Sba Loan Assumption Process In Maricopa

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

Description

The Assumption Agreement outlines the process for an SBA loan assumption in Maricopa, allowing new parties, called Assumptors, to take over the existing loan obligations of a Borrower. This form is essential for ensuring that the Small Business Administration is formally notified and consents to the assumption of the loan. Key features include documenting the indebtedness amount and the terms outlined in the original note and security instruments. It also establishes that the original Borrower remains liable for obligations, even after the Assumptor assumes the loan. For filling, users should provide the principal amount, relevant dates, and details of the involved parties. Legal professionals must ensure all parties consent and understand their obligations. This form benefits attorneys, partners, owners, associates, paralegals, and legal assistants by facilitating the smooth transfer of loan responsibilities and maintaining compliance with SBA regulations. Use cases for this document include property transfers where existing SBA loans are in place and the need for clarity on liability between Borrowers and Assumptors.