Agreement to extend debt payment

AGREEMENT TO EXTEND DEBT PAYMENT

THIS DEED is made the ________ day of ______________ 19___ BETWEEN:

(1)________________________ of ____________________ ( the “Creditor”); and

(2)________________________ of ____________________ (the “debtor”).

WHEREAS:

(A) The Debtor and the Creditor acknowledge that the Debtor is indebted to the Creditor in the sum of  ____________ (the “Debt”), which sum is now due and payable.

(B) The Creditor agrees to extend the term for payment of the Debt.

NOW THIS DEED WITNESSETH as follows:

1.     The Debtor agrees to pay the Debt on extended terms, together with interest on the unpaid balance at the rate of ____________ % per annum, payable in the following manner:

    ________________________________________________________________

     

2.     The Debtor agrees to pay the Debt to the Creditor together with interest thereon under the terms set out in paragraph 1.

3.     In the event the Debtor shall fail to make any payment on the due date, the Creditor shall have full rights to collect the entire balance then remaining which amount shall be immediately due and payable.

4.     In the event of default, the Debtor agrees to pay all reasonable solicitors’ fees and costs of collection.

5.     At the election of the Creditor, the Debttor agrees to execute note(s) evidencing the balance then due on terms consistent with this agreement.

6.     This agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

IN WITNESS WHEREOF the parties have executed this deed the day and year first above written

                                              

______________________________          

Signed by the Debtor                                      Signed for and on behalf of:

______________________________           __________________________Ltd

in the presence of (witness)

Name_________________________           _____________________________

Address_______________________                        Director

______________________________           _____________________________

Occupation_____________________           Director/Secretary

______________________________          

Signed by the Creditor                                    Signed for and on behalf of:

______________________________           ____________________________Ltd

in the presence of (witness)

Name _________________________          _______________________________

Address________________________          Director

______________________________           ________________________________

Occupation_____________________           Director/Secretary