ContractsCounsel Logo

Loan Extension Agreement

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 9,700 reviews
No Upfront Payment Required, Pay Only If You Hire.
Home Contract Samples L Loan Extension Agreement

Jump to Section

What is a Loan Extension Agreement?

A loan extension agreement is a mutual agreement between a lender and borrower that extends the maturity date on a borrower’s loan. Most commonly used when a borrower falls behind on payments, a loan extension agreement can restructure the loan payment schedule to get the borrower back on track. Although a loan extension agreement will vary based on the type of loan and needs of the borrower, these types of loans usually include the following information:

  • Information about the lender and the borrower
  • Terms of the original loan
  • The new maturity date of the loan
  • New terms like payment schedule and interest rate
  • Signature of both parties
Loan extension agreements can be used for a variety of loans like mortgages, auto loans, school loans, and business loans.

Loan Extension Agreement Sample

Exhibit 10.28

Capmark Loan No. 99-1068266

LOAN EXTENSION AGREEMENT

THIS LOAN EXTENSION AGREEMENT (Agreement) is made the 9th day of March, 2009 (the Effective Date) by and between COLO PROPERTIES ATLANTA, LLC, a Delaware limited liability company (Borrower or Maker), with a mailing address at c/o The telx Group, Inc., 17 State Street, 33rd Floor, New York, New York 10004 and WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE BENEFIT OF THE HOLDERS OF UBS COMMERCIAL MORTGAGE TRUST 2007-FL1, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-FL1, with an office at c/o Capmark Finance Inc., 116 Welsh Road, Horsham, PA 19044 (hereinafter referred to as Lender or Mortgagee).

RECITALS

A.        Borrower is the owner in fee simple of certain parcels of land and improvements thereon located at 56 Marietta Street, Atlanta, Georgia (the Premises), which Premises are more particularly described in that certain Deed to Secure Debt, Security Agreement and Financing Agreement, dated as of March 7, 2007 (the Security Agreement) from Borrower to UBS Real Estate Securities Inc., a Delaware corporation (the Original Lender).

B.        Original Lender made a loan in the original principal amount of up to SIXTY MILLION and 00/100 Dollars ($60,000,000.00) (the Loan) to Borrower, pursuant to that certain Loan Agreement dated as of March 8, 2007 by and between Borrower and Original Lender (the Original Loan Agreement), and evidenced by that certain Promissory Note dated March 8, 2007, made by Borrower to Original Lender (the Original Note). In connection with a restructuring of the Loan and the creation of an additional mezzanine loan, Borrower and Original Lender subsequently amended and restated (i) the Original Loan Agreement in its entirety in accordance with the terms of that certain Amended and Restated Loan Agreement dated as of August 10, 2007 by and between Borrower and Original Lender, as amended by that certain First Amendment to Amended and Restated Loan Agreement dated as of December 1, 2007 by and between Borrower and Original Lender (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the Loan Agreement) and (ii) the Original Note in its entirety in accordance with the terms of that certain Amended and Restated Promissory Note dated August 10, 2007, made by Borrower to Original Lender (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the Note), repayment of which is secured, inter alia, by the Security Agreement. The Note, the Security Agreement, the Loan Agreement and the other documents described in or accompanying the Note, as amended from time to time, are hereinafter collectively referred to as the Loan Documents.

C.        Original Lender assigned all of its interest in the Loan Documents to Lender.


D.        In accordance with Section 2.3.2(b) of the Loan Agreement, Borrower submitted to Lender written notice (the Extension Notice) to extend the Maturity Date (as defined in the Loan Agreement) from March 9, 2009 to March 9, 2010.

E.        Lender has agreed to extend the Maturity Date subject to satisfaction of the conditions set forth in the Loan Documents and this Agreement.

F.        All capitalized terms not defined herein shall have the meanings ascribed to such terms in the Loan Documents.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and undertakings herein contained, the parties hereto, intending to be legally bound, covenant and agree as follows:

1.        Borrower covenants and confirms that all of the above outlined Recitals set forth in this Agreement are true, correct and complete in every respect and are incorporated herein and made a part hereof. Borrower acknowledges that Lender in entering into this Agreement is relying on such covenants and confirmations.

2.        The Maturity Date on which the entire principal balance as well as any accrued and unpaid interest and any other sums required to be paid thereunder shall be due and payable is extended from March 9, 2009 to March 9, 2010 (the Extensionor the Extension Term).

3.        The outstanding balance of the Loan as of the date hereof is $60,000,000.00 in principal plus all unpaid and accrued interest.

4.        Borrower shall continue to make monthly payments of interest on the ninth (9th) day of each month pursuant to the terms of the Loan Agreement.

5.        As an inducement to Lender to enter into this Agreement, Borrower represents, warrants, covenants and agrees as follows:

(a)        Borrower has full power, authority and legal right to own its properties and assets and to conduct its business as currently conducted.

(b)        Borrower has full power, authority and legal right to execute and deliver, and to perform and observe the provisions of, this Agreement and any document executed pursuant to or in connection with this Agreement and to carry out the transactions contemplated hereby.

(c)        This Agreement constitutes the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms.

