A Phoenix Arizona Assumption Agreement of SBA Loan is a legal contract entered into by parties involved in a Small Business Administration (SBA) loan to transfer the obligations and responsibility for the loan from the original borrower to a new borrower, referred to as the assuming party. This agreement is commonly used when a business is sold or transferred to new ownership and the buyer wishes to assume the existing SBA loan. The Phoenix Arizona Assumption Agreement of SBA Loan outlines the terms and conditions of the loan assumption process and ensures that all parties involved are aware of their rights and responsibilities. It is important to note that the SBA must approve the assumption before it can take place. Here are some relevant keywords to help understand the concept of Phoenix Arizona Assumption Agreement of SBA Loan: 1. SBA Loan: A loan provided by financial institutions, guaranteed by the Small Business Administration, to support small businesses. 2. Assumption Agreement: A legal contract that transfers the obligations and responsibilities of a loan from one party to another. 3. Phoenix Arizona: A city in Arizona, known for its vibrant business community and economic growth opportunities. 4. Small Business Administration: A federal agency that provides support and assistance to small businesses, including loan guarantees. 5. Loan Assumption Process: The steps and procedures involved in transferring the loan obligation to a new borrower. 6. Buyer: The party acquiring the business and assuming the SBA loan. 7. Seller: The party selling the business and transferring the SBA loan to the buyer. 8. Loan Transfer: The process of transferring the loan balance, interest rate, and associated terms from the seller to the buyer. 9. Loan Approval: The SBA's evaluation process to determine if the new borrower meets the eligibility criteria for assuming the loan. 10. Terms and Conditions: The specific details outlined in the assumption agreement, including repayment terms, interest rate, and any additional obligations. Different types of Phoenix Arizona Assumption Agreement of SBA Loan may include variations such as: 1. Full Assumption: The buyer assumes the entire SBA loan, taking on all rights and obligations, including repayment and liability. 2. Partial Assumption: The buyer assumes only a portion of the SBA loan balance, leaving part of it with the original borrower. 3. Temporary Assumption: The buyer assumes the SBA loan for a specified period, after which the loan may revert to the original borrower. 4. Dual Obligation Assumption: Both the original borrower and the buyer assume responsibility for the SBA loan, sharing the repayment obligations. In summary, the Phoenix Arizona Assumption Agreement of SBA Loan is a legally binding contract that allows for the transfer of an SBA loan when a business is sold or transferred. It is crucial for all parties involved to understand the terms and conditions outlined in the agreement and obtain approval from the SBA before finalizing the loan assumption.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.Phoenix Arizona Acuerdo de Asunción de Préstamo SBA - Assumption Agreement of SBA Loan
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