Eidl Loan Assumption With Credit Card In Clark

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

Description

The Assumption Agreement is a legal document that outlines the terms under which a third party, referred to as the "Assumptor," takes over the loan obligations from the original Borrower for an EIDL loan. This agreement is critical for users in Clark looking to transfer the responsibility of debt secured by a Deed of Trust from one entity to another, specifically under the auspices of the Small Business Administration (SBA). Key features of the form include a declaration of indebtedness, consent from the SBA for the assumption, and a clear stipulation that the Borrower will not be released from their obligations despite the assumption. Filling instructions emphasize the need for accurate completion of personal and financial information, recording dates, and the detailing of the original loan amount. Legal professionals, including attorneys, partners, and paralegals, can use this form for various purposes, such as facilitating property transfers, structuring partnerships, or ensuring compliance with federal loan requirements. The form also serves as a protective measure for both the Assumptor and Borrower, ensuring that all parties are aware of the obligations they are assuming or maintaining.