[{"data":1,"prerenderedAt":520},["ShallowReactive",2],{"document-renewed-note-D438":3},{"document":4,"label":26,"preview":11,"thumb":27,"thumb600":28,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":29,"breadcrumb":33,"related":41,"customDescModule":180,"customdescription":6,"mdFm":181,"mdProseHtml":519},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":25},"RENEWED NOTE This Renewed Note (the \"Note\") is made and effective the [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Debtor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [CREDITOR NAME] (the \"Creditor\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS",null,"Renewed Note","1",29,"doc","https://templates.business-in-a-box.com/imgs/1000px/renewed-note-D438.png","https://templates.business-in-a-box.com/imgs/250px/438.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#438.xml",{"title":6,"description":6},[16,19,22],{"label":17,"url":18},"Finance & Accounting","/templates/finance-accounting/",{"label":20,"url":21},"Business Loans","/templates/business-loan/",{"label":23,"url":24},"Promissory Notes","/templates/promisory-note/","renewed note","Renewed Note Template","https://templates.business-in-a-box.com/imgs/400px/438.png","https://templates.business-in-a-box.com/imgs/600px/438.png",[30,16,19,22],{"label":31,"url":32},"Templates","/templates/",[34,35,38],{"label":31,"url":32},{"label":36,"url":37},"Legal Agreements","/templates/business-legal-agreements/",{"label":39,"url":40},"Loans & Promissory Notes","/templates/loans-and-promissory-notes/",[42,46,50,54,58,62,66,70,74,78,82,86,90,108,124,139,154,167],{"label":43,"url":44,"thumb":45,"extension":10},"Balloon Note","/template/balloon-note-D426","https://templates.business-in-a-box.com/imgs/250px/426.png",{"label":47,"url":48,"thumb":49,"extension":10},"Credit Note","/template/credit-note-D13639","https://templates.business-in-a-box.com/imgs/250px/13639.png",{"label":51,"url":52,"thumb":53,"extension":10},"Delivery Note","/template/delivery-note-D12712","https://templates.business-in-a-box.com/imgs/250px/12712.png",{"label":55,"url":56,"thumb":57,"extension":10},"Demand Note","/template/demand-note-D429","https://templates.business-in-a-box.com/imgs/250px/429.png",{"label":59,"url":60,"thumb":61,"extension":10},"Mortgage Note","/template/mortgage-note-D1182","https://templates.business-in-a-box.com/imgs/250px/1182.png",{"label":63,"url":64,"thumb":65,"extension":10},"Promissory Note","/template/promissory-note-D434","https://templates.business-in-a-box.com/imgs/250px/434.png",{"label":67,"url":68,"thumb":69,"extension":10},"Time Note","/template/time-note-D441","https://templates.business-in-a-box.com/imgs/250px/441.png",{"label":71,"url":72,"thumb":73,"extension":10},"Convertible Note Agreement","/template/convertible-note-agreement-D870","https://templates.business-in-a-box.com/imgs/250px/870.png",{"label":75,"url":76,"thumb":77,"extension":10},"Goods Received Note","/template/goods-received-note-D13698","https://templates.business-in-a-box.com/imgs/250px/13698.png",{"label":79,"url":80,"thumb":81,"extension":10},"Note Purchase Agreement","/template/note-purchase-agreement-D433","https://templates.business-in-a-box.com/imgs/250px/433.png",{"label":83,"url":84,"thumb":85,"extension":10},"Promissory Note With Acknowledgment","/template/promissory-note-with-acknowledgment-D437","https://templates.business-in-a-box.com/imgs/250px/437.png",{"label":87,"url":88,"thumb":89,"extension":10},"Secured Installment Note","/template/secured-installment-note-D440","https://templates.business-in-a-box.com/imgs/250px/440.png",{"description":91,"descriptionCustom":6,"label":92,"pages":93,"size":94,"extension":10,"preview":95,"thumb":96,"svgFrame":97,"seoMetadata":98,"parents":100,"keywords":99,"url":107},"SECURED LUMP-SUM PROMISSORY NOTE AGREEMENT This Secured Lump-Sum Promissory Note Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME], (the \"Issuer\") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME], (the \"Holder\") company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] FOR VALUE RECEIVED, the undersigned Issuer hereby promises to pay to the order of the Holder, the maximum Principal Amount of [PRINCIPAL AMOUNT] together with interest on the unpaid Principal Amount (as defined in this Agreement) outstanding from time to time at the rate (or rates) hereafter specified, and all other sums which may be owing to the Holder by the Issuer hereunder. The terms of the Note are as follows: MATURITY DATE AND PAYMENT TERMS This Note will mature, and be due and payable in full, on [DATE] (the \"Maturity Date\") and shall be paid in the lump sum amount of [LUMP SUM AMOUNT TO BE PAID]. INTEREST From and after the date hereof, all outstanding principal of this Note will bear simple interest at the rate of [PERCENT OF INTEREST] per annum. On the date that is [NUMBER OF DAYS] days after the date of this Note, the Issuer shall pay the then accrued interest on this Note. Upon the occurrence and during the continuance of any Event of Default (as hereinafter defined) under this Note, all outstanding principal of this Note shall bear interest at the rate of [PERCENT OF INTEREST] per annum. All outstanding principal and accrued but unpaid interest on this Note shall be payable on the Maturity Date. SECURITY This Note is Secured by a Security Agreement on the Issuer's Property, described as [PROPERTY DESCRIPTION], hereinafter known as the \"Security,\" which shall transfer to the possession and ownership of the Holder immediately in case of Acceleration. The Security may not be sold or transferred without the Holder's consent until the Maturity Date. If the Issuer breaches this provision, the Holder may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. The Holder shall have the sole option to accept the Security as full payment for the Principal Amount without further liabilities or obligations. If the market value of the Security does not exceed the Principal Amount, the Issuer shall remain liable for the balance due while accruing interest at the maximum rate allowed by law. PREPAYMENT The Issuer may prepay this Note prior to the Maturity Date, without premium or penalty, upon written notice to the Holder. EVENTS OF DEFAULT The occurrence of any one or more of the following events shall constitute an \"Event of Default\" under this Note: the failure of the Issuer to pay any sum due under this Note when due, whether by demand or otherwise, and such sum remains unpaid for five (5) days after the Due Date; and any other Event of Default described in the Security Agreement that might be signed between the Parties regarding the Property that is pledged as collateral to the loan. RIGHTS AND REMEDIES UPON DEFAULT ","Secured Lumpsum Promissory Note Agreement","4",513,"https://templates.business-in-a-box.com/imgs/1000px/secured-lumpsum-promissory-note-agreement-D13041.png","https://templates.business-in-a-box.com/imgs/250px/13041.