Eidl Loan Assumption With Purchase Agreement In Kings

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

Description

The Eidl loan assumption with purchase agreement in Kings is a legal document that facilitates the transfer of a loan obligation from the original borrower to a new buyer, referred to as the assumptor. This agreement begins by outlining the original indebtedness to the Small Business Administration (SBA) and the details of the loan, including principal amount and associated security instruments. It requires the assumptor to assume the responsibility of the loan payments and obligations, while also stipulating that the original borrower remains liable even after the assumption. The document covers the consent required from the SBA, modifications to the loan terms, and the consequences if the assumptor fails to comply, such as declaring the loan due immediately. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants because it allows for a clear transfer of obligations in real estate transactions involving Eidl loans. Users should fill out the sections accurately and ensure all parties are in agreement before submission. Legal professionals must guide their clients through the process, ensuring compliance with SBA requirements and proper notarization to prevent future disputes.