HTML Preview Promissory Note Modification Agreement Form page number 1.
DATE: ____________________, 20______, at _______________________________________________, California.
Items left blank or un checked are not ap pli ca ble.
FACTS:
1. Creditor is the holder of a Note dated ____________________, in the face amount of $_______________,
executed by _____________________________________________________________________, as the Payor,
in favor of _______________________________________________________________________, as the Payee.
1.1 The Note has a remaining principal balance of $_______________, with interest paid through
the ______ day of _____________, 20______.
1.2 Unpaid late charges, due and not included in the principal, equal $_______________.
1.3 Advances unpaid, due and not included in principal, equal $_______________.
2. The Note is secured by a trust deed of the same date recorded on ______________________________,
as Instrument No. _______________, Records of ____________________________________ County, California,
executed by ____________________________________________________________________, as the Trustor,
in which _____________________________________________________________________ is the Beneficiary.
2.1 The real estate securing the Note under the trust deed lien is referred to as
______________________________________________________________________________________.
Assessor’s parcel number ______________________________.
2.2 The Note is additionally secured by a trust deed or UCC-1 on other property described as
______________________________________________________________________________________.
2.3 Impound account held by Beneficiary for property taxes and insurance has a balance of $_____________.
2.4 The name of the Property Owner of the secured real estate is ____________________________________.
3. The trust deed securing the Note is subordinate to the following senior note and trust deed
3.1 recorded on __________________, as Instrument No. _____________,
records of _______________________________________________________________County, California,
executed by _______________________________________________________________, as the Trustor,
in which_________________________________________________________________ is the Beneficiary,
securing a note in the face amount of $_______________, with an unpaid balance of $_______________,
principal and interest payable $_______________ monthly, including _____% interest,
ARM,
type _____________, plus impounds, all due and payable _____________, 20______.
3.2 See attached addendum for further senior encumbrances.
4. The trust deed securing the Note has priority over the following junior note and trust deed
4.1 recorded on __________________, as Instrument No. _____________,
records of _______________________________________________________________County, California,
executed by _______________________________________________________________, as the Trustor,
in which _________________________________________________________________is the Beneficiary,
securing a note in the face amount of $_______________, with an unpaid balance of $_______________,
principal and interest payable $_______________ monthly, including ______% interest, ARM,
type _____________, all due and payable _____________, 20______.
4.2 See attached addendum for further junior liens.
TERMS:
5. The Note is to be modified as follows:
5.1 Interest on the unpaid principal to be at the annual rate of ______%, commencing ____________, 20______.
5.2 Monthly payments shall be $______________, commencing with the month of ____________, 20______.
5.3 The remaining principal balance to be due and payable _____________, 20______.
5.4
Impounds: The Property Owner, with the payment of each Note installment, to deposit with Creditor
one-twelfth (
1
12
) of the annual requirement for the payment of taxes and fire insurance. An advance deposit
for such payment to be made to Creditor on modification in the amount of $_______________.
6. See attached addendum for additional modifications of the Note and trust deed. [See ft Form 250]
7. Property Owner to deliver additional consideration to Creditor in the form of:
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AGREEMENT TO MODIFY A PROMISSORY NOTE
Prepared by: Agent ____________________________
Broker ____________________________
Phone _______________________
Email _______________________