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13041.xml",{"title":99,"description":6},"secured lumpsum promissory note agreement",[101,104],{"label":102,"url":103},"Business Plan Kit","business-plan-kit",{"label":105,"url":106},"Business Procedures","business-procedures","/template/secured-lumpsum-promissory-note-agreement-D13041",{"description":109,"descriptionCustom":6,"label":110,"pages":111,"size":94,"extension":10,"preview":112,"thumb":113,"svgFrame":114,"seoMetadata":115,"parents":117,"keywords":116,"url":123},"LOAN AGREEMENT This Loan Agreement (\"Agreement\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] Promise to Pay Within [NUMBER] months from today, Borrower promises to pay to Lender the sum of [AMOUNT], and interest and other charges stated below. Responsibility Although this Agreement may be signed below by more than one person, Borrower understands that both parties are individuals responsible for paying back the full amount. Breakdown of Loan Amount of Loan: Other (Describe): Amount Financed: Finance Charge: Total of Payments: Annual Rate: Repayment Borrower will repay the amount of this note in [NUMBER] equal uninterrupted monthly installments of [AMOUNT] each on the [DAY] of each month starting on the [DATE], and ending on [DATE]. Prepayment Borrower has the right to prepay the whole outstanding amount at any time","Loan Agreement","2","https://templates.business-in-a-box.com/imgs/1000px/loan-agreement-D417.png","https://templates.business-in-a-box.com/imgs/250px/417.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#417.xml",{"title":116,"description":6},"loan agreement",[118,120,122],{"label":17,"url":119},"finance-accounting",{"label":20,"url":121},"business-loan",{"label":20,"url":121},"/template/loan-agreement-D417",{"description":125,"descriptionCustom":6,"label":126,"pages":8,"size":94,"extension":10,"preview":127,"thumb":128,"svgFrame":129,"seoMetadata":130,"parents":132,"keywords":137,"url":138},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: Demand for Payment on Installment PROMISSORY Note Dear [CONTACT NAME], I am the holder of your installment promissory note dated [DATE] in the amount of [AMOUNT] payable to [PAYEE] or order.","Demand for Payment on Installment Promissory Note","https://templates.business-in-a-box.com/imgs/1000px/demand-for-payment-on-installment-promissory-note-D428.png","https://templates.business-in-a-box.com/imgs/250px/428.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#428.xml",{"title":131,"description":6},"demand for payment on installment promissory note",[133,134,135],{"label":17,"url":119},{"label":20,"url":121},{"label":23,"url":136},"promisory-note","demand for payment installment promissory note","/template/demand-for-payment-on-installment-promissory-note-D428",{"description":140,"descriptionCustom":6,"label":141,"pages":8,"size":94,"extension":10,"preview":142,"thumb":143,"svgFrame":144,"seoMetadata":145,"parents":147,"keywords":152,"url":153},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: demand for extension of payment date Dear [Contact name], This will acknowledge our telephone conversation of this date. As was stated in our letter dated [Date], we should be receiving our financing by [Date].","Demand for Extension of Payment Date","https://templates.business-in-a-box.com/imgs/1000px/demand-for-extension-of-payment-date-D444.png","https://templates.business-in-a-box.com/imgs/250px/444.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#444.xml",{"title":146,"description":6},"demand for extension of payment date",[148,149],{"label":17,"url":119},{"label":150,"url":151},"Administration","business-administration","demand for extension payment date","/template/demand-for-extension-of-payment-date-D444",{"description":155,"descriptionCustom":6,"label":156,"pages":8,"size":94,"extension":10,"preview":157,"thumb":158,"svgFrame":159,"seoMetadata":160,"parents":162,"keywords":161,"url":166},"Payment Plan Agreement By this contract, [BORROWER'S NAME] agrees to pay for the services rendered by [NAME OF THE LENDER], hereafter known as \"Lender,\" by the following schedule in exchange for [SPECIFY]. By this agreement, it is agreed that a payment of [SPECIFY AMOUNT] will be surrendered to the Lender every [WEEK/MONTH], for the next [SPECIFY THE NUMBER OF WEEKS/MONTHS] until the total of the payment required, which is [SPECIFY] has been delivered. The first payment will start [SPECIFY DATE] and will end [SPECIFY DATE]. The payment schedule will take the following form:","Payment Plan Agreement","https://templates.business-in-a-box.com/imgs/1000px/payment-plan-agreement-D12663.png","https://templates.business-in-a-box.com/imgs/250px/12663.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12663.xml",{"title":161,"description":6},"payment plan agreement",[163,165],{"label":36,"url":164},"business-legal-agreements",{"label":36,"url":164},"/template/payment-plan-agreement-D12663",{"description":168,"descriptionCustom":6,"label":169,"pages":93,"size":170,"extension":10,"preview":171,"thumb":172,"svgFrame":173,"seoMetadata":174,"parents":175,"keywords":178,"url":179},"GUARANTEE AGREEMENT This Guarantee Agreement (the \"Agreement\") is effective [DATE], BETWEEN : [YOUR COMPANY NAME] (the \"Guarantors\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND : [BORROWER NAME] (the \"Borrower\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND : [LENDER NAME] (the \"Lender\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND : [DEBENTURE NAME] (the \"Debenture\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS [LENDER] made available, as a loan, the amount of [AMOUNT] to [BORROWER] pursuant to the terms and conditions of a Subscription Agreement entered into between the Lender and the Borrower and to which intervened the Guarantors on [DATE]; any amount will be disburse by [SPECIFY] by the issuance of Debentures, a specimen of which is annexed hereto as [SPECIFY] (the said loans and the issuance of the said debentures, in an aggregate maximum amount of [AMOUNT] plus interests, as same may be amended, supplemented or restated at any time and from time to time, are hereinafter collectively referred to as the \"Debentures\" and individually as a \"Debenture\"); WHEREAS the Guarantors agree to guarantee the obligations of the Corporation under the Debentures for a maximum amount equal to [NUMBER] percent of the amounts owned by the Corporation to [SPECIFY] under the Debentures. NOW THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the sufficiency and receipt of which are hereby acknowledged, the parties hereto have agreed as follows: 1. INTERPRETATION General Interpretation Unless there be something in the subject or the context inconsistent therewith, words importing the singular only shall include the plural and vice versa, and words importing the masculine gender shall include the feminine gender, and vice versa. Division into Articles The division of this Guarantee Agreement into Articles, Sections, subsections, paragraphs and subparagraphs and the insertion of titles are for convenience of reference only and do not affect the meaning or the interpretation of the present Guarantee Agreement. Preamble The preamble to this Guarantee Agreement shall form an integral part hereof, as if at length recited herein. 2. GUARANTEE Object of Guarantee The Guarantors bind and oblige themselves solidarily, absolutely and unconditionally with the Borrower for the due and punctual performance of [NUMBER] percent of all of the Borrower's obligations, undertakings and covenants under each one of the Debenture, expressly renouncing to the benefits of division and discussion. The Guarantors undertake to perform such obligations, undertakings and covenants upon the occurrence of an Event of Default (as this expression is defined in each one of the Debenture) under either one of the Debenture, without notice or demand. Nature of Guarantors' Obligations The Guarantors' obligations hereunder are absolute and unconditional, present and continuing, unlimited, constitute a guarantee of payment and performance and not a guarantee of collection and shall remain in full force and effect until the earlier of (i) the performance in full of all of the Borrower's obligations, undertakings and covenants under each one of the Debenture and (ii) [NUMBER] years following the execution hereof. Each one of the Guarantors hereby acknowledges that this guarantee is not attached to the performance of duties. No Release of the Guarantors","Guarantee Agreement",64,"https://templates.business-in-a-box.com/imgs/1000px/guarantee-agreement-D5194.png","https://templates.business-in-a-box.com/imgs/250px/5194.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#5194.xml",{"title":6,"description":6},[176,177],{"label":36,"url":164},{"label":36,"url":164},"guarantee agreement","/template/guarantee-agreement-D5194",false,{"seo":182,"reviewer":194,"legal_disclaimer":198,"quick_facts":199,"at_a_glance":201,"personas":205,"variants":230,"glossary":255,"clauses":287,"how_to_fill":338,"common_mistakes":379,"faqs":404,"industries":432,"comparisons":449,"diy_vs_lawyer":463,"jurisdictions":476,"related_template_ids_curated":497,"schema":506,"classification":507},{"meta_title":183,"meta_description":184,"primary_keyword":185,"secondary_keywords":186},"Renewed Note Template (Free Word)","Free renewed note template to extend or modify an existing promissory note. Trusted by companies in USA, Canada, UK, Australia, and 190+ countries. Free Word and PDF download.","renewed note template",[187,188,189,190,191,192,193],"note renewal agreement template","promissory note renewal template","loan renewal agreement template","renewed note template word","note renewal template free","extend promissory note template","renewal of note template",{"name":195,"credential":196,"reviewed_date":197},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":200,"legal_review_recommended":198,"signature_required":198,"notarization_required":180},"medium",{"what_it_is":202,"when_you_need_it":203,"whats_inside":204},"A Renewed Note is a legally binding document that extends or modifies the terms of an existing promissory note — resetting the maturity date, adjusting the interest rate, or restating the outstanding principal balance — without canceling the original debt obligation. This free Word download gives you a professionally structured template you can edit online and export as PDF for execution by both parties.\n","Use it when a borrower cannot repay a loan by the original maturity date and both parties agree to extend the repayment period, or when the parties want to modify the interest rate or payment schedule on an existing note without drafting an entirely new loan agreement.\n","Identification of the original note and parties, outstanding principal balance as of the renewal date, new maturity date and interest rate, revised repayment schedule, default and acceleration provisions, and governing law. The template also includes acknowledgment that all other original note terms remain in full force and effect.