Eidl Loan Rules In New York

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

Description

The document titled 'Assumption Agreement' pertains to the EIDL loan rules in New York, outlining the responsibilities of those involved in the borrowing process, particularly when debt is transferred. The form is designed for use when a Borrower, indebted to the Small Business Administration (SBA), allows another party (the Assumptor) to assume their debt obligations, thereby ensuring the SBA's consent for such an agreement. Key features include the requirement for both the borrower and the assumptor to fulfill all loan obligations, the necessity for notarial acknowledgment, and the stipulation that changing ownership of the secured property without SBA's consent may prompt a full repayment demand. Filling out the form involves clearly identifying the parties involved, the original loan amount, and any previous agreements related to the debt. It is essential that legal professionals ensure that all entries are accurate and complete to avoid future disputes. This form primarily serves attorneys, partners, owners, associates, paralegals, and legal assistants engaged in real estate transactions or small business finance, ensuring compliance with federal loan policies while facilitating transactions that require clear understanding of obligations and consent.