Eidl Loan Rules In Philadelphia

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

Description

The Assumption Agreement outlines the EIDL loan rules in Philadelphia, particularly addressing the obligations and rights of the Borrower and the Assumptor when assuming an existing Small Business Administration (SBA) loan. Key features include the acknowledgment of the original loan amount, the terms of security instruments, and the responsibility of the Assumptor to fulfill the Borrower's obligations as stated in the Promissory Note. The form requires the completion of various sections outlining borrower details, principal sums, and security conditions, ensuring clarity and full understanding of liabilities for both parties. It also emphasizes that consent from SBA is necessary for any changes related to the property or loan terms. This form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants who might be involved in the drafting or reviewing of financial agreements, as it ensures compliance with lending protocols and protects client interests. Users are instructed to fill in the specific details accurately and to seek clarification if needed, supporting efficient processing of the assumption and understanding of obligations under the SBA loan framework.