\n",[206,210,214,218,222,226],{"title":207,"use_case":208,"icon_asset_id":209},"Small business lenders","Extending repayment on a business loan when the borrower needs more time","persona-small-business-owner",{"title":211,"use_case":212,"icon_asset_id":213},"Private individuals who lend money","Formalizing a renewed repayment timeline on a personal loan to a friend or family member","persona-freelancer",{"title":215,"use_case":216,"icon_asset_id":217},"Commercial real estate investors","Renewing a seller-financed note when a balloon payment comes due","persona-investor",{"title":219,"use_case":220,"icon_asset_id":221},"Startup founders","Extending a convertible or bridge note maturity before conversion or repayment","persona-startup-founder",{"title":223,"use_case":224,"icon_asset_id":225},"CFOs and finance managers","Documenting an inter-company note renewal within a corporate group","persona-cfo",{"title":227,"use_case":228,"icon_asset_id":229},"Credit unions and community banks","Renewing a member or customer loan at revised terms without full re-underwriting","persona-operations-director",[231,235,239,242,245,249,252],{"situation":232,"recommended_template":233,"slug":234},"Extending a simple personal or business loan with no change to interest rate","Renewed Note (Extension Only)","renewed-note-D438",{"situation":236,"recommended_template":237,"slug":238},"Modifying both the interest rate and maturity date of an existing note","Loan Modification Agreement","secured-lumpsum-promissory-note-agreement-D13041",{"situation":240,"recommended_template":63,"slug":241},"Creating a brand-new loan obligation from scratch","promissory-note-D434",{"situation":243,"recommended_template":244,"slug":238},"Renewing a note secured by real property","Promissory Note (Secured)",{"situation":246,"recommended_template":247,"slug":248},"Extending a convertible note before its maturity date","Convertible Note","convertible-note-agreement-D870",{"situation":250,"recommended_template":251,"slug":238},"Settling or reducing the outstanding balance before renewal","Debt Settlement Agreement",{"situation":253,"recommended_template":254,"slug":238},"Formally forgiving a portion of the outstanding debt at renewal","Debt Forgiveness Agreement",[256,258,260,263,266,269,272,275,278,281,284],{"term":7,"definition":257},"A legal document that extends the maturity date or modifies the terms of an existing promissory note while preserving the underlying debt obligation.",{"term":63,"definition":259},"A written, signed promise by a borrower to pay a specific sum to a lender on a defined date or on demand, with or without interest.",{"term":261,"definition":262},"Outstanding Principal","The remaining loan balance owed by the borrower as of the renewal date, after crediting any payments already made.",{"term":264,"definition":265},"Maturity Date","The specific calendar date on which the full outstanding balance of a note becomes due and payable.",{"term":267,"definition":268},"Acceleration Clause","A provision allowing the lender to demand full immediate repayment of the outstanding balance if the borrower defaults or breaches a specified condition.",{"term":270,"definition":271},"Default","Failure by the borrower to make a scheduled payment, breaching the note terms and triggering the lender's remedies including acceleration or legal action.",{"term":273,"definition":274},"Usury","The practice of charging an interest rate that exceeds the maximum rate permitted by law in the applicable jurisdiction.",{"term":276,"definition":277},"Novation","The replacement of an existing obligation with a new one, extinguishing the original debt — distinct from a renewal, which preserves and extends it.",{"term":279,"definition":280},"Balloon Payment","A lump-sum payment of the full outstanding principal due at the end of a loan term, common in seller-financed and commercial real estate notes.",{"term":282,"definition":283},"Forbearance","A lender's temporary agreement not to enforce repayment or pursue remedies, often formalized in a renewed note or separate forbearance agreement.",{"term":285,"definition":286},"Consideration","Something of value exchanged between parties to make a contract legally binding — in a renewed note, the lender's agreement to extend time is typically the consideration.",[288,293,298,303,308,313,318,323,328,333],{"name":289,"plain_english":290,"sample_language":291,"common_mistake":292},"Recitals and identification of original note","Identifies both parties by legal name, references the original promissory note by date and amount, and states the purpose of the renewal.","WHEREAS, on [ORIGINAL NOTE DATE], [BORROWER LEGAL NAME] ('Borrower') executed a Promissory Note in the original principal amount of $[ORIGINAL AMOUNT] in favor of [LENDER LEGAL NAME] ('Lender') (the 'Original Note'); and WHEREAS, the parties desire to renew and extend the Original Note on the terms set forth herein.","Referencing the original note by description only, without the exact execution date and principal amount. If multiple notes exist between the parties, an ambiguous reference creates a dispute about which obligation is being renewed.",{"name":294,"plain_english":295,"sample_language":296,"common_mistake":297},"Outstanding principal balance","States the exact dollar amount still owed by the borrower as of the renewal date, reflecting all payments made to date.","As of [RENEWAL DATE], the outstanding principal balance of the Original Note is $[OUTSTANDING BALANCE], after giving credit for all payments received by Lender through such date.","Carrying forward the original principal amount instead of the actual outstanding balance. This overstates the debt and can constitute a material misrepresentation, creating enforceability risk.",{"name":299,"plain_english":300,"sample_language":301,"common_mistake":302},"New maturity date","Sets the specific new date by which the borrower must repay the full outstanding balance, replacing the original maturity date.","The maturity date of the Original Note is hereby extended to [NEW MATURITY DATE]. All outstanding principal and accrued interest shall be due and payable in full on the New Maturity Date.","Stating a new maturity date without explicitly superseding the original. Courts have found ambiguity when both dates appear in related documents without a clear statement of which controls.",{"name":304,"plain_english":305,"sample_language":306,"common_mistake":307},"Interest rate","States the interest rate that will apply to the outstanding balance during the renewed term — either confirming the original rate or setting a new one.","During the renewal term, the outstanding principal balance shall bear interest at the rate of [X]% per annum, compounded [monthly / annually], [replacing / confirming] the interest rate set forth in the Original Note.","Failing to verify that the renewed interest rate complies with the usury limits of the governing jurisdiction. Rates that were lawful at original execution may exceed limits that have changed, or may apply differently to a renewed instrument.",{"name":309,"plain_english":310,"sample_language":311,"common_mistake":312},"Revised