The Modification Clause Examples for Any Agreement

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 preconditions to the modification set forth in Section 2 have been met, the Loan Documents will automatically become modified on __________________ (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 a trial period plan, this modification will not take effect. The first modified payment will be due on ________________. A. The Maturity Date will be: ______________________. B. The modified principal balance of my Note 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 $__________ (the “New Principal Balance”). 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 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. 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 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...
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The Modification. If my representations in Section 1 continue to be true in all material respects and all preconditions to the modification set forth in Section 2 have been met, the Loan Documents will automatically become modified on 4/1/2015 (the “Modification Effective Date”) and all unpaid late charges that remain unpaid will be waived. The Loan Documents will be modified and the first modified payment will be due on 4/1/2015. A. The new Maturity Date will be: 11/1/2036, at which time a final balloon payment in an amount equal to all remaining amounts owed under the Loan Documents will be due. B. The modified Principal balance of my Note will include all amounts and arrearages that will be past due (excluding unpaid late charges) less any amounts paid to the Servicer but not previously credited to my Loan. The new Principal balance of my Note will be $274,828.72 (the “New Principal Balance”). C. $61,078.72 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, $61,078.72 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 1/1/2015, the Servicer 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 $213,750.00. Interest at the rate of 4.00000% will begin to accrue on the Interest Bearing Principal Balance as of 3/1/2015 and the first new monthly payment on the Interest Bearing Principal Balance will be due on 4/1/2015. 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-Loans Maturity 4.00000% 3/1/2015 $893.34 $340.07, adjusts annually after year 1 $1,233.41, adjusts annually after year 1 4/1/2015 260 ...
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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.