Unsecured Promissory Note Template
A straightforward promissory note template for documenting loans without collateral between individuals or businesses.
Amendment to promissory note
An amendment to a promissory note refers to a formal modification or alteration to the original terms of the promissory note, often addressing changes in payment schedules, interest rates, or other relevant conditions. This amendment requires the mutual agreement of all parties involved and is documented to ensure clarity and enforceability.
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11 Amendment to promissory note examples
- Description
This Eighth Amendment to Promissory Note (the “Eighth Amendment”) is made by and between the parties High Sierra Technologies, Inc., a Nevada Corporation (“HSTI”) and Larry Mamey (“Mamey”) to be effective as of this 5th day of September, 2021.
- Description
Amendment to Promissory Note. Maker and Holder agree that Section 1 of the Promissory Note is hereby deleted in its entirety and replaced with the following:
- Description
On December 5, 2019, GCEL advanced $566,287.53 to LACQ pursuant to the Expense Advancement Agreement, on the terms set forth in the Promissory Note, which terms were subsequently amended by the Amendment to Promissory Note on January 31, 2021. Also on January 31, 2021, pursuant to the Notice of Conversion, 566,288 Conversion Warrants (as defined in the Amendment to Promissory Note) were issued, in full satisfaction of the Promissory Note (as amended by the Amendment to Promissory Note).
- Description
Maker executed that certain Promissory Note dated February 12, 2021 in the principal sum of up to Three Hundred Thousand dollars ($300,000), as amended by that certain First Amendment to Promissory Note dated June 23, 2021 (collectively, the “Note”).
- Description
THIS SECOND AMENDMENT TO PROMISSORY NOTE (“Amendment”) dated as of January 29, 2021, is to become affixed to, modify and become a part of that certain 6% Secured Convertible Promissory Note in the original principal sum of $1,500,000 dated as of September 18, 2020 (“Original Issue Date”), and amended on September 22, 2020 (as amended, the “Note”), which Note was made and executed by Torchlight Energy Resources, Inc., a Nevada corporation (the “Debtor”), and payable to the order of McCabe Petroleum Corporation (the “Holder”), which Note is due and payable on May 10, 2021 (“Maturity Date”).
- Description
D. Borrower and Lender subsequently agreed to extend the Maturity Date of the Note a third time pursuant to that certain Third Amendment to Promissory Note dated February 25, 2021 (the “Third Amendment”, and together with the First Amendment and the Second Amendment, the “Prior Amendments”).
- Description
WHEREAS, the Maker and the Payee now wish to enter into this Second Amendment to Promissory Note (this “Amendment”) to increase the maximum principal amount.
- Description
The undersigned have executed this Amendment to Promissory Note as of the date set forth above.
- Description
The Company and CoBank are parties to a Promissory Note and Supplement (Revolving Term Loan Supplement) dated as of March 19, 2009, and number RX0024T6, as amended by a First Amendment to Promissory Note and Supplement dated as of August 31, 2011, a Second Amendment to Promissory Note and Supplement dated as of October 15, 2014 and a Third Amendment to Promissory Note and Supplement dated as of March 7, 2017 (collectively, the “Supplement”). The parties now desire to amend the Supplement.
- Description
AMENDMENT TO PROMISSORY NOTE July 11, 2022 This Amendment to the Promissory Note dated November 30, 2021 (the “Agreement”), between Bengochea SPAC Sponsors I LLC (the “Payee”) and Iron Horse Acquisitions Corp. (the “Maker”) is made as of the date set forth above. The parties to the Agreement are entering into this Amendment in order to amend the Agreement in the manner set forth below. 1. Section 1 of the Agreement is hereby amended and restated in its entirety as follows:
- Description
IN WITNESS WHEREOF, the Maker and Payee, intending to be legally bound hereby, have caused this First Amendment to Promissory Note to be duly executed the day and year first above written.
What is an Amendment to Promissory Note?
An Amendment to Promissory Note is a legal document that modifies the terms of an existing promissory note. A promissory note itself is a financial instrument that contains a written promise by one party to pay another party a definite sum of money, either on demand or at a specified future date. An amendment alters the original note’s terms, which could include changes in interest rates, payment schedules, or maturity date.
When should I use an Amendment to Promissory Note?
You should use an Amendment to Promissory Note when the borrower and lender have mutually agreed to modify the terms of the original promissory note. Situations that may require an amendment include:
- Change in the repayment schedule: When the borrower is unable to make payments as originally scheduled, a new agreement on payment terms can be reached.
- Modification in interest rates: If the agreed-upon interest rates need adjustment due to changing economic conditions or mutual consent.
- Extension of maturity date: When more time is needed to pay off the note, extending the maturity date can be beneficial.
- Alteration in other terms: Adjustments to other terms such as collateral or borrower obligations.
How do I write an Amendment to Promissory Note?
When writing an Amendment to Promissory Note, the document should contain specific elements to ensure clarity and enforceability:
- Title: Clearly state that it is an amendment to a promissory note.
- Parties Involved: Clearly identify the names and addresses of both the lender and borrower.
- Reference to Original Note: Provide details of the original promissory note, including date, amount, and any identifying number.
- Amendment Details: Specify each change being made to the original note. Be clear and precise.
- Reason for Amendment: Although not always necessary, including the reason for changes can provide context.
- Signatures: Both parties must sign the amendment to indicate agreement with the changes.
- Date: Include the date when the amendment is signed and takes effect.
Example:
Amendment to Promissory Note
This Amendment (“Amendment”) is made and entered into effective as of [Date], and amends the Promissory Note dated [Original Date] (the “Note”) by and between [Lender’s Full Name] (“Lender”) and [Borrower’s Full Name] (“Borrower”).
[Details of Amendment]
In Witness Whereof, the parties hereto have executed this Amendment as of the date first above written.
Which contracts typically contain an Amendment to Promissory Note?
Contracts that typically contain an Amendment to Promissory Note include:
- Loan agreements: In financial agreements where the borrower is required to provide a promissory note as part of receiving a loan.
- Real estate transactions: When financing is involved, amendments may need to address changes in repayment schedules or interest rates.
- Business financing agreements: When businesses take loans and need to alter the terms to suit changing business conditions.
- Personal loans: In informal personal lending situations where terms need to be adjusted between the involved parties.
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