San Diego California Assumption Agreement of SBA Loan is a legal contract that allows a new borrower to assume the responsibility for an existing Small Business Administration (SBA) loan in San Diego, California. This agreement is essential in situations where a business owner wants to transfer the loan to a new owner or entity. The assumption agreement serves as the official documentation that acknowledges the borrower's intent to take over the loan and become responsible for its repayment. It outlines the terms and conditions under which the loan will be assumed, including the outstanding loan balance, interest rate, repayment terms, and any additional fees or penalties that may apply. There are different types of San Diego California Assumption Agreements of SBA Loans that can be utilized based on specific circumstances: 1. Partial Assumption Agreement: This type of agreement allows the new borrower to assume only a portion of the SBA loan, taking responsibility for a predetermined part of the loan balance. 2. Full Assumption Agreement: With a full assumption agreement, the new borrower assumes the entire SBA loan and becomes solely responsible for its repayment. This typically occurs when there is a change in ownership or when a business entity undergoes a significant restructuring. 3. SBA 7(a) Loan Assumption Agreement: This agreement specifically pertains to the assumption of SBA 7(a) loans, which are the most common type of SBA loans. It outlines the terms and conditions unique to this loan program. 4. SBA CDC/504 Loan Assumption Agreement: This type of assumption agreement pertains to the assumption of SBA CDC/504 loans, which are designed to finance commercial real estate or long-term equipment purchases. The agreement would include terms and conditions specific to this loan program. When entering into a San Diego California Assumption Agreement of SBA Loan, both the existing borrower (assignor) and the new borrower (assignee) must carefully review the terms and seek legal counsel if necessary. Additionally, the lender involved in the original SBA loan must consent to the assumption and review the financial viability of the new borrower. It's important to note that assuming an SBA loan in San Diego, California, through an assumption agreement does not release the original borrower from their obligation entirely. They may still be held liable for certain guarantees or contingencies as agreed upon in the assumption agreement. In conclusion, a San Diego California Assumption Agreement of SBA Loan is an essential legal document that allows for the transfer of SBA loan responsibility from one party to another. With various types of assumption agreements available, it's crucial to understand the specific terms and conditions associated with each type. Seeking professional advice during this process ensures a smooth transition and mitigates potential financial risks for all parties involved.
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.San Diego California Acuerdo de Asunción de Préstamo SBA - Assumption Agreement of SBA Loan
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