Pre-Workout Agreement, if necessary.
Authorization Documentation.
Modification Agreement. The Bank and Borrower must execute a document which modifies the existing obligation to reflect the new loan terms such as a new maturity date, interest rate, or covenant. This may be called an “Amendment to Loan Agreement” or a Commercial Debt Modification Agreement. If only the maturity dates on certain payments are being extended, a Loan Extension Agreement may be appropriate.
Modification of Deed of Trust. A sample form is located at the end of this Chapter. It should be filed in the real property records of the county in which the property is located which should be the county where the original deed of trust was filed.
A Texas Nothing Further Certificate lists each document filed against a piece of real estate since the original loan. Banks request a title company to certify that nothing further has transpired since their last title policy date that would affect the priority of the Bank’s Lien.
UCC-11 Lien Search, to confirm the Bank’s lien position, if personal property collateral is also involved.
Renewal Document Package. If the modification includes a complete renewal of the loan, a new set of loan documents may be considered by the Bank. Consult the applicable chapter in this book for a list of required documents.