This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
The Delaware Assumption Agreement of SBA loan refers to a legal document that outlines the transfer of ownership or assumption of a Small Business Administration (SBA) loan in the state of Delaware. This agreement is important when a borrower wants to transfer their loan to another party or entity, and it serves as a binding contract between the original borrower, the new borrower, and the lender. The Delaware Assumption Agreement of SBA loan typically includes essential information such as the names and contact information of all parties involved, the original loan terms, the outstanding balance, and any accrued interest at the time of assumption. It also outlines the responsibilities and obligations of the new borrower regarding repayment, compliance with the loan terms, and all additional terms and conditions agreed upon. This agreement protects the interests of all parties involved. The original borrower can transfer the loan responsibility to a new entity or individual while ensuring that they are released from any further obligations related to the loan. The new borrower gains ownership of the loan, allowing them to assume control of the business or project for which the SBA loan was initially granted. The lender also benefits from this agreement as it ensures the ongoing repayment of the loan and allows them to hold the new borrower accountable for the debt. There are no specific types of Delaware Assumption Agreement of SBA loan mentioned, as the agreement itself generally follows a similar format. However, there might be variations in the specific terms and conditions based on individual circumstances, such as whether the assumption is partial or complete, or if the new borrower is assuming the loan personally or as a representative of a business entity. Keywords: Delaware Assumption Agreement, SBA loan, transfer of ownership, assumption, legal document, borrower, new borrower, lender, outstanding balance, repayment, terms and conditions, responsibilities, obligations, interest, binding contract, compliance.
