Loan Extension Agreement Template

This Loan Extension Agreement (the "Agreement") is made and entered into as of [Date], by and between:

Lender: [Lender's Name], located at [Lender's Address].

Borrower: [Borrower's Name], located at [Borrower's Address].

Loan Information:

• Original Loan Amount: [Original Loan Amount]
• Original Loan Date: [Original Loan Date]
• Original Loan Term: [Original Loan Term]
• Original Maturity Date: [Original Maturity Date]

1. Extension of Loan Term
The Lender and Borrower hereby agree to extend the term of the Loan. The new maturity date will be [New Maturity Date], thus extending the term by [Number of Months/Years]. All terms and conditions of the original Loan Agreement shall remain in full force and effect except as modified by this Agreement.

2. Interest Rate
The interest rate applicable to the Loan during the extended term will be [New Interest Rate]% per annum. The Borrower agrees to pay interest on the outstanding principal balance of the Loan at this rate.

3. Payment Schedule
The Borrower agrees to adhere to the following revised payment schedule:

• Monthly Payment Amount: [Revised Monthly Payment Amount]
• Payment Due Date: [New Payment Due Date]

4. Prepayment
The Borrower retains the right to prepay the Loan, either in full or in part, without penalty. Any prepayment shall be applied to reduce the principal balance of the Loan.

5. Default
In the event of default, including but not limited to failure to make payments as scheduled or any breach of this Agreement, the Lender retains the right to declare the entire balance of the Loan immediately due and payable.

6. Miscellaneous
This Agreement constitutes the entire agreement between the parties regarding the extension of the Loan. It supersedes all prior discussions, agreements, or understandings of any kind. Any amendments or modifications to this Agreement must be made in writing and signed by both parties.

7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of laws principles.

8. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Loan Extension Agreement as of the day and year first above written.

Lender:

Signature: ________________________
Name: [Lender's Name]
Title: [Lender's Title]

Borrower:

Signature: ________________________
Name: [Borrower's Name]
Title: [Borrower's Title]