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 In Illinois
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State:
Multi-State
Control #:
US-00424
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Word;
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This Standard Document contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. Lender is willing to consent to the Transfer and agree to the Assumption, subject to the terms and conditions set forth in this Assumption Agreement. I.An assignment and assumption agreement is a contract that allows one of the parties to transfer their contractual rights and duties to another party. It allows one party to "assume" the rights and responsibilities of the other party. Adhere to the instructions below to fill out Assumption Agreement of Mortgage and Release of Original Mortgagors - Illinois online quickly and easily.