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Quick Facts — Promissory Note Extension Lawyers

What is a Promissory Note Extension?

A promissory note extension is a legal document allowing an extension on the borrower’s period in paying back a loan. For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.

A promissory note extension will involve renegotiating the terms and conditions of the original contract with the bank so that both parties are satisfied with the outcome. The borrower may need to provide additional financial information about yourself or your business, depending on what type of debt you have. If approved by the lender, this arrangement will allow the borrower to continue using the lender’s funds until they've been repaid.

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Promissory Note Extension Sample

 


 

EXTENSION OF MATURITY DATE FOR

PROMISSORY NOTE

 

This Extension of Maturity Date for Promissory Note (the “Extension”) dated February 19, 2015, is entered into by and between CareView-Saline, LLC, a Wisconsin limited liability company (“Maker”) and Rockwell Holdings I, LLC (“Holder”) (collectively known as the “Parties”).

 

WHEREAS, the pursuant to a certain Master Investment Agreement entered into by the Parties on November 16, 2009, Maker issued to Holder a Promissory Note in the principal amount of $109,230with respect to the Project (as defined in the Master Investment Agreement) for the Saline Memorial Hospital,

 

WHEREAS, the Promissory Note has a maturity date of three years from the date payments commenced thereunder, which would make the maturity date of the Promissory Note August 30, 2013,

 

WHEREAS, the maturity date of the Promissory Note was subsequently extended to December 31, 2013, then to June 30, 2014, and then to June 30, 2015,

 

WHEREAS, the Parties have mutually agreed to extend the maturity date to June 30, 2016,

 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the Parties hereby enter into this Extension as follows:

 

1.    Extension of Maturity Date for Promissory Note: The Parties agree to extend the maturity date of the Promissory Note to June 30, 2016 (the “Extended Maturity Date”).

 

2.    Other Provisions of the Promissory Note: The Parties agree that all other provisions of the Promissory Note will remain in full force and effect other than the Extended Maturity Date.

 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

  

CAREVIEW-SALINE, LLC   ROCKWELL HOLDINGS I, LLC
         
By:  /s/ Steve Johnson   By:  /s/ Matt Bluhm
  Steve Johnson     Matt Bluhm
  Manager     Managing Member

 



Reference:
Security Exchange Commission - Edgar Database, EX-10.143 5 ex10-143.htm EXTENSION OF MATURITY DATE - SALINE, Viewed January 27, 2022, View Source on SEC.

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