PandaTip: The proof model extends a defaulting credit payment by several days to allow the borrower to update the credit before the lender takes legal action. It is often a cheaper and more consensual alternative to the implementation of the terms of recovery of the original loan agreement. By signing below, the lender and borrower agree on the terms of this leniency agreement in addition to the existing loan agreement. This leniency agreement, established on [Agreement.CreatedDate], is concluded by and between [Sender.Company], the lender and [Client.Name] the borrower. PandaTip: This part of the proposal makes it clear that the conclusion of this leniency agreement is a courtesy offered to the buyer by the lender and does not invalidate the original terms of the existing loan contract, in part because they relate to the right to recover the money owed. The lender has agreed to extend the due date of the outstanding amount on the corresponding loan contract of [Extension.Days] days. The lender undertakes not to take any steps before [Forbearance.ExpirationDate] to demand or recover the balance of the loan. PandaTip: The model extends the overdue payment of calendar days, not working days. Make sure that the date proposed by the number of days listed below corresponds to the expiration date of the leniency agreement. PandaTip: Both parties must resign this model with the following fields before downloading a copy for their respective recordings. THEREFORE, The Borrower and Lender agree with the following terms of this leniency agreement: CONSIDERING that the lender has agreed not to require immediate payment of the entire loan balance in accordance with the existing loan agreement and has instead decided to grant the borrower an expanded option to update the balance of the loan, WHEREAS, the borrower has previously entered into a loan agreement with the lender , with a [Loan.Principle] policy amount and an annual interest rate of [Loan.APR]. CONSIDERING that the borrower has not met the agreed timetable for repaying this loan, and as a result is lagging behind the terms of the loan agreement, this leniency agreement does not provide for any waiver of a right or clause in the original loan documents. The lender continues to enjoy full legal protection and benefits outlined in the original loan agreement.
Parties who sign this leniency agreement guarantee that they have the authority to enter into agreements on behalf of the parties to the corresponding loan agreement.