The Modification Sample Clauses

The Modification clause establishes the conditions under which changes to the agreement can be made after it has been executed. Typically, this clause requires that any amendments or alterations to the contract be made in writing and signed by all parties involved, ensuring that verbal agreements or informal changes are not legally binding. By setting clear procedures for modifying the contract, this clause helps prevent misunderstandings and disputes about whether changes are valid, thereby ensuring that all parties are aware of and consent to any adjustments to their obligations.
The Modification. If my representations and covenants in Section 1 continue to be true in all material respects and all modification preconditions set forth in Section 2 have been met, the Loan Documents will automatically become modified on Click or tap here to enter date. (the “Modification Effective Date”). I understand that if I have failed to make any payments as a precondition to this modification under an applicable trial period plan, this modification will not take effect. As of the Modification Effective Date: A. The modified principal balance of my Note may include amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, collectively, “Unpaid Amounts”) less any amounts paid to the Lender but not previously credited to my Loan. The new principal balance of my Note will be $Click or tap here to enter modified UPB. (the “New Principal Balance”). Interest at the rate of Click or tap here to enter interest rate.% will begin to accrue on the New Principal Balance and the modified monthly payment of principal and interest thereunder will be $Click or tap here to enter P&I only. and will be due initially on Click or tap here to enter date. and on the first day of each and every calendar month thereafter during the term of the Loan. I understand that by agreeing to add the Unpaid Amounts to the outstanding principal balance, the added Unpaid Amounts accrue interest based on the interest rate in effect under the Note, as modified by this Agreement. I also understand that this means interest will now accrue on the unpaid Interest that is added to the outstanding principal balance, which would not happen without this Agreement. B. The Maturity Date will be Click or tap here to enter date. (“Maturity Date”). If I still owe any amounts due under the Note or the Mortgage, as amended by this Agreement, on the Maturity Date, I will pay this amount in full on the Maturity Date. C. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. D. If a default rate of interest is permitted under the Loan Documents, then in the event of default under the Loan Documents, as amended, the interest that will be due will be the rate set forth in the Loan Documents.
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The Modification. If all preconditions to the modification set forth in Section 1 of this Agreement have been met, then the Loan Documents shall automatically become modified on 3/1/2014 (the “Modification Effective Date”). I understand that if I have failed to make any payments as a precondition to this modification, this modification will not take effect and this Agreement will not be effective. If this Agreement becomes effective, the Loan Documents will be modified to include the following new terms which are acknowledged and agreed: A New Principal Balance: After successful completion of the Trial Period and other conditions set forth in Section 1 above, the new principal balance of my Note shall be $300,907.48 (the “New Principal Balance”). This includes, to the extent permitted by law, all amounts and arrearages that are past due (including any unpaid late charges) less any amounts paid to the Servicer but not previously credited to my Loan. A portion of the New Principal Balance shall be deferred and may be forgiven as provided in Sections 2.B and 2.C. of this Agreement. B Deferred Principal Balance: $167,432.48 of the New Principal Balance shall be deferred (the “Deferred Principal Balance”). The Deferred Principal Balance shall be treated as a non-interest bearing principal forbearance and I am not obligated to pay interest or make monthly payments on any portion of it.
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Related to The Modification

  • Waiver; Modification Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. This Agreement shall not be modified in any respect except by a writing executed by each party hereto.

  • Waiver, Modification, Etc No provision or term of this Amendment may be modified, altered, waived, discharged or terminated orally, but only by an instrument in writing executed by the party against whom such modification, alteration, waiver, discharge or termination is sought to be enforced.

  • Amendment and Modification This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.

  • Amendment and Modification; Waiver This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

  • Waiver and Modification Any waiver, alteration, or modification of any of the provisions of this Agreement shall be valid only if made in writing and signed by the parties hereto. Each party hereto, may waive any of its rights hereunder without affecting a waiver with respect to any subsequent occurrences or transactions hereof.