Sba Eidl Loan Assumption With All Business Assets In Maricopa

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

Description

The Assumption Agreement is designed for the transfer of obligations related to an SBA Economic Injury Disaster Loan (EIDL) in Maricopa. This form facilitates the assumption of the loan by new parties while retaining the original borrower’s liability. It specifies that the Assumptor takes on the financial responsibilities assigned to the Borrower, ensuring that all existing terms of the loan remain intact. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this document essential for ensuring compliance with SBA regulations during property transactions. The form must be filled out with specific details, including names, loan amounts, and dates, and all parties must consent to the agreement and its terms. Modifications made to the loan agreement post-assumption require SBA approval. This form is critical for those involved in transferring business assets or restructuring ownership to avoid the discharge of obligations. It's advised to consult with legal professionals to ensure accuracy and compliance throughout the process.