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.
Assignment And Assumption Agreement Example In Illinois
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State:
Multi-State
Control #:
US-00424
Format:
Word;
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An assignment and assumption agreement is a contract that allows one of the parties to transfer their contractual rights and duties to another party. Below is a list of common sections included in Assignment And Assumption Agreements.These sections are linked to the below sample agreement for you to explore. This legal template pertains to an Assignment and Assumption Contract and Optional Novation under USA law, specifically in the state of Illinois. Assignor desires to assign all of its right, title and interest in the Lease to Assignee and Assignee desires to assume Assignor's obligations under the Lease. "Assignment and Assumption of Lease" shall have the meaning set forth in Section 3.2(b)(4). "Assumed Contracts" shall have the meaning set forth in Section 2.5.