Sba Eidl Loan Assumption With All Business Assets In Hillsborough

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

Description

The Assumption Agreement is a legal form used for the Sba eidl loan assumption with all business assets in Hillsborough. This document allows a new party, referred to as the 'Assumptor', to assume the debt obligations previously held by the 'Borrower' to the Small Business Administration (SBA). It outlines essential details, including the original loan amount, the obligations of the Assumptor, and the requirement for SBA's consent. The form also emphasizes that the Borrower remains liable for the debt even after the assumption takes effect. For attorneys, partners, and legal assistants, this document is vital for ensuring proper transfer of liabilities while protecting the interests of all parties involved. Filling and editing must be carried out carefully to reflect accurate terms and dates, and individuals should avoid modifications without SBA consent to prevent any legal repercussions. This form serves various use cases, especially in transactions involving business sale or transfer of ownership where SBA funding is implicated.