Eidl Loan Assumption With All Business Assets In Harris

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

Description

The Assumption Agreement facilitates the EIDL loan assumption with all business assets in Harris, allowing a new party, termed 'Assumptor,' to assume the liabilities and obligations of the original Borrower under a Small Business Administration (SBA) loan. This form requires clear identification of the Borrower, the Assumptor, and the specific loan details, ensuring all parties understand their roles and responsibilities. It is essential for completing the necessary consents for the assumption process, emphasizing that the original Borrower remains liable despite the assumption. The agreement includes provisions about the sale and transfer of assets, stipulating that consent from the SBA is mandatory for any future transactions. This form must be signed in the presence of a notary public to authenticate the agreement. It's particularly useful for attorneys, partners, owners, and legal assistants navigating loan assumption for small businesses, ensuring compliance with SBA regulations and protection against unauthorized changes in liability. By utilizing this document, users can effectively manage the transition of debts and maintain clear communication with the SBA.