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Loan Agreement Amendment

09.26.21 Posted in Uncategorized by

Changes are often necessary when a borrower fails to meet their obligations under the loan or expects to breach the loan and inform the lender as such. Such communication may lead both parties to attempt to modify one or more terms of the loan. If there are a large number of amendments, it may be preferable, from a purely practical point of view, to draw up a brand new agreement. This agreement is on the premise that there is no security. This loan amendment agreement is a simple form of agreement that allows changes to be made to an initial loan agreement. These changes can be anything from simple administrative or computerized changes to more substantial changes, such as increasing the loan amount or extending the term of the loan. Amendments must be made in accordance with the relevant provisions of the original loan agreement.

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