Eidl Loan Assumption With Purchase Agreement In Illinois

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

Description

The Eidl loan assumption with purchase agreement in Illinois allows a buyer (Assumptor) to assume an existing loan from the Small Business Administration (SBA) held by a seller (Borrower). This form documents the Assumptor's agreement to take over the loan obligations, ensuring all parties understand that the Borrower remains liable for the loan unless expressly released by the SBA. Key features include the need for consent from the SBA, outlining conditions for property sale or transfer, and a clear stipulation that the assumption does not relieve Borrower of their original obligations under the Note. Filling and editing instructions emphasize the importance of accurate information insertion, including principal amounts, dates, and parties involved. Common use cases include property sales involving existing SBA loans and situations where a new buyer wishes to take over the financial obligations attached to a property. This form is highly useful for attorneys, partners, owners, associates, paralegals, and legal assistants dealing with real estate transactions and loan assumptions in Illinois, providing a structured approach to managing existing indebtedness during property transfers.