Sba Loan Authorization And Agreement Form In Maricopa

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Maricopa
• Control #: US-00193
• Format: Word; Rich Text

Description

The Sba loan authorization and agreement form in Maricopa is a legal document that facilitates the assumption of an existing loan by new parties, enabling them to take over the borrower's financial obligations to the Small Business Administration. This form is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in business transactions that require refinancing or transferring debt responsibilities. Key features of the form include sections for identifying the borrower, the assumptor, and the specific loan terms, as well as provisions for modifying loan conditions. Users should complete each section carefully and ensure that all necessary signatures are secured, including those of notaries. Specific use cases for this form include property sales, partnership dissolutions, or circumstances where a business entity needs to transfer its debts to another party. It's essential to emphasize that the original borrower remains liable even after the assumption agreement has been signed, maintaining a level of security for the SBA. This document supports the seamless transition of financial obligations while ensuring compliance with SBA requirements.