Eidl Loan Assumption With Credit Card In Wayne

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

Description

The Assumption Agreement is a legal document that facilitates the EIDL loan assumption involving a credit card in Wayne. This form is used when a Borrower, who has an existing loan with the Small Business Administration (SBA), transfers their obligation of loan payments to a new party, known as the Assumptor. The Assumptor agrees to take on all responsibilities associated with the loan while the Borrower's obligations remain intact. Essential features include provisions for securing consent from the SBA for the assumption, conditions for modifying loan terms, and stipulations regarding the sale or encumbrance of the property. Filling out the form requires the insertion of relevant information regarding the loan, property, and the parties involved. Attorneys, partners, owners, associates, paralegals, and legal assistants find this document useful as it clearly outlines the obligations and protections for all parties under SBA loan conditions. Specific use cases may involve real estate transactions, business partnerships, or other scenarios where a change in loan responsibility is necessary. It is crucial that all parties understand their liabilities and obtain SBA consent prior to executing the form.