Eidl Loan Rules In Wayne

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

Description

The Assumption Agreement outlines the terms under which a Borrower transfers their debt obligations related to an EIDL loan to another party, referred to as the Assumptor, in Wayne. This document is primarily relevant for those involved in Small Business Administration loans and guides users through the assumption of existing loan obligations. Key features include sections detailing the original principal amount, consent for assumption by SBA, and the conditions under which the Assumptor agrees to take over payments while acknowledging that the Borrower remains liable. Users must fill in specific details about the loan, property, and parties involved. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form useful for drafting agreements, ensuring compliance with SBA requirements, and facilitating effective loan management. The structured format allows for easy identification of obligations and conditions, reducing potential legal risks for all parties. It serves as a protective measure for the SBA, ensuring that the Borrower cannot escape liability after the transfer.