AGREEMENT
TO EXTEND DEBT PAYMENT
FOR VALUE RECEIVED,
the undersigned [s-Name] (Creditor) of [s-Address] (address), city of
[s-City], state of [s-State] and [r-Name] (Debtor) of [r-Address]
(address), city of [r-City], state of [r-State] enter into agreement
and acknowledge the following terms and conditions:
- The Debtor presently owes the Creditor the total sum of [r-DebtAmountWords]$[r-DebtAmountNumbers], the stated sum being due and payable.
- In further consideration of the Creditor's forbearance, the Debtor agrees to pay the stated amount above on extended terms in the manner following:
[Insert the relevant details of extended payment]
- In the event the Debtor fails to make payments on the agreed extended debt payment terms, the Creditor shall have full rights to proceed for the collection of the entire balance remaining, including any associated collection costs.
- This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns, and personal representatives.
Signed under seal this _______ day of ______________, 20___.
____________________________ _____________________________
Witness
Creditor
[s-WitnessName] [s-Name]
____________________________ _____________________________
Witness Debtor
[s-WitnessName] [r-Name]
