Eidl Loan Assumption With Purchase Agreement In San Antonio

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

Description

The Eidl loan assumption with purchase agreement in San Antonio is designed to facilitate the transfer of obligations from the original borrower to the new assumer. This agreement outlines the responsibilities for the outstanding debt to the Small Business Administration (SBA), ensuring that the new party, referred to as the Assumptor, agrees to assume the payments and obligations associated with the loan. Key features include a clear assignment of obligations, the necessity for SBA consent before any modifications, and a clause ensuring that the original borrower retains liability even after the assumption. Users are instructed to complete specific sections of the form, providing details about the loan, property specifics, and personal identification information of both the borrower and Assumptor. The form can be beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions or business financing, as it provides a legally binding mechanism for ensuring loan continuity during sales and transfers. Additionally, it serves as a safeguard for the SBA, allowing for control over loan agreements and ensuring compliance with original loan terms. The form is structured for straightforward completion to accommodate varying levels of legal experience within the target audience.