repayment schedule","Specifies how and when the borrower will make payments during the renewed term — monthly installments, interest-only, or a single balloon payment at maturity.","Commencing on [FIRST PAYMENT DATE], Borrower shall make [monthly / quarterly] payments of $[PAYMENT AMOUNT], comprising principal and interest, with a final balloon payment of all remaining outstanding principal and accrued interest due on the New Maturity Date.","Describing a repayment schedule that does not fully amortize the debt by the new maturity date without explicitly providing for a balloon payment. This creates a gap that the borrower may exploit to argue the obligation was satisfied.",{"name":314,"plain_english":315,"sample_language":316,"common_mistake":317},"Continuation of original note terms","Confirms that all terms and conditions of the original note not expressly modified by the renewed note remain in full force and effect.","Except as expressly modified herein, all terms, conditions, covenants, and provisions of the Original Note remain in full force and effect and are hereby ratified and confirmed. In the event of any conflict between this Renewed Note and the Original Note, the terms of this Renewed Note shall control.","Omitting a conflict-resolution clause. Without it, a contradiction between the original and renewed note terms requires litigation to resolve which document governs.",{"name":319,"plain_english":320,"sample_language":321,"common_mistake":322},"Default and acceleration","Defines what constitutes a default under the renewed note and grants the lender the right to accelerate the full balance immediately upon default.","If Borrower fails to make any payment within [X] days of its due date, or breaches any other term of this Renewed Note or the Original Note, Lender may, at its option, declare the entire outstanding principal balance and all accrued interest immediately due and payable without further notice or demand.","Setting no grace period for payment defaults. Acceleration without a cure period can be challenged as commercially unreasonable in some jurisdictions, particularly for consumer loans.",{"name":324,"plain_english":325,"sample_language":326,"common_mistake":327},"No novation","Expressly states that the renewal does not extinguish the original debt obligation — it merely extends and modifies it — preserving any existing security interest or guarantee.","This Renewed Note constitutes a renewal and extension of the Original Note and does not constitute a novation or discharge of the indebtedness evidenced thereby. Any security interest, collateral, or guaranty securing the Original Note shall continue to secure the obligations hereunder.","Failing to include a no-novation clause when collateral or a personal guarantee is attached to the original note. Without it, a borrower may argue the renewal discharged the original security, leaving the lender unsecured.",{"name":329,"plain_english":330,"sample_language":331,"common_mistake":332},"Governing law and jurisdiction","Specifies which state or country's laws govern the note and where disputes must be resolved.","This Renewed Note shall be governed by and construed in accordance with the laws of the State of [STATE], without regard to its conflict-of-laws principles. Any action to enforce this Renewed Note shall be brought exclusively in the courts of [COUNTY], [STATE].","Choosing a governing law that differs from the jurisdiction where the original note was executed or where the borrower is located. Inconsistency between the two documents can create conflict-of-laws disputes that delay enforcement.",{"name":334,"plain_english":335,"sample_language":336,"common_mistake":337},"Signatures and date of execution","Records the legal names, signatures, and titles of the borrower and lender, and the date the renewed note is executed.","IN WITNESS WHEREOF, the parties have executed this Renewed Note as of [EXECUTION DATE]. BORROWER: [BORROWER LEGAL NAME] By: [AUTHORIZED SIGNATURE] Name: [PRINTED NAME] Title: [TITLE IF ENTITY]. LENDER: [LENDER LEGAL NAME] By: [AUTHORIZED SIGNATURE] Name: [PRINTED NAME].","Having only the borrower sign. A renewed note is a bilateral modification — courts in several jurisdictions require evidence of the lender's acceptance, and an unsigned lender block creates enforceability questions.",[339,344,349,354,359,364,369,374],{"step":340,"title":341,"description":342,"tip":343},1,"Gather the original note and payment history","Locate the executed original promissory note and compile a complete record of all payments received to date. You will need the original principal amount, the original execution date, and the exact outstanding balance as of the renewal date.","Reconcile the payment history before you fill in the outstanding balance — a discrepancy discovered after signing requires a corrective amendment.",{"step":345,"title":346,"description":347,"tip":348},2,"Identify both parties with their legal names","Enter the borrower and lender's full legal names exactly as they appear on the original note. For entities, use the registered corporate or LLC name, not a trade name.","If either party has changed its legal name since the original note was signed, add a recital acknowledging the name change — e.g., 'formerly known as [PRIOR NAME].'",{"step":350,"title":351,"description":352,"tip":353},3,"State the outstanding principal balance","Enter the actual remaining principal balance as of the renewal date, after crediting all prior payments. Do not use the original face amount unless no payments have been made.","Have both parties sign off on the outstanding balance figure before executing the renewed note. A separate balance confirmation letter prevents disputes later.",{"step":355,"title":356,"description":357,"tip":358},4,"Set the new maturity date","Choose a specific calendar date — not a period like 'six months from signing' — and enter it as the new maturity date. Confirm the new term is commercially reasonable and that the borrower has a realistic path to repayment.","Avoid setting a maturity date that falls on a weekend or public holiday. Add language providing that if the maturity date falls on a non-business day, payment is due on the next business day.",{"step":360,"title":361,"description":362,"tip":363},5,"Set