Promissory Note Extension: Definition, Example
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Quick Facts — Promissory Note Extension Lawyers
- Avg cost to draft a Promissory Note Agreement: $710.00
- Avg cost to review a Promissory Note Agreement: $390.00
- Lawyers available: 178 financial lawyers
- Clients helped: 267 recent promissory note extension projects
- Avg lawyer rating: 4.97 (27 reviews)
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.
Promissory Note Templates
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.
Who Helps With Promissory Note Extensions?
Lawyers with backgrounds working on promissory note extensions work with clients to help. Do you need help with a promissory note extension?
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Max M.
Business attorney with a focus on the health care sector, bringing Biglaw experience in multi-million dollar mergers and acquisitions, financings, and general corporate counsel work to the small firm space. I now help startups and growing companies access the same level of sophistication and strategic guidance typically reserved for large institutions.
"Overall, Max M. did a great job compiling the demand letter. He was very thorough in requesting documentation, responding to questions promptly, and producing the letter. He provided reasonable explanations for the tone that he used along with recommendations for when to send it and what to demand. Additionally, he was very responsive and updated the draft promptly after feedback was provided. There were some minor grammatical errors present, but as Max M. provided me with a word document, I was able to easily rectify those."
Sarah T.
Sarah has been practicing law since 2010. Prior to becoming an attorney, Sarah worked in the insurance industry for 5 years. Sarah's practice includes civil litigation, contracts, and family matters.
"Sarah was extremely knowledgeable and helpful! Well worth the money!"
Drew B.
Drew is an entrepreneurial business attorney with over twenty years of corporate, compliance and litigation experience. Drew currently has his own firm where he focuses on providing outsourced general counsel and compliance services (including mergers & acquisitions, collections, capital raising, real estate, business litigation, commercial contracts and employment matters). Drew has deep experience counseling clients in healthcare, medical device, pharmaceuticals, information technology, manufacturing, and services.
"Hired for a settlement contract to be written out in legal manner. Ammended contract as well to add clauses that we had not written.Efficient, professional. Said the time-frame would be about 4 business days and he did deliver on that in fact worked through the weekend and mlk day. Offered one final revision as well as a call to finalize language of contract. The final document delivery was more than we expand also he went above and beyond to deliver extra documents we may need. Would highly recommend."
Joseph B.
I am an attorney licensed in Indiana. I currently work primarily on civil litigation, landlord/tenant matters, and adoption cases. I have over 10 years of labor relations experience, including negotiations, labor contract enforcement, and arbitration experience. I also work with several non-profit groups representing LGBTQ+ groups and indigent clients in housing matters.
"Joseph gave me a great deal on a detailed lease with everything I needed included. Would definitely recommend!"
Ralph S.
Ralph graduated from University of Florida with his JD as well as an LLM in Comparative Law. He has a Master's in Law from Warsaw University , Poland (summa cum laude) and holds a diploma in English and European Law from Cambridge Board of Continuous Education. Ralph concentrates on business entity formation, both for profit and non profit and was trained in legal drafting. In his practice he primarily assists small to medium sized startups and writes tailor made contracts as he runs one of Florida disability non profits at the same time. T l Licensed. in Florida Massachusetts and Washington DC this attorney speaks Polish.
"Ralph was excellent to work with. He was prompt, personable, and communicated with me every step of the way. Highly recommend!"
Harry S.
Stirk Law is a law firm based in London that advises on dispute resolution, commercial and corporate arrangements, employment and private wealth. We are experts in our areas and experienced in advising on complex and high value matters in the UK and internationally.
JOSEPH L.
Mr. LaRocco's focus is business law, corporate structuring, and contracts. He has a depth of experience working with entrepreneurs and startups, including some small public companies. As a result of his business background, he has not only acted as general counsel to companies, but has also been on the board of directors of several and been a business advisor and strategist. Some clients and projects I have recently done work for include hospitality consulting companies, web development/marketing agency, a governmental contractor, e-commerce consumer goods companies, an online apps, a music file-sharing company, a company that licenses its photos and graphic images, a video editing company, several SaaS companies, a merchant processing/services company, a financial services software company that earned a licensing and marketing contract with Thomson Reuters, manufacturing companies, and a real estate software company.
"Excellent work by Joseph! Efficient, Timely, and very responsive. I'm very happy with his work. Thank you!"
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"Thank you for the prompt responses and timely completion of the project"
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"Clear communication. Delivered before time."
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"Great work! (I do not want my review to be public)"
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"Pretty much finished up with the project, aside from some finishing touches. I have to say, Michael did a great job. He worked patiently with me through any irregularities or confusion. What I appreciated most was that his vision was to get me the best results, ensuring a secure structure and a solid investment. I really appreciate his work and help."
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ContractsCounsel User
Set up loan contract / promissory note on a personal loan with equity in property as collateral
Location: New Jersey
Turnaround: A week
Service: Drafting
Doc Type: Promissory Note Agreement
Number of Bids: 3
Bid Range: $700 - $1,800
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