Sba Eidl Loan Assumption With All Business Assets In Texas

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

Description

The document titled 'Assumption Agreement' outlines the process for the assumption of an SBA Economic Injury Disaster Loan (EIDL) by a new borrower, hereafter referred to as 'Assumptor', taking over all business assets in Texas. It states that the Assumptor agrees to assume the obligations of payments due to the SBA, reflected in an existing promissory note and secured by a deed of trust. This form is crucial for all parties involved in a business transfer, as it ensures that the SBA's consent is obtained while protecting the original borrower from liability despite the assumption. Key features include details on principal sum, documentation of prior ownership, and conditions regarding modifications of the loan terms. When filling out the form, specific instructions need to be followed, especially regarding notarization and capturing accurate property descriptions. The form is particularly useful for attorneys, partners, and business owners involved in property transactions, as it provides a clear legal structure for facilitating business ownership changes while adhering to SBA regulations. Paralegals and legal assistants can assist in the completion and editing of this document, ensuring that all state requirements are satisfied and that the transaction proceeds smoothly.