Eidl Loan Rules In Middlesex

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

Description

The Assumption Agreement facilitates the transfer of obligations from a borrower to a new party, called the Assumptor, concerning an EIDL loan under the Small Business Administration. This agreement outlines the responsibilities of the Assumptor to assume payments on the loan, ensuring the borrower remains liable for the debt even after the assumption. Important features include the requirement for consent from the SBA for any modifications to the loan terms and the necessity for written approval if the Assumptor wishes to transfer or encumber the property. Filling out the agreement requires careful attention to details such as loan amounts and dates, all while adhering to SBA regulations. For attorneys and legal assistants, the form is essential for ensuring compliance with federal loan modifications, while partners and owners can benefit by understanding their liabilities during property transfers. This form is particularly useful when businesses are restructuring debt or acquiring properties with existing loans, providing a clear legal framework for managing such transactions.