Loan Modification Agreement
(Commercial Real Estate) (Pro-Lender) (NY)

Summary

This template is a loan modification agreement for changing terms of a New York commercial real estate loan that is not in default. This template includes practical guidance, drafting notes, and alternate and optional clauses. This template is for modifying a bilateral commercial real estate loan to amend terms of the promissory note and/or loan agreement. If the mortgage needs to be modified, this agreement may include such changes along with formatting for recording. Alternatively, a separate modification of mortgage may be prepared and recorded to keep loan agreement information out of the public records. This template is drafted from the point of view of the lender with borrower-friendly terms included in the drafting notes. The capitalized terms not otherwise defined in this template must be conformed to the defined terms in the loan documents being modified. For a full list of key content relating to commercial real estate loan modifications, see Commercial Real Estate Loan Modifications Resource Kit. For a full list of key content relating to real estate acquisition loans in New York, see Commercial Real Estate Acquisition Loan Resource Kit (NY). For a full list of content relating to guaranties, see Guaranties Resource Kit. For a detailed discussion of loan modification agreements, see Loan Modification Agreements (Commercial Real Estate). For a loan modification agreement for a loan that is in default or a workout situation, see Loan Agreement Amendment (Bankruptcy, Loan, and other Debt Workouts). For a forbearance agreement, see Forbearance Agreement (Commercial Real Estate Loan) (NY). For an acquisition loan agreement, see Loan Agreement (Acquisition Financing). For a general discussion of acquisition loan agreements, see Acquisition Loan Agreements. For general information regarding commercial real estate financing in New York, see Commercial Real Estate Financing (NY). For a New York mortgage, see [Leasehold] Mortgage, Assignment of Leases and Rents and Security Agreement (Acquisition Loan) (NY). For a New York promissory note, see Promissory Note (Acquisition Loan) (Pro-Lender) (NY).