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:
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.