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 Rhode Island Assumption Agreement of SBA Loan is a legal document that allows a borrower to transfer their existing Small Business Administration (SBA) loan to a new borrower or entity. This agreement is specific to Rhode Island and is used when the original borrower wants to transfer their loan obligation to another party. Keywords: 1. Rhode Island: Refers to the state in which the Assumption Agreement is applicable. 2. Assumption Agreement: A legal contract that allows the transfer of an existing loan obligation from one borrower to another. 3. SBA Loan: Stands for Small Business Administration loan, which is a government-backed loan program designed to support small businesses. 4. Borrower: The individual or entity who originally obtained the SBA loan and is seeking to transfer their loan obligation. 5. Transfer: The process of transferring the loan obligation from one borrower to another. 6. Legal Document: A formal written agreement that outlines the terms and conditions of the loan assumption. 7. Loan Obligation: The responsibility to repay the loan amount, along with any interest or fees. 8. New Borrower: The individual or entity who will assume the loan obligation from the original borrower. Types of Rhode Island Assumption Agreement of SBA Loan: 1. Full Assumption: In this type of assumption agreement, the new borrower assumes full responsibility for the loan, including the repayment of the principal amount, interest, and fees. 2. Partial Assumption: This type of assumption agreement allows the new borrower to assume only a portion of the loan obligation while the original borrower remains liable for the remaining balance. 3. Conditional Assumption: A conditional assumption agreement is applicable when the original borrower can transfer their loan obligation to a new borrower only under certain conditions specified in the agreement. 4. Absolute Assumption: An absolute assumption agreement transfers the loan obligation to a new borrower without any conditions or limitations. It's important to note that these are general categorizations, and the specific types of Rhode Island Assumption Agreement of SBA Loan may vary depending on the terms and conditions outlined by the participating parties and the lending institution. It is advisable to consult with legal professionals or loan officers to understand the exact nature of the agreement in any specific case.The Rhode Island Assumption Agreement of SBA Loan is a legal document that allows a borrower to transfer their existing Small Business Administration (SBA) loan to a new borrower or entity. This agreement is specific to Rhode Island and is used when the original borrower wants to transfer their loan obligation to another party. Keywords: 1. Rhode Island: Refers to the state in which the Assumption Agreement is applicable. 2. Assumption Agreement: A legal contract that allows the transfer of an existing loan obligation from one borrower to another. 3. SBA Loan: Stands for Small Business Administration loan, which is a government-backed loan program designed to support small businesses. 4. Borrower: The individual or entity who originally obtained the SBA loan and is seeking to transfer their loan obligation. 5. Transfer: The process of transferring the loan obligation from one borrower to another. 6. Legal Document: A formal written agreement that outlines the terms and conditions of the loan assumption. 7. Loan Obligation: The responsibility to repay the loan amount, along with any interest or fees. 8. New Borrower: The individual or entity who will assume the loan obligation from the original borrower. Types of Rhode Island Assumption Agreement of SBA Loan: 1. Full Assumption: In this type of assumption agreement, the new borrower assumes full responsibility for the loan, including the repayment of the principal amount, interest, and fees. 2. Partial Assumption: This type of assumption agreement allows the new borrower to assume only a portion of the loan obligation while the original borrower remains liable for the remaining balance. 3. Conditional Assumption: A conditional assumption agreement is applicable when the original borrower can transfer their loan obligation to a new borrower only under certain conditions specified in the agreement. 4. Absolute Assumption: An absolute assumption agreement transfers the loan obligation to a new borrower without any conditions or limitations. It's important to note that these are general categorizations, and the specific types of Rhode Island Assumption Agreement of SBA Loan may vary depending on the terms and conditions outlined by the participating parties and the lending institution. It is advisable to consult with legal professionals or loan officers to understand the exact nature of the agreement in any specific case.
