Common use of The Modification Clause in Contracts

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: 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. 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. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. 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.

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.

The Modification. If my representations and covenants in Section 1 continue to be true in all material respects and all preconditions to the 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”)) and all unpaid late charges that remain unpaid will be waived. I understand that if I have failed to make any payments as a precondition to this modification under an applicable a trial period plan, this modification will not take effect. As of the Modification Effective DateThe first modified payment will be due on ________________. A. The Maturity Date will be: ______________________. B. The modified principal balance of my Note may will include all amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding unpaid late charges, 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. The Maturity Date Interest at the rate of __________% will begin to accrue on the New Principal Balance as of _______________ and the first new monthly payment on the New Principal Balance will be Click due on ______________. My payment schedule for the modified Loan is as follows: Years Interest Rate Interest Rate Change Date Monthly Principal and Interest Payment Amount Estimated Monthly Escrow Payment Amount* Total Monthly Payment* Payment Begins On Number of Monthly Payments [1-5] [2.00%] 00/00/0000 $0000.00 $000.00, may adjust periodically $000.00, may adjust periodically 00/00/0000 [60] [6] [3.00%] 00/00/0000 $0000.00 May adjust periodically May adjust periodically 00/00/0000 [12] [7] [4.00%] 00/00/0000 $0000.00 May adjust periodically May adjust periodically 00/00/0000 [12] [8] [5.00%] 00/00/0000 $0000.00 May adjust periodically May adjust periodically 00/00/0000 [12] *The escrow payments may be adjusted periodically in accordance with applicable law and therefore my total monthly payment may change accordingly. The above terms in this Section 3.C. shall supersede any provisions to the contrary in the Loan Documents, including but not limited to, provisions for an adjustable, step or tap here simple interest rate. I understand that, if I have a pay option adjustable rate mortgage loan, upon modification, the minimum monthly payment option, the interest-only or any other payment options will no longer be offered and that the monthly payments described in the above payment schedule for my modified Loan will be the minimum payment that will be due each month for the remaining term of the Loan. My modified Loan will not have a negative amortization feature that would allow me to enter date. (“Maturity Date”). If I still owe pay less than the interest due resulting in any amounts due under unpaid interest being added to the Note or the Mortgage, as amended by this Agreement, on the Maturity Date, I will pay this amount in full on the Maturity Dateoutstanding principal balance. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. 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.Section 3.C.

The Modification. If all of my representations and covenants in Section 1 continue to be true in all material respects and all preconditions to the modification preconditions set forth in Section 2 above have been met, the Loan Documents will automatically become modified on Click or tap here to enter date. June 1, 2014 (the “Modification "Effective Date”"). . A. As part of this Modification, I understand agree 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: The modified principal balance of my Note may include all amounts and arrearages that are or will be past due as of the Modification Effective Date (Date, including unpaid and deferred interest, collectivelyfees, “charges, escrow advances, and other costs, but excluding unpaid late charges, (collectively "Unpaid Amounts”") less any amounts paid to the Lender Servicer but not previously credited to my Loan. The new , will be added to the current principal balance of my Note the Note. This combined principal balance will be $Click or tap here to enter modified UPB. $ 401,294.70 (the “New "Combined 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, this Agreement unless those amounts are either deferred as modified by non-interest bearing or forgiven as specified in this Agreement; and B. $251,294.70 of the Combined Principal Balance is hereby permanently forgiven, and will be deducted from the unpaid principal balance. I also understand further acknowledge that Servicer may be required to report the amount of principal forgiveness to the IRS and that any tax liability arising out of that forgiveness shall be my responsibility. I further acknowledge that Servicer has recommended that I consult my own tax advisor to determine how this means interest forgiveness impacts my personal situation; and C. As of the Modification Effective Date the principal balance of the loan that remains due and payable is $ 150,000.00 (the "New Principal Balance"); and D. Interest at the rate of 5.580 % will now begin to accrue on the unpaid New Principal Balance as of 5/1/2014 and the first new monthly payment on the New Principal Balance will be due on 6/1/2014. My payment schedule for the modified Loan is as follows: Interest that is added Rate Interest Rate Change Date Type of Payment Monthly Principal and Interest Payment Amount Estimated Monthly Escrow Payment Amount* Total Monthly Payment* Payment Begins On Number of Monthly Payments 5.580% 5/1/2014 Principal and Interest $971.19 $480.70 May adjust periodically $1,451.89 Mayadjust periodically 6/1/2014 273 *If escrow payments are collected by Servicer, Servicer may adjust such payments periodically in accordance with applicable law. Therefore, my total monthly payment may change accordingly. The terms in this Section 3.D. supersede any provisions to the outstanding principal balancecontrary in the Loan Documents, which would and previous loan modifications including (but not happen without this Agreement. The Maturity Date will be Click limited to) provisions for an adjustable 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. interest-only rate. E. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. 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.

The Modification. If my representations and covenants in Section 1 continue to be true in all material respects and all preconditions to the 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: 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 may be 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. 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. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. 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.

The Modification. If my representations and covenants in Section 1 continue to be true in all material respects and all preconditions to the 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. October 1, 2015 (the “Modification Effective Date”)) and all unpaid late charges that remain unpaid will be waived. I understand that if I have failed to make any payments as a precondition to this modification under an applicable a workout plan or trial period plan, this modification will not take effect. As of the Modification Effective DateThe first modified payment will be due on October 1, 2015. A. The Maturity Date will be: October 1, 2035. B. The modified principal balance of my Note may will include all amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding unpaid late charges, 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. 348,671.26 (the “New Principal Balance”). The New Principal Balance will consist of two (2) parts: (i) an amount which will accrue interest at the Note rate shown below, and on my monthly statement as Interest Bearing Principal Balance and (ii) an amount which will not accrue interest, shown below, and on my monthly statement as Deferred Principal Balance. C. $66,921.26 of the New Principal Balance shall be deferred (the Deferred Principal Balance) and will be treated as a non-interest bearing principal forbearance. I will not pay interest or make monthly payments on the Deferred Principal Balance. In addition, $66,921.26 of the Deferred Principal Balance is eligible for forgiveness (the Deferred Principal Reduction Amount). Provided I am not in default on my new payments such that the equivalent of three full monthly payments are due and unpaid on the last day of any month, on each of the first, second and third anniversaries of your first trial period payment date for three years, the Lender shall reduce the Deferred Principal Balance of my Note in installments equal to one-third of the Deferred Principal Reduction Amount. Application of the Deferred Principal Reduction Amount will not result in a new payment schedule. The New Principal Balance less the Deferred Principal Balance shall be referred to as the Interest Bearing Principal Balance and this amount is $281,750.00. Interest at the rate of Click or tap here to enter interest rate.% 2.000% will begin to accrue on the New Interest Bearing Principal Balance as of September 1, 2015 and the modified first new monthly payment of principal and interest thereunder will be $Click or tap here to enter P&I only. and on the Interest Bearing Principal Balance will be due initially on Click or tap here to enter dateOctober 1, 2015. and on My payment schedule for 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, modified Loan is 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. 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. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. 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.follows: