Our practice has been to extend the maturity date (only) on some loans on the original maturity date. Is this acceptable or should it be done prior to the maturity date?
Also, do we need to modify the mortgage on these extensions, if the language says:
The word “Note” means the promissory note dated March 18, 2011, in the original principal amount of $$$$$ from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of the Note is April 1, 2012.