1. Read the agreement carefully to understand the obligations. Get to grips with assumption agreements.This simple guide explains their purpose, key elements, and how they affect your business dealings. THIS MORTGAGE ASSUMPTION AGREEMENT (hereinafter referred to as the. "Agreement") made and entered into as of this ______(1)______ day of ______(2). Use this lease assumption agreement template to create a document that allows you to transfer your lease to someone else legally and easily.