(d)        The execution and delivery of this Agreement, and any documents executed pursuant to this Agreement, and compliance with their respective terms as contemplated herein, will not result in a breach of any of the terms or conditions of, or result in

 

2


the imposition of any lien, charge or encumbrance upon any property of Borrower pursuant to, or constitute a default (with due notice or lapse of time or both) or result in an occurrence of any event for which any holder or holders of indebtedness for money borrowed may declare the same due and payable under any indenture, agreement, order, judgment or instrument to which Borrower is a party or by which Borrower or its property may be bound or affected, and will not violate any provision of applicable law.

(e)        Borrower has good and marketable title to the Premises and the Premises is not subject to any lien, claim or interest (including any encumbrance, security interest or mechanic’s or materialmen’s lien), except for: (i) Permitted Encumbrances (as defined in the Loan Agreement); (ii) those in favor of Lender; and (iii) which existed of record on the Closing Date (as defined in the Loan Agreement) and were approved by Lender.

(f)        There is no litigation pending or to the best of Borrower’s knowledge threatened against Borrower which could in any way adversely affect title to the Premises or any part thereof or otherwise result in a material adverse change in the financial condition of Borrower or any guarantor of the Loan.

(g)        Borrower covenants that no Event of Default is occurring, or no event, which with the giving of notice or lapse of time or both could become an Event of Default, has occurred and is continuing as of the date on which Borrower submitted notice of the Extension to Lender and as of the Maturity Date.

(h)        Borrower is aware that each of the representations and warranties of Borrower contained in this Agreement is material to Lender in entering into this Agreement.

6.        Borrower covenants and confirms that, except as specifically modified by this Agreement, all of the terms and conditions of the Loan Documents shall be unmodified and remain in full force and effect. This Agreement shall not be construed as a novation of the Note or the other Loan Documents. This Agreement shall not prejudice any present or future rights, remedies, benefits or powers belonging or accruing to Lender under the terms of the Loan Documents as amended by this Agreement.

7.        This Agreement shall in no way adversely affect or impair the lien priority of the Security Agreement or the other Loan Documents. If this Agreement or any part hereof, or any instrument executed in connection herewith, shall be construed or shall operate to affect the lien priority of the Security Agreement or the other Loan Documents, then to the extent third persons acquiring an interest or lien upon the Premises between the time of recording of the Security Agreement or other Loan Documents and the execution of this Agreement are prejudiced thereby, this Agreement shall be void and of no further force and effect. Notwithstanding the foregoing, the parties hereto, as between themselves, shall be bound by all of the terms and conditions of this Agreement until all indebtedness owing from Borrower to Lender has been paid.

 

3


8.        Each and every one of the terms and provisions of this Agreement shall be binding upon Borrower, its successors and assigns and shall inure to the benefit of Lender, its successors and assigns.

9.        As a condition precedent to the effectiveness of this Agreement, Borrower shall obtain and deliver to Lender an Interest Rate Protection Agreement through the Extension Term under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto, together with an opinion of counsel with respect thereto reasonably acceptable to Lender.

10.        No failure to exercise, and no delay in exercising, any right, power or remedy under this Agreement or under any document delivered by Borrower pursuant hereto or heretofore pursuant to the transactions contemplated hereby shall impair any right, power or remedy which Lender may have, nor shall any such delay be construed to be a waiver of any of such rights, powers or remedies, or an acquiescence in any breach or default under this Agreement or any document delivered pursuant to this Agreement or the transactions contemplated hereby, nor shall any waiver of any breach or default of Borrower be deemed a waiver of any default or breach subsequently occurring.

11.        If any one or more of the provisions contained in this Agreement is determined to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

12.        Borrower shall be responsible for the payment of all reasonable costs and expenses related to the modification and/or amendment of the Loan Documents set forth in this Agreement.

13.        This Agreement and the Loan Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement supersedes all previous negotiations and discussions between the parties, and no parol evidence of any prior or other agreement shall be permitted to contradict or vary the terms hereof. In the event of any inconsistencies between the provisions of this Agreement and the Loan Documents, the provisions of this Agreement shall control.

14.        Unless the context otherwise specifies or requires, all of the terms used in this Agreement shall be applicable equally to the singular and plural forms of such terms and to all genders.

15.        This Agreement may be executed in one or more counterparts by some or all of the parties hereto, each of which counterparts shall be an original and all of which together shall constitute a single agreement.

[Intentionally Blank; Signature on Next Page]

 

4


WITNESS the due execution hereof as a document under seal, with the intent to be legally bound hereby.

