This form is an Assumption Agreement. The form provides that the grantee will assume a lien on property described in the agreement. The assumption will become effective on the date provided in the agreement.
Assumption Of Agreement Meaning In Bronx
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State:
Multi-State
County:
Bronx
Control #:
US-00424
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This type of agreement transfers the obligations of one party under a contract to another party. In real estate transactions, an assumption agreement allows a third party to "assume" or take over the loan of the property's seller.Capitalized terms used and not otherwise defined in this Exhibit 4.13 will have the meanings assigned to those terms in the Purchase and Assumption Agreement. An Assumption Agreement is a legal document through which one party transfers its obligations or duties under a contract to another party. "Assumed Deposits" means Deposits. "Assuming Institution" is defined in the introduction to this Agreement. Express assumption of risk happens when you're fully aware of the risks associated with something you're doing. An assignment and assumption agreement is an agreement for transferring contractual duties and rights.