Sba Loan Forbearance Agreement In Pima

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

Description

The SBA loan forbearance agreement in Pima is designed for Borrowers facing financial difficulties, allowing them to temporarily suspend or lower their loan payments while still retaining their obligation to repay the debt. This agreement facilitates the cooperation between the Borrower and Assumptor in assuming the existing loan obligations from the Small Business Administration (SBA). Key features include the requirement for both parties to consent to the terms and conditions outlined in the original loan agreement, the ability for the Borrower to modify terms with SBA's consent, and the stipulation that the Assumptor takes on responsibility for the loan while the Borrower's obligations remain intact. Filling and editing instructions emphasize the necessity of accurate completion of all fields, including details regarding the original loan amount and property involved. This document is particularly useful for attorneys and legal professionals who assist clients in navigating financial distress, as well as business partners and owners needing to strategically manage their liabilities during economic hardship. Paralegals and legal assistants benefit from understanding this form for effective document preparation and client consultation, ensuring compliance with SBA requirements.