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 Utah Assumption Agreement of SBA Loan is a legal document that outlines the conditions under which a borrower can transfer their Small Business Administration (SBA) loan to another party. This agreement is specific to loans provided by the SBA in the state of Utah. The purpose of the assumption agreement is to ensure that the new borrower (also known as the assumption borrower) assumes all rights, obligations, and responsibilities of the original borrower (also known as the assuming borrower). The assumption agreement typically includes the following key terms and conditions: 1. Identification of Parties: The agreement begins by identifying the original borrower, the assuming borrower, and the SBA lender. 2. Loan Details: The agreement specifies the details of the SBA loan, including the loan amount, the loan number, and the date of the original loan agreement. 3. Assumption Terms: This section outlines the terms and conditions under which the assuming borrower can assume the SBA loan. It may include requirements such as a credit check, financial documentation, and approval from the SBA lender. 4. Release of Original Borrower: The assumption agreement also includes provisions for the release of the original borrower from any further obligations or liabilities associated with the SBA loan once the assumption is complete. 5. Indemnification: The assuming borrower agrees to indemnify and hold harmless the original borrower and the SBA lender from any claims, disputes, or losses arising from the assumption of the loan. 6. Governing Law and Jurisdiction: The agreement specifies that it is governed by the laws of the state of Utah and mentions the appropriate jurisdiction for resolving any disputes related to the assumption agreement. It's important to note that while the general structure and terms of the Utah Assumption Agreement of SBA Loan may be similar across different agreements, there may be variations or additional clauses based on specific circumstances or requirements. Some potential variants could include the "Partial Assumption Agreement" or the "Full Assumption Agreement," indicating the extent to which the loan is being assumed by the new borrower (e.g., assuming a portion of the loan amount or assuming the entire loan).
The Utah Assumption Agreement of SBA Loan is a legal document that outlines the conditions under which a borrower can transfer their Small Business Administration (SBA) loan to another party. This agreement is specific to loans provided by the SBA in the state of Utah. The purpose of the assumption agreement is to ensure that the new borrower (also known as the assumption borrower) assumes all rights, obligations, and responsibilities of the original borrower (also known as the assuming borrower). The assumption agreement typically includes the following key terms and conditions: 1. Identification of Parties: The agreement begins by identifying the original borrower, the assuming borrower, and the SBA lender. 2. Loan Details: The agreement specifies the details of the SBA loan, including the loan amount, the loan number, and the date of the original loan agreement. 3. Assumption Terms: This section outlines the terms and conditions under which the assuming borrower can assume the SBA loan. It may include requirements such as a credit check, financial documentation, and approval from the SBA lender. 4. Release of Original Borrower: The assumption agreement also includes provisions for the release of the original borrower from any further obligations or liabilities associated with the SBA loan once the assumption is complete. 5. Indemnification: The assuming borrower agrees to indemnify and hold harmless the original borrower and the SBA lender from any claims, disputes, or losses arising from the assumption of the loan. 6. Governing Law and Jurisdiction: The agreement specifies that it is governed by the laws of the state of Utah and mentions the appropriate jurisdiction for resolving any disputes related to the assumption agreement. It's important to note that while the general structure and terms of the Utah Assumption Agreement of SBA Loan may be similar across different agreements, there may be variations or additional clauses based on specific circumstances or requirements. Some potential variants could include the "Partial Assumption Agreement" or the "Full Assumption Agreement," indicating the extent to which the loan is being assumed by the new borrower (e.g., assuming a portion of the loan amount or assuming the entire loan).
