Covid-19 deferral REQUEST

What you need to know about the PriorityOne COVID-19 Loan Payment Deferral Program

This payment deferral will only apply to PriorityOne Bank (“PriorityOne”) loans that require monthly periodic payments (excluding loans that were 30 days or more past due as of March 1, 2020) for which the borrowers request the deferral by completing this form and for which the borrowers’ need for the deferral is related to an adverse financial impact suffered as a result of the coronavirus disease 2019 (COVID-19) pandemic.  If you request this deferral and your request is approved by PriorityOne, after the chosen deferral period has elapsed, your previous regularly required loan repayment schedule will resume.  An accounting of the sum portion of your loan payments (including principal, interest, and any required escrow payments) designated as deferred during this period will be provided to you at your request.  Deferred interest during the deferral period will be moved to the end of your loan and will be payable, along with any remaining principal balance, as a balloon payment at the earlier of your election to repay your loan in its entirety or at loan maturity.  This deferral shall not be construed as a forgiveness of debt, but represents an accommodation provided to PriorityOne Bank customers to provide relief during this time of crisis. All other terms and conditions of your existing promissory note, mortgage/deed of trust and other borrowing requirements shall continue to be valid and govern.

 

Prior to requesting this deferral, borrowers should note that this loan deferral will have the following impacts:

  • Interest on your loan will continue to accrue during the deferral period.
  • If you request this deferral and it is granted by PriorityOne, principal will not be reduced during the deferral period; as a result, the amount of interest paid over the life of the loan may increase due to the deferral. 
  • Unless you later elect to repay the deferred loan payments and any additional interest that accrued on the deferred principal prior to the maturity of your loan, you will have a balloon payment due at maturity equal to the amount deferred plus the additional interest accrued, or if your loan already has a balloon payment at maturity, that balloon payment will be increased by the sum of those amounts. 
  • The maturity date will not be changed.
  • The amount of interest paid over the life of the loan may increase due to the deferral.
  • No late charges or additional loan fees will be assessed during the deferral period.
  • Loan may be prepaid at any time, subject to any existing terms and conditions. 
  • If PriorityOne Bank currently escrows for your property insurance, flood insurance and/or property taxes, payment deferral does not affect your escrow payment obligations, and your deferred escrow payments will be deferred and could result in a shortage or deficiency in your escrow account in the coming year.  If your escrow does incur a shortage or deficiency due to the payment deferrals, your future payment obligation, after analysis, may increase.

Except as expressly requested herein and changed by any deferral agreed to by PriorityOne, the terms of the original obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent by PriorityOne to this request does not waive PriorityOne's right to strict performance of the obligation(s) as changed, nor obligate PriorityOne to make any future change in terms.  Nothing in this deferral request will constitute a satisfaction of the obligation(s) related hereto.  It is the intention of PriorityOne to retain as liable parties all makers and endorsers of the original obligation(s) for which the deferral is requested, including accommodation parties, unless a party is expressly released by PriorityOne in writing.  Any maker or endorser, including accommodation makers, will not be released by virtue of PriorityOne’s granting of this request.   

 

PLEASE READ CAREFULLY THE CONSEQUENCES OF REQUESTING A PAYMENT DEFERRAL UNDER THIS PROGRAM.  THIS PAYMENT DEFERRAL IS NOT MANDATORY.  IF YOU WISH TO CONTINUE MAKING YOUR REGULARLY SCHEDULED LOAN PAYMENTS, YOU ARE FREE TO DO SO, AND IN THAT CASE YOU SHOULD NOT COMPLETE THIS FORM.  A DECISION TO GRANT THE REQUEST MADE THROUGH COMPLETION OF THIS FORM IS SOLELY WITHIN THE DISCRETION OF PRIORITYONE, WHO RESERVES THE RIGHT TO DENY THIS REQUEST FOR ANY REASON.  IF THIS REQUEST IS GRANTED, THE PARTY SIGNING BELOW AGREES TO INDEMNIFY AND HOLD HARMLESS PRIORITYONE FROM ANY CLAIMS RELATED TO MISREPRESENTATIONS MADE BY THE PARTY MAKING THIS REQUEST, INCLUDING A MISREPRESENTATION WITH RESPECT TO THE RELATIONSHIP OF THEIR NEED TO COVID-19 AND A MISREPRESENTATION THAT OTHER PARTIES TO LOANS FOR WHICH THE REQUEST IS MADE CONSENT TO SUCH A DEFERRAL.

Personal Information

  • OK Name is required
  • OK Address is required
  • OK City is required
  • OK State is required
  • OK Zipcode is required
  • OK Last 4 of SSN is required
  • Home Phone

    - -
    OK Home Phone is required
  • Daytime Phone

    - -
    Optional OK Daytime Phone is required

Deferral Request and Representations*

Please confirm that you acknowledge and agree with the following statements by checking the box below.

    I want PriorityOne Bank to allow me to defer payments for the loans listed below according to the terms described in this form.

    I am requesting this deferral because of a financial need that is related to an adverse financial impact suffered as a result of the coronavirus disease 2019 (COVID-19) pandemic, and I agree to provide PriorityOne evidence of the relationship of my hardship to COVID-19 upon request.

    I represent to PriorityOne that all parties to the loans listed below consent to the changes and provisions of the requested deferral, and I acknowledge that PriorityOne’s decision to grant this request is given conditionally based on that representation to PriorityOne that all parties to the related loans so consent, even if they do not sign this request.

    Optional OK Yes, I/We Confirm is required

Specify Loans for which the deferral is requested and the number of monthly payments for which you'd like to request the deferral:*

  • OK Loan Number 1 is required
  • OK Number of payments to defer is required
  • Optional OK Loan Number 2 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 3 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 4 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 5 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 6 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 7 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 8 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 9 is required
  • Optional OK Number of payments to defer is required
  • Optional OK Loan Number 10 is required
  • Optional OK Number of payments to defer is required

E-Signature

    I/We confirm my agreement to participate in the PriorityOne COVID-19 payment deferral program as described above and I/we consent to receiving electronically any copies of this form or other legal disclosures, agreements, online account forms and instructions related to this agreement. I/we also confirm that the Internet access device(s) I/we use to make this request is also the one I will use to receive any subsequent related legal disclosures, agreements and online account forms, and I/we confirm that the information I have provided above is true and correct and that I/we have carefully read and understand the information regarding the right to request or decline this COVID-19 payment deferral.

    Delivery of a signature page to, or an executed counterpart of, this document by facsimile, email transmission of a scanned image or other electronic means, shall be effective as delivery of an originally executed counterpart.

    OK Yes, I/We Confirm is required
  • I/we understand that I have an ongoing right to change this consent at any time.

  • OK is required