Eidl Loan Assumption With Purchase Agreement In Salt Lake

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

Description

The Assumption Agreement for the Eidl loan assumption with purchase agreement in Salt Lake is designed for Borrowers who wish to transfer their existing loan obligations to new purchasers, known as Assumptors. This form details the original loan, including the principal amount, secured instruments, and the necessary consent from the Small Business Administration (SBA). Key features include an outline of the Borrower's obligations, Assumptor's agreement to assume these obligations, and the stipulation that any modifications to the loan agreement must also maintain Borrower's liability. Attorneys, partners, owners, associates, paralegals, and legal assistants can use this form to facilitate smooth transactions involving property sales and loan assumptions. They should ensure that all relevant information is accurately filled in, including dates and signatures, and recommend that parties understand the ramifications of assuming existing loans. The form underscores the importance of SBA involvement and potential consequences if terms are altered without consent. This makes it a vital tool for legal professionals managing business purchases or advising clients on loan assumptions.