Agreement to Modify Promissory Note
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- If the borrower does not repay you according to the terms of your promissory note, considering using "Demand for Overdue Repayment on Promissory Note."
If the borrower isn’t meeting the original payment plan, the lender and borrow may need to rework the terms -- for example, lower payments, agree to interest-only payments, or lower the interest rate. This will allow you to modify your promissory note (IOU form). Any changes must be put in writing for the protection of both parties. Use this form to do just that.