Can you amend and restate a promissory note?

The Loan shall be evidenced and governed by a new promissory note (the “New Note”) which amends and restates in its entirety, but does not extinguish, the Note. Anything to the contrary notwithstanding, if any inconsistency exists between the Loan Agreement and the New Note, the New Note shall control.

How do you revise a promissory note?

How to Modify a Promissory Note

Identify the terms of the note that are creating difficulty in repayment.
Communicate your need to modify the terms of the note to the note holder.
Have the holder of the note draft modifications to the original note.
Sign and notarize the modified promissory note.

Who are the heirs and assigns of a promissory note?

SUCCESSORS. All of the foregoing is the promise of Maker and shall bind Maker and Maker’s successors, heirs and assigns; provided, however, that Maker may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the holder of this Note.

What is a real estate promissory note template?

Real Estate Promissory Note Template A real estate promissory note is a legal document that states that a borrower has taken a mortgage loan from a mortgage lender. It mainly highlights the details of this loan and the consequences of not being able to pay it back.

What happens when you pay back a promissory note?

The borrower should pay back the borrowed money on-time and in accordance with the note. If not, fees may be applied to the overall balance. Once all the money has been fully paid back to the lender a Loan Release Form is created and issued to the borrower relieving them from any liability from the note.

Do you need a promissory note for a loan?

IN WITNESS WHEREOF, Maker has executed this Promissory Note as of the day and year first above written. Please note: Although the information in this document is presented in good faith and believed to be correct, the information is not legal advice. Please consult your own attorney for legal advice.

What can a promissory note be used for?

Promissory notes are generally (but not always) used for more informal relationships. In general, promissory notes are used for more informal relationships than loan agreements. A promissory note can be used for friend and family loans, or short-term, small loans.

What’s the difference between an IOU and promissory note?

For people that may wish to use a document that is even more simple than a promissory note, an IOU can be used. An IOU is usually a really informal document that just outlines that one party owes money to the other.

When to declare this note due and payable?

ACCELERATION. Upon the occurrence of an Event of Acceleration under this Note, and in addition to any other rights and remedies that Payee may have, Payee shall have the right, at its sole and exclusive option, to declare this Note immediately due and payable. SUBORDINATION.