Sba Eidl Loan Assumption With All Business Assets In Bronx

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

Description

The Assumption Agreement is a legal document that facilitates the transfer of obligations under an SBA EIDL loan from the original borrower to a new party, referred to as the Assumptor. This form is particularly relevant for businesses located in Bronx, as it outlines the terms under which the Assumptor agrees to assume liability for the loan alongside the original borrower. Key features of the form include sections for identifying the original borrower, the Assumptor, and the specific loan details, such as principal amounts and recorded deeds of trust. It requires notarial acknowledgment to ensure legitimacy and includes a clause that prevents the original borrower from being released from their obligations despite the transfer. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to facilitate business asset transfers while ensuring compliance with SBA regulations. The form provides clear instructions on filling out necessary details and emphasizes the need for prior consent from the SBA for any modifications to the loan terms. Overall, this agreement aids in managing SBA loans during business transitions effectively.