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Mortgage Loan Extension Agreement
"I need a Mortgage Loan Extension Agreement for a residential property in Manchester, extending the current mortgage term by 5 years to March 2025, with the existing interest rate maintained but monthly payments reduced due to the longer term."
1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Details of original mortgage, reason for extension, and current status
3. Definitions: Key terms used throughout the agreement
4. Extension Terms: Specific details of the extension including new maturity date
5. Payment Terms: Modified payment schedule and amounts
6. Interest Rate: Specification of applicable interest rate(s)
7. Security Continuation: Confirmation that original security remains in force
1. Additional Security: Required when new security or collateral is being added to the mortgage agreement
2. Change in Parties: Required when borrower or other party details have changed since the original agreement
3. Additional Borrower Covenants: New promises or obligations of the borrower when additional conditions are being imposed
1. Schedule 1 - Original Mortgage Details: Copy or summary of original mortgage terms
2. Schedule 2 - New Payment Schedule: Detailed payment schedule showing dates and amounts
3. Schedule 3 - Property Details: Description of mortgaged property
4. Appendix A - Calculation of New Terms: Detailed calculations showing revised payment amounts
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