and verify the interest rate","Enter the applicable interest rate and confirm it does not exceed the usury ceiling in the governing jurisdiction. If the rate is changing from the original note, state clearly that the new rate replaces the old one.","US state usury limits vary widely — from no limit in some states to 10–16% on commercial notes in others. Check the current limit for the governing state before executing.",{"step":365,"title":366,"description":367,"tip":368},6,"Define the revised repayment schedule","Specify payment amounts, frequency, and due dates for the renewed term. If the note will end with a balloon payment, state the balloon amount explicitly or define it as the full remaining outstanding balance on the maturity date.","Include a payment application waterfall — e.g., 'payments shall be applied first to accrued interest, then to outstanding principal' — to prevent disputes on how partial payments are credited.",{"step":370,"title":371,"description":372,"tip":373},7,"Confirm continuation of collateral and guarantees","If the original note was secured by collateral or backed by a personal guarantee, confirm in the no-novation clause that these continue to apply under the renewed note. Obtain a written reaffirmation from any guarantor.","If the collateral is real property, check whether the governing jurisdiction requires the renewal to be recorded in the same registry as the original security instrument.",{"step":375,"title":376,"description":377,"tip":378},8,"Execute with proper signatures and retain originals","Have both parties sign and date the renewed note. For entity borrowers or lenders, ensure the signatory has board or operating-agreement authority to bind the entity. Retain the original signed document along with the original promissory note.","Use Business in a Box eSign to create a timestamped execution record. Store the fully-executed renewed note and the original note together in BIB Drive so both are accessible if enforcement is ever needed.",[380,384,388,392,396,400],{"mistake":381,"why_it_matters":382,"fix":383},"Using the original principal instead of the outstanding balance","Restating the original face amount as the renewed balance overstates the debt. A borrower who has made significant payments can successfully challenge the enforceability of the restated amount, and the lender may face a fraud or misrepresentation claim.","Calculate the exact outstanding balance from your payment records and have both parties confirm it in writing before the renewal is signed.",{"mistake":385,"why_it_matters":386,"fix":387},"Omitting the no-novation clause when collateral exists","Without explicit language preserving the original debt and any security interest, a court may treat the renewal as a novation that discharges the original obligation — leaving the lender with an unsecured renewed note and no collateral.","Include a no-novation clause stating that the renewal extends the original obligation and that all security interests, pledges, and guarantees continue in full force.",{"mistake":389,"why_it_matters":390,"fix":391},"Failing to verify usury compliance at the renewal date","Interest rate limits can change between the original execution date and the renewal date. Renewing at a rate that now exceeds the applicable ceiling renders the interest provision — and sometimes the entire note — unenforceable.","Check the current usury limit for the governing jurisdiction immediately before setting the renewed interest rate, and document your compliance check in your file.",{"mistake":393,"why_it_matters":394,"fix":395},"Not obtaining a guarantor's written consent to the renewal","Guarantors are typically discharged if the underlying obligation is materially modified without their consent. A renewed maturity date or changed interest rate can constitute a material modification, voiding the guarantee.","Have all guarantors execute a written consent or reaffirmation of their guarantee at the same time the renewed note is signed, confirming their obligations extend to the renewed terms.",{"mistake":397,"why_it_matters":398,"fix":399},"Ambiguous reference to the original note","Describing the original note only by approximate amount or general date makes it impossible to identify if the parties have multiple notes between them, creating a dispute about which obligation is being renewed.","Reference the original note by its exact execution date, original principal amount, and — if it was recorded or assigned a reference number — that identifier as well.",{"mistake":401,"why_it_matters":402,"fix":403},"Renewed note signed only by the borrower","A renewed note modifies an existing bilateral contract. If only the borrower signs, the lender's acceptance of the new terms is not documented, leaving the modification open to challenge.","Ensure both the borrower and an authorized representative of the lender execute the renewed note. For institutional lenders, confirm the signatory has the requisite loan-approval authority.",[405,408,411,414,417,420,423,426,429],{"question":406,"answer":407},"What is a renewed note?","A renewed note is a legal document that extends or modifies the terms of an existing promissory note — typically resetting the maturity date, adjusting the interest rate, or restating the outstanding balance — without canceling or replacing the original debt obligation. It preserves any existing collateral, security interests, and guarantees attached to the original note, and gives both the borrower and lender a clear, signed record of the updated repayment arrangement.\n",{"question":409,"answer":410},"What is the difference between a renewed note and a new promissory note?","A renewed note extends an existing debt obligation — it references the original note, states the current outstanding balance, and modifies only the terms the parties have agreed to change. A new promissory note creates an entirely new debt obligation, typically extinguishing the original through novation. The distinction matters because a renewal preserves collateral and guarantees; a new note may not, unless they are expressly re-granted or reaffirmed.