Fill and Sign the Arkansas Release Form

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF ARKANSAS ASSUMPTION AGREEMENT - MORTGAGE Control Number – AR – ED1014 NOTES ON COMPLETING THESE FORMS The form(s) in this packet contain “form fields” created using Microsoft Word. “Form fields” facilitate completion of the forms using your computer. They do not limit you ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to 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. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances the form field and the line will disappear after information is entered. In other cases it will not. 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Prepared By and After Recording Return to:                         Send Tax Statements to (Name and Address):                         -------- Above This Line Reserved For Official Use Only--------       ASSUMPTION AGREEMENT 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 mortgage dated ____________ and recorded in Mortgage Book ______ at Page ______ of the Public Records of the Circuit Clerk for ____________ County, Arkansas. WHEREAS, said Borrower(s) has/have sold said property to the undersigned 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 taxes $ __________________ Accrued hazard insurance $ __________________ FHA M.I. or P.M.I. $ __________________ Total $ __________________ Assumption Agreement Page 1 of 9 per month, and that in all other aspects, all terms and conditions 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 several 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 2 of 9 Address: Witness Purchaser (if individual) Address: Witness: Address: Witness Purchaser (if individual) Address: Witness: Address: Witness Purchaser (if corporation) Address: Witness: Address: Assumption Agreement Page 3 of 9 Witness Lender(if individual) Address: Witness: Address: Witness Lender(if individual) Address: Witness: Address: Witness Lender(if Corporation) Address: Witness: Address: Assumption Agreement Page 4 of 9 Acknowledgment of Individual – Borrower(s) STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , known to me (or satisfactorily proven) to be the person whose name is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , known to me (or satisfactorily proven) to be the person whose name is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Assumption Agreement Page 5 of 9 Acknowledgment of Corporation – Borrower STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , who acknowledged himself/herself to be the ________________________ of ______________________________ , a corporation, and that he/she, as such ________________________ , being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as ________________________ . In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Acknowledgment of Individual – Purchaser(s) STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , known to me (or satisfactorily proven) to be the person whose name is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Assumption Agreement Page 6 of 9 STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , known to me (or satisfactorily proven) to be the person whose name is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Acknowledgment of Corporation – Purchaser STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , who acknowledged himself/herself to be the ________________________ of ______________________________ , a corporation, and that he/she, as such ________________________ , being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as ________________________ . In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Assumption Agreement Page 7 of 9 Acknowledgment of Individual – Lender(s) STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , known to me (or satisfactorily proven) to be the person whose name is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , known to me (or satisfactorily proven) to be the person whose name is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Assumption Agreement Page 8 of 9 Acknowledgment of Corporation – Lender STATE OF ARKANSAS COUNTY OF __________________ On this the ______ day of __________________ , 20 ______ , before me, ______________________________ , the undersigned officer, personally appeared ______________________________ , who acknowledged himself/herself to be the ________________________ of ______________________________ , a corporation, and that he/she, as such ________________________ , being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as ________________________ . In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires:       Type or Print Name Assumption Agreement Page 9 of 9