Fill and Sign the Alabama Assumption Agreement of Mortgage and Release of Original Mortgagors Form

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF ALABAMA ASSUMPTION OF MORTAGE AGREEMENT AND RELEASE OF ORIGINAL MORTGAGORS Control Number – AL - ED1014 NOTES ON COMPLETING THE FORM The form in this packe t contains “form fields” created using Microsoft Word. “Form fields” facilitate completion of the form using your computer. They do not limit you ability to print the form “in blank” and complete with a typewriter or by hand. If you do not see the gray shaded form fields, go the View menu, click on Toolbars, and then select Forms. This will open the forms toolbar. Look for the button on the forms toolbar that resembles a shaded letter “a”. Click in this button and the form fields will be visible. The forms are locked which means that the content of the forms cannot be changed. You can only fill in the information in the fields. If you need to make any changes in the body of the form, it is necessary for you “unlock” or “unprotect” the form. 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HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Assumption Agreement Page 1 of 7 After Recording Return to: ASSUMPTION AGREEMENT (with Release of Original M ortgagors) WHEREAS , hereinafter referred to as “Lender,” loaned or , a corporation, hereinafter referred to as “Borrower(s),” whether one or more, the sum of Dollars ($ ), as evidenced by Note and M ortgage dated , said M ortgage being recorded in Real/Deed Book at Page in the Office of the Judge of Probate of County, Alabama. WHEREAS, said Borrower(s) has/have sold said property to the undersign ed Purchaser(s) and said Purchaser(s) desire to assume and agree to pay said indebtedness and perform all the obligations of Borrower(s), and said Borrower(s) desire to be released from said obligations, and Lender is willing to accept said assumption and release said original Borrower(s). THEREFORE, for and in consideration of the premises and other good and valuable considerations, the undersigned Purchaser(s) hereby assume and agree to pay the indebtedness evidenced by said note and mortgage and perform all of the obligations provided therein, it being agreed and understand that as of this date said indebtedness is ____________________________ Dollars ($ ), and that the interest rate shall be % per annum, and that the monthly payments shall be made beginning the day of , 20 , in the sum of $ as follows: Principal and interest $ Accrued tax es $ Accrued hazard insurance $ FHA M.I. or P.M.I. $ Total $ Assumption Agreement Page 2 of 7 The total amount above shall be paid per month, and, in all other aspects, all terms and con ditions of said note shall remain in full force and effect, and Lender hereby releases and discharges said original Borrower(s) upon their personal obligation upon said indebtedness. This assumption by said Purchaser(s), if more than one, is joint and sev eral and shall bind them, their heirs, personal representatives, successors and assigns. IN WITNESS WHEREOF, the parties have hereunto executed this instrument, this ______ day of __________________ , 20 ______ . Witness Borrower (if individual) Address: Witness: Address: Witness Borrower (if individual) Address: Witness: Address: Witness Borrower (if corporation) Address: Witness: Assumption Agreement Page 3 of 7 Address: Witness Purchaser (if individual) Address: Witness: Address: Witness Purchaser (if individual) Address: Wi tness: Address: Witness Purchaser (if corporation) Address: Witness: Address: Assumption Agreement Page 4 of 7 Witness Lender(if individual) Address: Witness: Address: Witness Lender(if individual) Address: Witness: Address: Witness Lender(if Corporation) Address: Witness: Address: Assumption Agreement Page 5 of 7 Acknowledgment of Individual – Borrower(s) State of Alabama __________________ County I, ______________________________ , a ______________________________ , in and for said county in said state, hereby certify that ____________________________________ , whose name is signed t o the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the conveyance, he/she executed the same voluntarily on the same day the same bears date. Given under my hand this the ______ day of __________________ , 20 ______ . Notary Public/Other Officer My commission expires: Type or Print Name Acknowledgment of Corporation – Borrower State of Alabama __________________ County I, _____________ _________________ , a ________________________ , in and for said county in said state, hereby certify that ______________________________ , whose name as ________________________ (title), of __________________ (name of corporation), a corporation, is signed to the foregoing Assumption Agreement, and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, he/she, as such officer and with full authority, executed the same voluntarily for and as the act of said corporation. Given under my hand this the ______ day of __________________ , 20 ______ . Notary Public/Other Officer My commission expires: Type or Print Name Acknowledgment of Individual –Purchaser(s) State of Alabama __________________ County Assumption Agreement Page 6 of 7 I, ______________________________ , a ______________________________ , in and for said county in said state, hereby certify that ___ _________________________________ , whose name is signed to the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the conveyance, he/she executed the same voluntarily on the same day the same bears date. Given under my hand this the ______ day of __________________ , 20 ______ . Notary Public/Other Officer My commission expires: Type or Print Name Acknowledgment of Corporation – Purchaser State of Alabama __________________ County I, ______________________________ , a ________________________ , in and for said county in said state, hereby certify that ______________________________ , whose name as ________________________ (title), of __________________ (name of corporation), a corporation, is signed to the foregoing Assumption Ag reement, and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, he/she, as such officer and with full authority, executed the same voluntarily for and as the act of said corporation. Given under my hand this the ______ day of ___________ _______ , 20 ______ . Notary Public/Other Officer My commission expires: Type or Print Name Acknowledgment of Individua l – Lender(s) State of Alabama __________________ County I, ______________________________ , a ______________________________ , in and for said county in said state, hereby certify that ____________________________________ , whose name is signed to the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the conveyance, he/she executed the same voluntarily on the same day the same bears date. Assumption Agreement Page 7 of 7 Given u nder my hand this the ______ day of __________________ , 20 ______ . Notary Public/Other Officer My commission expires: Type or Print Name Acknowledgment of Corp oration – Lender State of Alabama __________________ County I, _________________ _____________ , a ________________________ , in and for said county in said state, hereby certify that ______________________________ , whose name as ________________________ (title), of __________________ (name of corporation), a corporation, is signed to the foregoing Assumption Agreement, and who is known to me, acknowledged before me on this da y that, being informed of the contents of the conveyance, he/she, as such officer and with full authority, executed the same voluntarily for and as the act of said corporation. Given under my hand this the ______ day of __________________ , 20 ______ . Notary Public/Other Officer My commission expires: Type or Print Name