Sba 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 is a legal document allowing for the assumption of SBA EIDL loan obligations, including all business assets located in Wake. It specifies that a borrower is indebted to the Small Business Administration (SBA) and outlines the necessary terms for another party, known as the Assumptor, to take on this debt. Key features include the requirement for the Assumptor to fulfill the original payment obligations, a clause of consent for any modifications by SBA, and provisions that maintain the original borrower's liability despite the assumption. Filling instructions emphasize the completion of specific sections including borrower details, loan amounts, and notary acknowledgment. This form is essential for attorneys, partners, and legal assistants involved in business transactions where asset transfer occurs alongside debt assumption. It helps to clarify responsibilities for all parties and ensures compliance with SBA requirements, providing a smooth transition in business ownership and financing structure.