Res 2011-060 - Laserfiche WebLink

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C. There has been no impermissible change in the ownership of the Property or business since I signed the Loan Documents. D. Borrower is not in default, breach or offset under any term or condition of the Lease; E. Under penalty of perjury, all documents and information I have provided to Lender in connection with this Agreement are true and correct; 2. Acknowledgements and Preconditions to Modification and Extension. I understand and acknowledge that: A. If prior to the Modification Effective Date as set forth in Section 3 the Lender determines that any of my representations in Section 1 are no longer true and correct or any covenant in Section 1 has not been performed, the Loan Documents will not be modified and this Agreement will terminate. In that event, the Lender will have all of the rights and remedies provided by the Loan Documents; and B. I understand that the Loan Documents will not be modified unless and until (i) the Lender accepts this Agreement by signing and returning a copy of it to me, and (ii) the Modification Effective Date (as defined in Section 3) has occurred. I further understand and agree that the Lender will not be obligated or bound to make any modification of the Loan Documents if I fail to meet any one of the requirements under this Agreement. 3. The Modification and Extension. If my representations and covenants in Section 1 continue to be true in all material respects and all preconditions to the modification set forth in Section 2 have been met, the Loan Documents will automatically become modified on April 1, 2011 (the "Modification Effective Date ") and all unpaid late charges that remain unpaid will added into the principal amount due. The first modified payment will be due on May 15, 2011. A. The Maturity Date will be: December 15, 2014. B. The modified principal balance of my Note will include all amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, fees, and other costs, and unpaid late charges, collectively, "Unpaid Amounts ") less any amounts paid to the Lender but not previously credited to my Loan. The new principal balance of my Note will be $26,348.71 (the "New Principal Balance "). I understand that by agreeing to add the Unpaid Amounts to the outstanding principal balance, the added Unpaid Amounts accrue interest based on the interest rate in effect under this Agreement. I also understand that this means interest will now accrue on the unpaid Interest that is added to the outstanding principal balance, which would not happen without this Agreement. C. Interest at the rate of 1% will begin to accrue on the New Principal Balance as of April 1, 2011. A payment was made on April 15 2011 in the amount of $750.000. The new monthly payment of $600.000 on the New Principal Balance will be due on May 15 and the same day of each succeeding month until principal and interest are 2