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 Ohio
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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. Unlike notation, assignment contracts do not annul the initial agreement and do not establish a new agreement.This assignment and assumption agreement template includes a novation agreement and may be used to transfer an agreement from one party to another. What is an Assignment And Assumption Agreement? An assignment and assumption agreement transfers one party's rights and obligations to a third party. A novation is a legal instrument used to replace one obligation or party with another in a contract.