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 Kentucky Assumption Agreement of SBA Loan is a legal document that outlines the terms and conditions when a party assumes the responsibility for repaying a Small Business Administration (SBA) loan in the state of Kentucky. This agreement is relevant for individuals or businesses seeking to take over an existing SBA loan, granting them the rights and obligations of the original borrower. The agreement typically contains several key elements. Firstly, it identifies the parties involved, including the original borrower, the new borrower assuming the loan, and any co-borrowers. It also includes information about the SBA loan, such as the loan amount, the purpose of the loan, and the repayment terms. The agreement outlines the specific terms and conditions of the assumption, including the effective date of the transfer and any fees or charges associated with the assumption. It may also include provisions for the new borrower to provide financial statements or collateral, depending on the SBA loan program and lender requirements. Additionally, the agreement may address the rights and responsibilities of each party involved. This could include the obligation of the new borrower to continue making timely loan repayments, adhere to any loan covenants, and provide necessary financial information to the lender. The original borrower may be released from their liability, but this depends on the specific terms negotiated between the parties and approved by the SBA. It is important to note that there may be different types of Kentucky Assumption Agreements of SBA Loan, depending on the specific circumstances of the loan assumption. For example, there could be agreements for assumption in the case of business acquisitions, where a new owner takes over a business with an existing SBA loan. There may also be agreements for assumption in the case of loan refinancing, where a borrower seeks to replace their current loan with a new SBA loan. In summary, the Kentucky Assumption Agreement of SBA Loan is a legal document that defines the transfer of responsibility for an SBA loan in Kentucky. It protects the rights of both the original borrower and the new borrower assuming the loan. The specific terms and conditions of the agreement may vary depending on the type of loan assumption, such as business acquisitions or loan refinancing.The Kentucky Assumption Agreement of SBA Loan is a legal document that outlines the terms and conditions when a party assumes the responsibility for repaying a Small Business Administration (SBA) loan in the state of Kentucky. This agreement is relevant for individuals or businesses seeking to take over an existing SBA loan, granting them the rights and obligations of the original borrower. The agreement typically contains several key elements. Firstly, it identifies the parties involved, including the original borrower, the new borrower assuming the loan, and any co-borrowers. It also includes information about the SBA loan, such as the loan amount, the purpose of the loan, and the repayment terms. The agreement outlines the specific terms and conditions of the assumption, including the effective date of the transfer and any fees or charges associated with the assumption. It may also include provisions for the new borrower to provide financial statements or collateral, depending on the SBA loan program and lender requirements. Additionally, the agreement may address the rights and responsibilities of each party involved. This could include the obligation of the new borrower to continue making timely loan repayments, adhere to any loan covenants, and provide necessary financial information to the lender. The original borrower may be released from their liability, but this depends on the specific terms negotiated between the parties and approved by the SBA. It is important to note that there may be different types of Kentucky Assumption Agreements of SBA Loan, depending on the specific circumstances of the loan assumption. For example, there could be agreements for assumption in the case of business acquisitions, where a new owner takes over a business with an existing SBA loan. There may also be agreements for assumption in the case of loan refinancing, where a borrower seeks to replace their current loan with a new SBA loan. In summary, the Kentucky Assumption Agreement of SBA Loan is a legal document that defines the transfer of responsibility for an SBA loan in Kentucky. It protects the rights of both the original borrower and the new borrower assuming the loan. The specific terms and conditions of the agreement may vary depending on the type of loan assumption, such as business acquisitions or loan refinancing.
