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 Orange
Category:
State:
Multi-State
County:
Orange
Control #:
US-00424
Format:
Word;
Rich Text
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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. Novation is the replacement of one of the parties in an agreement between two parties, with the consent of all three parties involved.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. Assignment involves the transfer of an interest or benefit from one person to another.