Deed Modification Agreement- Land Contracts

What is a deed modification agreement

A deed modification agreement is between the property owner or the grantor as well as the holder of the deed and is called the grantee. The grantor executes and delivers to the grantee a note where the principal amount is mentioned, with the date and the warranty deed and on maturity of the deed modification agreement, the parties can extend the maturity for it and reduce the principal amount which is mentioned.

As per the deed modification agreement the principal and interest which is accrued is to be paid as it is considered as payable and due.

The principal amount of the deed is reduced when there is a pay down of the principal. The terms and conditions which are mentioned in the deed modification agreement are considered as unchanged and are in effect as well as in full force.

This deed modification agreement is usually signed and delivered in the presence of witnesses and the notary public by the grantor and it is given to the grantee.

This deed modification agreement is considered as a change to the original deed and this mentions clauses and sub clauses of the original deed that need to be deleted or that a certain sub clause needs to be substituted in the original deed or it could mean that a certain sub clause is incorporated in the main deed. It could also be when the rent of the premises of the lease needs to be increased from a certain date. Other than these changes, the original deed holds good.

(No Ratings Yet)

Sample Template Preview

After recording return to:        Insert Your Mailing Address Here

DEED MODIFICATION AGREEMENT

This modification agreement is made and entered into this           day of                , 20     , by and between  Owner of Property., hereinafter referred to as “Grantor” and       Deed Holder Name                , hereinafter referred to as “Grantee”.

Whereas, Grantor executed and delivered to Grantee a Note in the original principal amount of                          dollars ($        ), dated               , and a  Warranty Deed  of even date therewith conveying certain property known as                           ,   State , Landlot           , District        of                County, as security therefore recorded in                County,  State  records, and

Whereas, said Note and Warranty Deed provide for maturity of the indebtedness on               , 20     . And the parties wish to extend such maturity until               , 20      , and reduce the principal amount,

Now, therefore, for and in consideration of the premises and of $1.00 in hand paid by Grantor to Grantee, the receipt and sufficiency of which being hereby acknowledged, the parties hereto do covenant and agree as follows:

The maturity date of the aforesaid Note and Warranty Deed is hereby extended to           , 20      at which time all principal and accrued interest, if not sooner paid shall be due and payable.
The principal amount of the aforesaid Note and Warranty Deed  will be reduced, due to a principal paydown, the new principal amount is                    dollars ($        ).
Except as modified hereby, all terms and conditions set forth in Note and Warranty Deed shall be unchanged, and said instruments shall remain in full force and effect.

Wherefore, the parties hereto have set their hands, and seals on the day and year first set forth above.

AS TO GRANTOR:
Signed, sealed and delivered
In the presence of:

_________________________                                         (SEAL)
Unofficial Witness                        Property Owner Name

_________________________
Notary Public

AS TO GRANTEE:
Signed, sealed and delivered
In the presence of:

_________________________                                         (SEAL)
Unofficial Witness                        Deed Holder Name

_________________________
Notary Public