract and the applicability of the changes to the loan documents outlined in them depend expressly on the appearance of each of the following conditions (together the “previous conditions”): the guarantor signed DIGITAL ANGEL CORPORATION f/k/a APPLIED DIGITAL SOLUTIONS, INC. (“guarantee”) as part of a guarantee of October 30, 2000 by and between the Principal Life Insurance Company (and its successors and beneficiaries of the assignment) and Applied Digital Solutions, Inc., a Delaware Corporation, participates in the execution of this loan modification agreement in order to confirm and approve its agreement and consent to the terms and conditions of this Agreement and to confirm that the execution and delivery of this agreement does not in any way infringe the , to amend or reduce any of the undersigned`s obligations or commitments under its guarantee, unless provided for in this loan agreement. Guarantor also acknowledges that, on June 20, 2008, it changed its legal name from Applied Digital Solutions, Inc. to Digital Angel Corporation by filing a Certificate of Amendment of the Incorporation of Applied Digital Solutions, Inc. certificate with the Dela Secretary of State. 12. Usury Savings Clause. Notwithstanding the contrary provisions contained elsewhere in this agreement, the borrower and agent herein agree that all agreements between them under this agreement and with respect to the loan: Whether now or later iron, either in writing or orally, are expressly limited in such a way that under no circumstances or event the amount paid or paid to the agent for the use, leniency or holding of the money lent to the borrower or for the performance or payment of a federal state or obligation in this context or in this context does not exceed the maximum interest rate under current legislation (“maximum rate”).

If, for any reason, the performance of the provisions of this contract is due at the time of the implementation of these provisions, the debit is calculated beyond the statutory limit of validity, then the obligation to be fulfilled is automatically reduced to the limit of that validity and, if the agent received a little of a value of such a circumstance, which, according to current law, is considered to be interest-bearing and would exceed the maximum rate, these excessive interests apply to the reduction of the amount of debt owed for the loan, or because of the other debt guaranteed by the loan file and not because of the interest payment, or where such excessive interest exceeds the principal amount of the loan , and this deductible is refunded to the borrower.