Forbearance Agreement Template – US

Disclaimer

The information provided is intended solely as a general example related to agreements granting temporary relief from debt obligations. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney specializing in financial or contractual law. Laws and regulations may vary depending on the jurisdiction, and adjustments may be required to ensure compliance with local requirements. The use of this example is the sole responsibility of the user, and we assume no liability for any errors, omissions, or consequences arising from its use without professional review.

Please note: This is a sample Forbearance Agreement template for the United States, provided here for illustrative purposes only. Actual terms may vary based on specific agreements and applicable laws.

Sample Forbearance Agreement (US)

Parties Involved:

Lender: ABC Bank
Address: 123 Finance Avenue, New York, NY 10001

Borrower: John Doe
Address: 456 Elm Street, New York, NY 10002

Loan Details:

Loan Number: 789456123
Original Loan Amount: $250,000
Note Date: March 1, 2023

Forbearance Terms:

The lender agrees to temporarily suspend or reduce payment obligations for a period of six months starting from April 1, 2024, with the understanding that overdue amounts will accrue during this period.

Borrower’s Responsibilities:

The borrower agrees to resume regular payments after the forbearance period and to comply with any additional conditions outlined herein.

Governing Law:

This agreement shall be governed by the laws of the State of New York. Disputes shall be resolved within the courts of New York County.

Additional Provisions:

• The borrower shall provide monthly updates on financial status during the forbearance period.
• This agreement may be amended only in writing signed by both parties.
• Failure to comply with the terms may result in revocation of forbearance and acceleration of debt.

New York, ______________________