Does the catchall modification paragraph suffice for a loan that was already modified as the new modification doesn’t directly include the modified loan amount?
Please note that this Loan Modification Agreement modifies each of the Loan Documents, including any modifications which may have already taken place. GoDocs is clearly identifying the original loan, and Note by instrument number and recording date. We also are having the parties acknowledge the current outstanding principal balance. And we are stating that this Loan Modification Agreement is modifying all previous Loan Documents and Mods and everything else not modified remains in full force and effect. As an example, we are not modifying or undoing the previous modification term which provided for the additional advance of funds. As such our catch-all paragraph does encompass all previous mods and is legally sufficient to protect both the Bank and the Borrower.