\n",{"question":412,"answer":413},"Do I need a lawyer to draft a renewed note?","For straightforward maturity-date extensions between commercial parties, a high-quality template is typically sufficient. Engaging a lawyer is advisable when the original note is secured by real property, when a guarantor is involved and their consent must be documented, when the interest rate is changing and usury compliance must be verified, or when the borrower is in financial distress and a workout arrangement is being structured. A 1–2 hour legal review typically costs $300–$600 and is well worth it for notes over $50,000.\n",{"question":415,"answer":416},"Does a renewed note need to be notarized?","Notarization is generally not required for a standard renewed note to be enforceable between the parties. However, if the original note was secured by a deed of trust or mortgage and recorded in a county real-property registry, many jurisdictions require the renewal or modification to be notarized and re-recorded to maintain priority over subsequent liens. Check the requirements of the governing jurisdiction before executing.\n",{"question":418,"answer":419},"What happens to collateral when a note is renewed?","If the renewed note includes a no-novation clause, existing collateral and security interests continue to secure the renewed obligation without any additional filing. If the no-novation clause is missing, a court may treat the renewal as a discharge of the original note, potentially releasing the collateral. For UCC-filed security interests, verify that the financing statement remains current — UCC-1 filings lapse after 5 years if not continued.\n",{"question":421,"answer":422},"Can a guarantor be released when a note is renewed?","A guarantor can be discharged if the underlying obligation is materially modified without their written consent. An extension of the maturity date or a change to the interest rate typically qualifies as a material modification. To avoid an unintended release, always obtain a written consent or reaffirmation from all guarantors at the time the renewed note is signed, confirming their guarantee covers the renewed terms.\n",{"question":424,"answer":425},"How many times can a promissory note be renewed?","There is no legal limit on the number of times a promissory note may be renewed, provided each renewal is supported by valid consideration and executed with proper formalities. However, repeated renewals without meaningful repayment may raise concerns about the bona fide nature of the debt, particularly for related-party loans subject to tax-authority scrutiny. Courts in some jurisdictions have also found that serial renewals can reset the statute-of-limitations clock, which may benefit or harm either party depending on the circumstances.\n",{"question":427,"answer":428},"Does the renewed note need to reference the original note's interest accrued to date?","Best practice is to state the outstanding principal balance as of the renewal date and separately identify any accrued but unpaid interest as of that date. You can either capitalize the accrued interest into the new principal balance — stating this explicitly — or treat it as separately payable. Leaving accrued interest unaddressed in the renewed note creates a gap that the borrower may use to argue it was waived.\n",{"question":430,"answer":431},"Is a renewed note the same as a loan modification agreement?","They serve similar purposes but differ in form and scope. A renewed note is typically a standalone instrument that restates the key economic terms of the debt and is intended to be read alongside the original note. A loan modification agreement is usually a broader document that can modify multiple loan documents at once — including a mortgage, security agreement, and note — and is more common in institutional lending. For simple bilateral arrangements, a renewed note is sufficient.\n",[433,437,441,445],{"industry":434,"icon_asset_id":435,"specifics":436},"Commercial real estate","industry-real-estate","Seller-financed notes and balloon-payment mortgages frequently require renewal when buyers cannot refinance by the original maturity date, making the no-novation and collateral-continuation clauses especially critical.",{"industry":438,"icon_asset_id":439,"specifics":440},"Small business lending","industry-small-business","Community banks and credit unions use renewed notes to extend seasonal or working-capital loans when a borrower's cash cycle runs longer than originally projected, often adjusting the payment schedule to match updated revenue timing.",{"industry":442,"icon_asset_id":443,"specifics":444},"Technology and startups","industry-saas","Convertible bridge notes approaching maturity without a qualifying financing event are routinely renewed with an amended maturity date and sometimes a revised conversion discount, requiring careful coordination with existing noteholders.",{"industry":446,"icon_asset_id":447,"specifics":448},"Professional services","industry-professional-services","Law firms, accounting firms, and consulting practices that extended payment terms or partner loans to clients or principals use renewed notes to formalize restructured repayment after a business disruption or delayed project close.",[450,453,456,459],{"vs":63,"vs_template_id":451,"summary":452},"promissory-note-D158","A promissory note creates an original debt obligation between two parties for the first time. A renewed note extends or modifies an existing promissory note without extinguishing it. Use a promissory note when initiating a new loan; use a renewed note when both parties agree to adjust the terms of an obligation already in place.",{"vs":237,"vs_template_id":454,"summary":455},"D{LOAN_MODIFICATION_ID}","A loan modification agreement is typically a broader document that can amend multiple loan instruments simultaneously — including a mortgage, security agreement, and note — and is common in institutional or real-estate lending. A renewed note is a simpler, standalone instrument suited to bilateral arrangements between two parties without complex multi-document loan structures.",{"vs":251,"vs_template_id":457,"summary":458},"debt-settlement-agreement-D12756","A debt settlement agreement resolves an outstanding obligation by accepting less than the full amount owed — the creditor forgives a portion of the debt in exchange for immediate or structured partial payment. A renewed note keeps the full