 

BORROWER:
COLO PROPERTIES ATLANTA, LLC, a
Delaware limited liability company
By:  

/s/ J. Todd Raymond

Name:   J. Todd Raymond
Title:   President

[Intentionally Blank; Signature, on Next Page]


LENDER:
WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE BENEFIT OF THE HOLDERS OF UBS COMMERCIAL MORTGAGE TRUST 2007-FL1, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-FL1
By:   Capmark Finance Inc., a California corporation, its Servicer
By:  

/s/ Gary A. Routzahn

Name:   Gary A. Routzahn
Title:   Vice President, Manager


CONSENT AND JOINDER

The undersigned THE TELX GROUP, INC., a Delaware corporation (the Guarantor), hereby acknowledges receipt of notice of the annexed Loan Extension Agreement (the Agreement). In order to induce WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE BENEFIT OF THE HOLDERS OF UBS COMMERCIAL MORTGAGE TRUST 2007-FL1, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-FL1 (Lender) to enter into the Agreement, the Guarantor covenants and agrees as follows:

1.        The Guarantor confirms that it is a guarantor under that certain Amended and Restated Guaranty of Recourse Obligations, dated August 10, 2007 given by the Guarantor in connection with the Loan (the Guaranty).

2.        The Guarantor has examined the Agreement and expressly consents to and approves the modifications to the Loan Documents contained therein. The Guarantor further acknowledges and agrees that its obligations, liabilities and responsibilities under the Guaranty shall continue in full force and effect with respect to the indebtedness which is evidenced by the Note and secured by the other Loan Documents as modified. The obligations, liabilities and responsibilities of the Guarantor under the Guaranty are hereby ratified, approved and affirmed by the undersigned and incorporated herein in their entirety by this reference.

3.        Each capitalized term not otherwise defined in this Consent and Joinder shall have the same meaning specified in the Agreement.

[Intentionally Blank; Signature on Next Page]


WITNESS the due execution hereof as a document under seal, as of March     , 2009, with the intent to be legally bound hereby.

 

GUARANTOR:
THE TELX GROUP, INC., a Delaware corporation

By:

 

/s/ Christopher Downie

Name:

  Christopher Downie

Title:

  President – CFO

Reference:
Security Exchange Commission - Edgar Database, EX-10.28 29 dex1028.htm LOAN EXTENSION AGREEMENT, DATED MARCH 9, 2009, Viewed November 10, 2021, View Source on SEC.

Who Helps With Loan Extension Agreements?

Lawyers with backgrounds working on loan extension agreements work with clients to help. Do you need help with a loan extension agreement?

Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate loan extension agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Loan Extension Agreement Lawyers

Jennifer T. on ContractsCounsel
View Jennifer
5.0 (5)
Member Since:
July 6, 2023

Jennifer T.

IP/Entertainment Attorney
Free Consultation
New York, NY
5 Yrs Experience
Licensed in NY
Brooklyn Law School

Hello! My name is Jennifer and I practice law in most areas of IP (copyright, trademark, ad tech) with a specialization in entertainment law. I have represented many different content and technology creators, negotiating master service agreements, talent agreements, production agreements, ad agency work, and other IP generalist work.

Ken S. on ContractsCounsel
View Ken
5.0 (4)
Member Since:
July 6, 2023

Ken S.

Vice President
Free Consultation
Hoboken
3 Yrs Experience
Licensed in NJ
Rutgers Law School - Newark

Transactional attorney specializing in mergers & acquisitions. Other services include business formation, contract review, and general corporate matters.

Keren G. on ContractsCounsel
View Keren
Member Since:
July 13, 2023

Keren G.

Partner
Free Consultation
New Orleans
16 Yrs Experience
Licensed in CA, LA, NV
University of California, Davis School of Law

Keren E. Gesund has extensive litigation expense. She has successfully defended and prosecuted claims against debt collectors, banks, credit reporting agencies, subcontractors, manufacturers and consumers who have suffered harassment or injury. She handles contentious business and commercial cases for both plaintiffs and defendants in state and federal court.

Rob D. on ContractsCounsel
View Rob
Member Since:
July 8, 2023

Rob D.

Attorney
Free Consultation
Bluffton, SC
10 Yrs Experience
Licensed in SC
University of Dayton School of Law

Attorney with 10 years experience focusing on corporate transactions and formations, real estate, and estate planning.

Christi H. on ContractsCounsel
View Christi
Member Since:
July 8, 2023

Christi H.

attorney
Free Consultation
Richmond, VA
19 Yrs Experience
Licensed in VA
Regent Law School

I have been practicing law for 18 years. I have worked in a mid-size firm environment where I was named a partner in 2014. In 2016, I left to start my own practice and work part-time. I handle most all corporate and transactional work and serve has outside general counsel for a number of companies

Kennedy W. on ContractsCounsel
View Kennedy
Member Since:
July 11, 2023

Kennedy W.

Attorney
Free Consultation
Holton, KS
5 Yrs Experience
Licensed in KS
Washburn University School of Law

Graduated from Washburn University School of Law with certificates in Tax Law and Business Transactions. Served as a specialized tax advisor and business consultant to clients across the nation over the last 8 years. I have practiced law since 2019, specializing in entity formations, contract drafting, contract review, contract disputes, business transactions, demand letters, legal research, and general business consulting.

Find the best lawyer for your project

Browse Lawyers Now

How It Works

Post Your Project

Get Free Bids to Compare

Hire Your Lawyer

Financial lawyers by top cities
See All Financial Lawyers
Loan Extension Agreement lawyers by city
See All Loan Extension Agreement Lawyers
related contracts
See More Contracts
other helpful articles

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

How It Works

Post Your Project

Get Free Bids to Compare

Hire Your Lawyer

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city