Terms and Conditions to the Skip a Loan Payment Program
"Extension" means the extension of the Loan pursuant to the terms of this agreement.
"Guarantor" means any guarantor of the Loan.
"Loan" means the loan account stated on the first page hereof.
"You" means each borrower or co-borrower to the Loan.
"We" or "us" means the Eagle River Credit Union, Limited.
If you are approved by us to skip a loan payment, the following terms and conditions shall apply to the Loan and the Loan shall be amended and changed accordingly:
- The original or extended maturity date of the Loan will be extended by one month.
- Interest on the unpaid balance of the Loan will accrue during the deferral period.
- We will advise you by letter of the revised monthly payment of principal and interest, if applicable. You agree to commence repayment of the Loan immediately following the one month extension period in accordance with all the terms and conditions of the Loan.
- You agree to pay a fee of $0.00 to us in connection with this Extension.
- Any creditor insurance previously purchased through us to cover the Loan will expire as specified on the original enrolment form. Any additional time required to retire the Loan beyond the original maturity will not be covered by such insurance.
- The Guarantor, if any, acknowledges and agrees to the terms of this loan repayment extension agreement.
- The Loan, as amended and changed by the terms of this Extension, shall remain in full force and effect.