Eidl Loan Assumption With All Business Assets In Wake

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

Description

The Assumption Agreement outlines the terms for the Eidl loan assumption with all business assets in Wake. It is designed for borrowers who wish to transfer their loan obligations to a new party, called the Assumptor, while ensuring that the original Borrower's liabilities remain intact. Key features include the necessity for consent from the Small Business Administration (SBA), the requirement for both the Borrower and Assumptor to fulfill the obligations laid out in the original loan terms, and provisions regarding the handling of the secured property. Filling instructions highlight the importance of accurately recording the amounts and dates related to the original loan and the property sale. This form is particularly relevant for legal professionals such as attorneys, partners, and associates, who can assist clients in navigating the complexities of loan assumptions. Paralegals and legal assistants will find value in understanding how the necessary documentation supports compliance with SBA regulations. This agreement can be used in situations where there is a change in ownership of the business or when it is critical to secure financing while adhering to existing financial obligations.