Eidl Loan Assumption With All Business Assets In Travis

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

Description

The Assumption Agreement is designed for the transfer of an EIDL loan obligation, along with all business assets in Travis, from the original borrower to a new party (the Assumptor). This form captures key elements such as the principal amount of the loan, the parties involved, and the consent of the Small Business Administration (SBA) for the assumption of the loan. It emphasizes the Assumptor's commitment to assume the borrower's obligations while ensuring that the original borrower remains liable under the terms of the loan. Key features include a clause that requires SBA’s written consent for any further transfer or encumbrance of the property, along with stipulations regarding modifications of loan terms. The form operates as a legal record of the transaction, thereby protecting both parties' interests. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form in scenarios involving business asset sales, restructuring of debt, or managing liability transfers among parties. Proper filling instructions emphasize clarity and accuracy, ensuring all blanks are completed with required information, and a notary’s acknowledgment is needed for validation.