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 Mississippi Assumption Agreement of SBA Loan is a legal document that allows a borrower to transfer their Small Business Administration (SBA) loan to a new party, typically a buyer of their business or a new owner of the property securing the loan. This agreement is specific to the state of Mississippi and ensures that the new party assumes all the borrower's rights and obligations under the SBA loan. The Mississippi Assumption Agreement of SBA Loan typically includes the following key elements: 1. Parties involved: The agreement will identify the borrower, the new party assuming the loan, and the lender holding the SBA loan. 2. Loan details: It will include specific details about the SBA loan, such as the loan amount, interest rate, repayment terms, and any collateral securing the loan. 3. Assumption terms: The agreement will outline the terms and conditions under which the new party will assume the loan. This may include the necessary financial qualifications, creditworthiness, and other criteria required by the lender. 4. Release of liability: The borrower will seek to be released from any liability or obligations under the SBA loan after the assumption has taken place. 5. Indemnification: The agreement may include provisions requiring the borrower to indemnify and hold harmless the new party from any claims, damages, or losses arising from the SBA loan. 6. Lender's consent: The lender's consent to the assumption is typically required, and the agreement may outline the process for obtaining this consent. It is important to note that different types of Mississippi Assumption Agreement of SBA Loan may exist depending on the nature of the loan or the specific circumstances of the transaction. For example, there may be separate agreements for assuming loans related to real estate, equipment financing, or business acquisition. These agreements serve as legal instruments to ensure a smooth transfer of the SBA loan from the borrower to the new party, protecting the interests of all parties involved.The Mississippi Assumption Agreement of SBA Loan is a legal document that allows a borrower to transfer their Small Business Administration (SBA) loan to a new party, typically a buyer of their business or a new owner of the property securing the loan. This agreement is specific to the state of Mississippi and ensures that the new party assumes all the borrower's rights and obligations under the SBA loan. The Mississippi Assumption Agreement of SBA Loan typically includes the following key elements: 1. Parties involved: The agreement will identify the borrower, the new party assuming the loan, and the lender holding the SBA loan. 2. Loan details: It will include specific details about the SBA loan, such as the loan amount, interest rate, repayment terms, and any collateral securing the loan. 3. Assumption terms: The agreement will outline the terms and conditions under which the new party will assume the loan. This may include the necessary financial qualifications, creditworthiness, and other criteria required by the lender. 4. Release of liability: The borrower will seek to be released from any liability or obligations under the SBA loan after the assumption has taken place. 5. Indemnification: The agreement may include provisions requiring the borrower to indemnify and hold harmless the new party from any claims, damages, or losses arising from the SBA loan. 6. Lender's consent: The lender's consent to the assumption is typically required, and the agreement may outline the process for obtaining this consent. It is important to note that different types of Mississippi Assumption Agreement of SBA Loan may exist depending on the nature of the loan or the specific circumstances of the transaction. For example, there may be separate agreements for assuming loans related to real estate, equipment financing, or business acquisition. These agreements serve as legal instruments to ensure a smooth transfer of the SBA loan from the borrower to the new party, protecting the interests of all parties involved.
