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 New Hampshire Assumption Agreement of SBA (Small Business Administration) Loan is a legal document that outlines the terms and conditions for assuming the existing SBA loan of a small business located in New Hampshire. This agreement is used when the business is in need of new financing or when there is a change in ownership, and the new owner or borrower agrees to assume the obligations of the original loan. Keywords associated with the New Hampshire Assumption Agreement of SBA Loan may include: 1. Assumption Agreement: This refers to the legal contract signed by the new borrower or owner assuming the rights and responsibilities of the existing SBA loan. 2. SBA Loan: It denotes a loan program provided by the Small Business Administration to aid small businesses in securing affordable financing. 3. New Hampshire: The agreement is specific to the state of New Hampshire, signifying the jurisdiction and legalities associated with this location. Different types of New Hampshire Assumption Agreements of SBA Loans may include: 1. Full Assumption Agreement: This type of agreement involves a complete transfer of the existing SBA loan, including both its rights and obligations, to the new owner or borrower. 2. Partial Assumption Agreement: In this case, the agreement involves a partial transfer of the SBA loan, where only a portion of the loan amount or responsibilities are assumed. 3. Nonrecourse Assumption Agreement: This type of agreement indicates that the new borrower will not be personally liable for the repayment of the SBA loan. Instead, the loan is secured solely by the assets of the business itself. 4. Limited Assumption Agreement: The limited assumption agreement specifies that the new owner or borrower is assuming only certain obligations and responsibilities associated with the SBA loan, as agreed upon between the parties. These types of New Hampshire Assumption Agreements of SBA Loans may vary depending on the specific terms negotiated between the existing lender, the new owner or borrower, and the Small Business Administration. It is essential for all parties involved to carefully review and understand the terms and conditions outlined in the agreement and seek legal advice if needed.
