Eidl Loan Assumption With Purchase Agreement In Los Angeles
Category:
State:
Multi-State
County:
Los Angeles
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The EIDL Loan Assumption with Purchase Agreement in Los Angeles is a crucial document that facilitates the process of one party assuming the loan obligations of another under the Economic Injury Disaster Loan (EIDL) program. It lays out the responsibilities of the Borrower and Assumptor, detailing the original loan amount, terms of repayment, and any modifications that may arise. The form emphasizes that the Borrower remains liable for the loan, even after the Assumptor takes over the payments, ensuring that both parties are clear about their obligations. Key features include sections for consent from the Small Business Administration, notary acknowledgments, and necessary disclosures regarding property sales or encumbrances. For attorneys, partners, and associates, this document serves as a vital tool for structuring transactions involving real estate acquisitions and loan assumptions. Paralegals and legal assistants will benefit from clear instructions on filling out the form correctly, understanding its implications, and maintaining accurate records for compliance purposes. The simplicity of the form's language combined with its legal significance makes it a useful resource for any party involved in real estate financial agreements in California.
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FAQ
How to request an SBA subordination Application for lien subordination. Letter stating reason for lien subordination with a list of collateral to be subordinated. Copy of the fully executed Factoring Agreement. Copy of your SBA Agreement. Copy of the SBA's lien search. Proof of Hazard Insurance.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
