Eidl Loan Rules In Florida

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

Description

The Assumption Agreement pertains to the EIDL loan rules in Florida, focusing on the transfer of liability from a borrower to a new party (Assumptor) who agrees to assume the existing loan obligations regulated by the Small Business Administration (SBA). This agreement is vital for ensuring the new borrower understands that they are taking on the debt alongside the original borrower without releasing them from their obligations. Key features include clear identification of the parties involved, the original principal sum, recorded details of the related Deed of Trust, and the conditions under which SBA's consent is required for the assumption of the loan. Users must complete various fields including names, dates, and amounts to finalize the agreement. Legal professionals must ensure that the agreement is executed in compliance with SBA regulations. Specific use cases relevant to attorneys and legal assistants involve advising clients on the implications of assuming such loans, ensuring that all parties meet their obligations, and securing necessary consents from the SBA. This form serves as a legal document to facilitate the responsible transfer of loan obligations while protecting the interests of all involved parties.