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 With Novation In Minnesota
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State:
Multi-State
Control #:
US-00424
Format:
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. "Assignment" is when a party transfers rights or obligations in a contract to another party (also called a "substitution" or "novation").Unlike notation, assignment contracts do not annul the initial agreement and do not establish a new agreement. What is an Assignment And Assumption Agreement? An assignment and assumption agreement transfers one party's rights and obligations to a third party. This assignment and assumption agreement template includes a novation agreement and may be used to transfer an agreement from one party to another. Purpose: To release original borrower from liability under the mortgage. Distribution: Recorded original to Servicer.