Request for Extension of Time on Promissory Note

{{company_name}}

{{company_address}}

{{phone}}

{{email}}

{{website}}

Date:

{{date}}

Lender Details:

{{lender_name}}

{{lender_address}}

Subject: Request for Extension of Time on Promissory Note No. {{promissory_note_number}}

Dear {{lender_name}},

This letter serves as a formal request for an extension of the repayment period for the Promissory Note No. {{promissory_note_number}}, dated {{original_note_date}}, for the principal sum of {{original_principal_amount}}, executed between {{company_name}} (the "Borrower") and {{lender_name}} (the "Lender").

Current Terms:

The current repayment terms stipulate a maturity date of {{current_maturity_date}}.

Reason for Request:

We are requesting an extension due to {{reason_for_extension}}. This unforeseen circumstance has impacted our ability to meet the repayment obligation by the original maturity date. We have taken measures to address this, and we anticipate our financial position to normalize by {{proposed_new_repayment_start_date}}.

Proposed Extended Terms:

We propose an extension of the maturity date to {{proposed_new_maturity_date}}. During this extended period, we are prepared to {{proposed_interim_payment_arrangement_details_if_any}}. We are also open to discussing any reasonable adjustments to the interest rate or other terms that you may consider necessary due to this extension.

Commitment and Assurance:

We remain fully committed to fulfilling our obligations under the Promissory Note and appreciate your understanding and flexibility in this matter. We believe that this extension will allow us to honour our commitment without further disruption.

Confirmation:

Please indicate your acceptance of this request and the proposed extended terms by signing and returning a copy of this letter. Alternatively, please contact us to discuss any counter-proposal you may have.

Sincerely,

{{signature}}

{{printed_name}}

{{title}}