Sba Loan Guarantee Agreement Form 750 In Florida

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

Description

The SBA loan guarantee agreement form 750 in Florida is a crucial legal document used by borrowers and assumptors to formalize the assumption of a loan backed by the Small Business Administration (SBA). This form outlines the responsibilities of the parties involved, including the borrower, the new obligor (assumptor), and the SBA, regarding an existing loan agreement. It ensures that the assumptor takes on the obligation to repay the loan while recognizing that the original borrower remains liable unless explicitly released by the SBA. The document includes spaces for the loan amount, dates, and identification of parties, and must be notarized to be valid. Key features include consent from all parties for any modifications and stipulations concerning the sale or additional encumbrances of the property securing the loan. For legal professionals such as attorneys, partners, and paralegals, this form aids in understanding the implications of loan assumptions and ensuring compliance with SBA requirements. Its utility extends to ensuring the rights and obligations of all parties are clearly articulated to avoid future disputes, aligning with formal regulations surrounding loans guaranteed by the SBA.