Sba Loan Agreement Without Interest In Phoenix

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

Description

The Sba loan agreement without interest in Phoenix is a formal document that outlines the terms of an assumption agreement between a borrower and the Small Business Administration (SBA). This agreement allows a third party, known as the 'Assumptor', to assume the borrower's existing indebtedness to the SBA, which has been initially secured by a promissory note and deed of trust. Key features include the requirement for written consent from the SBA for any modifications or new encumbrances of the property, preserving the original borrower's obligations regardless of the assumption. The form is designed for ease of completion and includes placeholders for specific details such as the amounts, dates, and parties involved. Target audiences, including attorneys, partners, owners, associates, paralegals, and legal assistants, will find this document essential for facilitating the transfer of obligations while ensuring compliance with SBA terms. Users should ensure all fields are filled accurately and have the appropriate parties sign before notarization. The form is particularly useful in real estate transactions involving SBA loans, allowing for a smooth transition of financial responsibility without interest implications.