Eidl Loan Assumption With Purchase Agreement In Utah

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

Description

The Assumption Agreement for EIDL loan assumption with purchase agreement in Utah allows a Borrower to transfer the obligations of an Economic Injury Disaster Loan (EIDL) to a new party, known as the Assumptor. This document facilitates the assumption of an existing loan secured by a Deed of Trust, ensuring that both parties maintain their obligations while notifying the Small Business Administration (SBA) of the change. Key features include detailed identification of the Borrower, Assumptor, and loan specifics, as well as a clause stating that the Borrower remains liable despite the assumption. Filling out the form requires precise information about the parties involved, loan amounts, and dates, and signatures from all parties, including notarization. This agreement is particularly useful for attorneys, partners, and legal assistants who navigate business transactions involving real estate and financing, ensuring compliance with SBA regulations. It provides a clear framework for ownership transfer while safeguarding the interests of both Borrower and Assumptor. Paralegals and legal assistants benefit from this document as it simplifies the process of transferring loan obligations and can be an essential resource in real estate practices.