debt intact and simply extends the time or modifies the terms for full repayment. Use a settlement agreement when the borrower cannot pay in full; use a renewed note when the borrower needs more time but will repay the entire balance.",{"vs":460,"vs_template_id":461,"summary":462},"Forbearance Agreement","D{FORBEARANCE_AGREEMENT_ID}","A forbearance agreement is a temporary arrangement in which the lender agrees not to exercise its remedies for a defined period while the borrower works through a financial difficulty. It does not reset the maturity date or alter the underlying note terms permanently. A renewed note makes a permanent change to the debt terms. Use a forbearance agreement for short-term relief during distress; use a renewed note when both parties have agreed on new long-term terms.",{"use_template":464,"template_plus_review":468,"custom_drafted":472},{"best_for":465,"cost":466,"time":467},"Straightforward maturity-date extensions on unsecured commercial or personal notes between two parties","Free","20–30 minutes",{"best_for":469,"cost":470,"time":471},"Notes over $50,000, secured notes, or renewals involving a guarantor whose consent must be documented","$300–$600","1–3 days",{"best_for":473,"cost":474,"time":475},"Real-property-secured notes requiring re-recording, multi-party workout arrangements, or notes in financial distress with regulatory implications","$1,000–$3,500+","1–2 weeks",[477,482,487,492],{"code":478,"name":479,"flag_asset_id":480,"note":481},"us","United States","flag-us","Usury laws vary significantly by state — some states (Delaware, New York for commercial loans) impose no practical ceiling on commercial note interest, while others cap rates at 10–18%. The UCC governs security interests in personal property; a renewed note does not automatically extend a UCC-1 financing statement, which must be continued separately before it lapses at the 5-year mark. Several states require renewed notes secured by real property to be re-recorded to maintain lien priority.",{"code":483,"name":484,"flag_asset_id":485,"note":486},"ca","Canada","flag-ca","The federal Interest Act prohibits compound interest unless it is set out in writing, and limits interest on mortgages in arrears to the contracted rate. Provincial limitation periods for enforcing a promissory note are typically 2 years from the date the cause of action arose — a renewal may reset this clock, which can benefit the lender. Quebec civil law treats obligations differently from common-law provinces; parties renewing a note governed by Quebec law should confirm the renewal formalities required under the Civil Code.",{"code":488,"name":489,"flag_asset_id":490,"note":491},"uk","United Kingdom","flag-uk","The Limitation Act 1980 provides a 6-year limitation period for simple contract debts in England and Wales; a signed written acknowledgment of the debt — such as a renewed note — restarts this period. Consumer Credit Act protections apply if the borrower is an individual and the loan meets regulated-credit thresholds. Stamp duty is no longer payable on promissory notes in the UK, but a renewed note secured over land may require Land Registry registration to maintain priority.",{"code":493,"name":494,"flag_asset_id":495,"note":496},"eu","European Union","flag-eu","Consumer lending in the EU is regulated by the Consumer Credit Directive, which imposes mandatory disclosure and cooling-off rights on credit agreements with individuals — renewed notes that qualify as consumer credit must comply. GDPR applies to personal data processed in connection with the renewal. Limitation periods vary by member state (3 years in Germany, 5 years in France, 10 years in Italy for commercial notes), and a written renewal acknowledgment may reset the clock in most jurisdictions. Interest rate ceilings exist in France (taux d'usure) and several other member states.",[241,238,498,498,499,500,501,238,502,503,504,505],"loan-agreement-D417","demand-for-payment-on-installment-promissory-note-D428","demand-for-extension-of-payment-date-D444","payment-plan-agreement-D12663","guarantee-agreement-D5194","security-agreement-D915","acknowledgement-letter-D13437","general-release-and-settlement-agreement-D12554",{"emit_how_to":198,"emit_defined_term":198},{"primary_folder":164,"secondary_folder":508,"document_type":509,"industry":510,"business_stage":511,"tags":512,"confidence":518},"loans-and-promissory-notes","agreement","general","all-stages",[513,514,515,516,517],"loan","legal","promissory-note","renewal","debt",0.95,"\u003Ch2>What is a Renewed Note?\u003C/h2>\n\u003Cp>A \u003Cstrong>Renewed Note\u003C/strong> is a legally binding document that extends or modifies the terms of an existing promissory note — resetting the maturity date, adjusting the interest rate, or restating the outstanding principal balance — while preserving the original debt obligation in full. Unlike a novation, which extinguishes the original note and replaces it with a new one, a renewed note keeps the underlying debt alive and simply updates the terms both parties have agreed to change. Any collateral, security interests, or personal guarantees attached to the original note continue to secure the renewed obligation, provided the document includes the appropriate no-novation and continuation language.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a signed renewed note, a lender who verbally agrees to extend a loan's maturity date has no enforceable record of the new terms — and the original maturity date continues to govern, leaving the lender technically entitled to demand full repayment and the borrower exposed to default. An undocumented modification also puts existing collateral and guarantees at risk: courts have released security interests and discharged guarantors when a material change to an underlying obligation was made without proper written formality. A properly executed renewed note eliminates these risks, gives both parties a clear statement of the outstanding balance and revised repayment timeline, and creates the paper trail required to enforce the debt if the borrower defaults under the new terms. This template provides a complete, professionally structured starting point that you can tailor to your specific transaction in under 30 minutes.\u003C/p>\n",1781186016401]