Common Contracts
1 similar Extension and Modification Agreement contracts
NEW YORK CONSOLIDATION, EXTENSION AND MODIFICATION AGREEMENTExtension and Modification Agreement • November 5th, 2015
Sellers often document refinance Mortgages secured by property located in New York State using a New York Consolidation, Extension and Modification Agreement (the “NY CEMA”). The NY CEMA combines into one set of rights and obligations all the promises and agreements stated in existing Notes and Mortgages secured by the Mortgaged Premises, including, if new funds are advanced to the Borrower at the time of the consolidation, a new Note and Mortgage. The result is that the Borrower has one consolidated loan obligation that is paid in accordance with the terms of the NY CEMA. When documenting a refinance Mortgage using a NY CEMA, you must use a Consolidated Note that must be executed by the Borrower. The consolidated loan terms, as stated in the NY CEMA, are restated in the Consolidated Note.
