Loan Extension Agreement

This Loan Extension Agreement will extend the time a borrower has to pay off a loan. This agreement is between the lender and borrower and sets out the amount of the loan, date of original promissory note and its maturity date and the new maturity date of the loan. It is imperative that this type of extension agreement be set out in writing rather than by an oral agreement. A written Loan Extension Agreement will prove valuable in the event of disagreements surrounding the loan’s maturity date. (continued ...)