The Construction Loan Extension Agreement is utilized when a construction project requires additional time beyond the original loan term for completion. This document, governed by English and Welsh law, extends the maturity date of the existing construction loan while potentially modifying other terms such as interest rates, payment schedules, and security arrangements. It's particularly relevant when construction delays, market conditions, or other circumstances necessitate an extension of the original financing arrangement. The agreement ensures legal continuity of the financing while protecting both lender and borrower interests under UK financial regulations.
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1. Parties: Identification of lender, borrower, and any guarantors
2. Background: Details of original loan agreement and reasons for extension
3. Definitions: Key terms used throughout the agreement
4. Extension Terms: Specific details of the loan extension including new maturity date
5. Payment Terms: Modified payment schedule and interest rates
6. Security Provisions: Confirmation of existing security arrangements
7. Conditions Precedent: Conditions that must be met before extension becomes effective
1. Additional Security: New security requirements - include when additional security is required for the extension
2. Fee Provisions: Details of any extension fees - include when fees are charged for the extension
3. Construction Milestones: Updated construction timeline and requirements - include when original construction schedule needs modification
1. Schedule 1 - Original Loan Agreement: Copy or summary of the original loan agreement
2. Schedule 2 - Updated Payment Schedule: Revised payment dates and amounts
3. Schedule 3 - Construction Timeline: Updated construction milestones and completion dates
4. Appendix A - Property Details: Details of the property under construction
5. Appendix B - Security Documentation: Copies of security documents and amendments
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