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. 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. 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 detailed discussion of loan modification agreements, see Loan Modification Agreements (Commercial Real Estate). For a template of 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 template of a forbearance agreement, see Forbearance Agreement (Commercial Real Estate Loan) (NY). For a template of 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 template of a New York mortgage, see [Leasehold] Mortgage, Assignment of Leases and Rents and Security Agreement (Acquisition Loan) (NY). For a New York promissory note template, see Promissory Note (Acquisition Loan) (Pro-Lender) (NY).