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 Wyoming Assumption Agreement of SBA Loan is a legal contract that allows a third party to assume the repayment responsibilities of an existing Small Business Administration (SBA) loan in the state of Wyoming. This agreement is typically used when the original borrower is looking to transfer the loan to a new borrower, such as during the sale or transfer of a business. The assumption agreement outlines the terms and conditions of the transfer, including the rights and obligations of the original borrower, the new borrower, and the SBA. It is important to note that the SBA must approve the assumption agreement, as they are the guarantor of the loan. Some key elements typically included in a Wyoming Assumption Agreement of SBA Loan are: 1. Parties involved: The agreement clearly identifies the original borrower, the new borrower, and the SBA, along with their respective roles and responsibilities. 2. Loan information: The agreement includes detailed information about the SBA loan being assumed, such as the loan amount, interest rate, repayment terms, and any collateral involved. 3. Terms and conditions: The agreement specifies the terms and conditions under which the new borrower will assume the loan, including any changes to the repayment schedule, interest rates, or other loan terms. 4. Release of liability: The agreement typically includes a provision that releases the original borrower from any further liability or responsibility for the loan after the transfer is complete. 5. Indemnification: The new borrower usually agrees to indemnify and hold harmless the original borrower and the SBA from any claims, damages, or losses related to the assumed loan. 6. SBA approval: The agreement will outline the process for obtaining the SBA's consent and approval for the loan assumption, including any required documentation or financial statements. Some potential types of Wyoming Assumption Agreements of SBA Loan may include: 1. Full assumption: In this type of agreement, the new borrower assumes full responsibility for the SBA loan, including both principal and interest payments. 2. Partial assumption: In a partial assumption agreement, the new borrower assumes responsibility for a portion of the loan, while the original borrower remains liable for the remaining balance. 3. Assumption with recourse: This type of agreement allows the SBA to pursue legal action against either the original borrower or the new borrower in the event of loan default. 4. Assumption without recourse: In this type of agreement, the new borrower assumes responsibility for the loan but is not personally liable for any future defaults or deficiencies. These are just a few examples, and the specific types of Wyoming Assumption Agreements of SBA Loan may vary based on individual circumstances and negotiations between the parties involved.The Wyoming Assumption Agreement of SBA Loan is a legal contract that allows a third party to assume the repayment responsibilities of an existing Small Business Administration (SBA) loan in the state of Wyoming. This agreement is typically used when the original borrower is looking to transfer the loan to a new borrower, such as during the sale or transfer of a business. The assumption agreement outlines the terms and conditions of the transfer, including the rights and obligations of the original borrower, the new borrower, and the SBA. It is important to note that the SBA must approve the assumption agreement, as they are the guarantor of the loan. Some key elements typically included in a Wyoming Assumption Agreement of SBA Loan are: 1. Parties involved: The agreement clearly identifies the original borrower, the new borrower, and the SBA, along with their respective roles and responsibilities. 2. Loan information: The agreement includes detailed information about the SBA loan being assumed, such as the loan amount, interest rate, repayment terms, and any collateral involved. 3. Terms and conditions: The agreement specifies the terms and conditions under which the new borrower will assume the loan, including any changes to the repayment schedule, interest rates, or other loan terms. 4. Release of liability: The agreement typically includes a provision that releases the original borrower from any further liability or responsibility for the loan after the transfer is complete. 5. Indemnification: The new borrower usually agrees to indemnify and hold harmless the original borrower and the SBA from any claims, damages, or losses related to the assumed loan. 6. SBA approval: The agreement will outline the process for obtaining the SBA's consent and approval for the loan assumption, including any required documentation or financial statements. Some potential types of Wyoming Assumption Agreements of SBA Loan may include: 1. Full assumption: In this type of agreement, the new borrower assumes full responsibility for the SBA loan, including both principal and interest payments. 2. Partial assumption: In a partial assumption agreement, the new borrower assumes responsibility for a portion of the loan, while the original borrower remains liable for the remaining balance. 3. Assumption with recourse: This type of agreement allows the SBA to pursue legal action against either the original borrower or the new borrower in the event of loan default. 4. Assumption without recourse: In this type of agreement, the new borrower assumes responsibility for the loan but is not personally liable for any future defaults or deficiencies. These are just a few examples, and the specific types of Wyoming Assumption Agreements of SBA Loan may vary based on individual circumstances and negotiations between the parties involved.
