Agreement to Extend Debt Payment

FOR VALUE RECEIVED

the undersigned and_______________________________ (the "Company") hereby acknowledge and agree that:

 

1. The company presently owes the undersigned the sum of $____________, the said sum being presently due and payable.

2. In further consideration of the undersigned's forbearance, the company agrees to pay said debt on extended terms in the manner following:

________________________________________________

________________________________________________

 

3. In the event the company fails to make any payments punctually on the agreed extended terms, the undersigned shall have the right to proceed immediately for the collection of the entire balance then remaining, and the company hereby waives any defence, whether now known, or which may become known in the future, in respect of the said obligation to pay.

4. This agreement shall be binding upon and shall enure to the benefit of the parties, their successors, assigns and personal representatives.

 

Dated this_____ day of______________, 201(x) .

 

IN WITNESS WHEREOF the the parties hereto have hereunto affixed their respective corporate seals, attested by the hands of their respective officers, duly authorized in that behalf, on the day and year first above written.

 

CORP NAME #1

Authorized Officer_____________________________

 

CORP NAME #2

Authorized Officer_____________________________

 

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