Eidl Loan Rules In Allegheny

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Allegheny
• Control #: US-00193
• Format: Word; Rich Text

Description

The Assumption Agreement outlines the terms for the assumption of a loan from the Small Business Administration (SBA) by a new borrower (Assumptor) in Allegheny. This document specifies that the Assumptor takes over the obligation to repay the original borrower's debt under the conditions set by the SBA. Key features include the requirement that the Assumptor agrees to fulfill all obligations contained in the existing promissory note and associated security instruments. Additionally, any modifications to the loan terms must be consented to by the SBA and will not relieve the original borrower of their responsibilities. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions or loan restructuring, as it provides a structured approach to transferring loan obligations while ensuring compliance with SBA regulations. When filling out this form, users must include accurate details such as the original principal amount, dates, and personal information of all parties involved. Legal professionals can employ this form in case of property sale, partnership transitions, or personal financial planning involving SBA loans.