Fill and Sign the Assumption Agreement Loan Form

ASSUMPTION AGREEMENT WHEREAS, __________, hereinafter called "Borrower", is indebted to Small Business Administration, an Agency of the United States pursuant to the Small Business Act, Public Law 536, 85th Congress, Second Session, hereinafter called "SBA", in the original principal sum of ___________________ and ______/100 ($______.___), as evidenced by one certain Promissory Note in said amount dated __________, __________, which Note is secured by, among other things, a Deed of Trust, dated __________, __________, which is recorded in Book No. __________, page _____, which was assigned to SBA by __________ on __________, __________, recorded in Book No. __________, page __________, and which was amended by Deed of Trust dated __________, __________, and recorded in Book No. __________, page __________, of the records of the Chancery Clerk of __________ County, __________, and WHEREAS, __________ and __________ purchased said property from Borrower; and WHEREAS, __________ and __________ hereinafter called "Assumptor", assumed the payments of the above indebtedness due and owing to SBA of said Borrower and now requests, together with said Borrower, that SBA consent to the assumption of the aforesaid indebtedness of Borrower, conditioned by the covenant of said Assumptor to fully discharge and carry out the obligations imposed upon Borrower by the terms of the Note and security instruments aforesaid, and by all other terms executed by Borrower, including but not limited to, the conditions and provisions of the Authorization of aforesaid loan as approved by Small Business Administration on __________, __________; and WHEREAS, Borrower consents to any modification of terms and conditions of said Note and security instrument which hereafter may be agreed upon by and between SBA and Assumptor; it is specifically understood and agreed that neither the assumption by Assumptor of Borrower's obligation aforesaid, nor anything herein contained, nor any subsequent modification of the terms of said Note and security instrument hereafter agreed upon between Assumptor and SBA, shall operate to release Borrower of any obligation contained in said Note, security instrument and Assumption Agreement. NOW, THEREFORE, in consideration of the premises and consent of Small Business Administration, the undersigned Assumptor agrees to assume and, by this instrument, does assume any and all liability under the Note referred to and all other obligations on account thereof, including, but not limited to, the terms of the Authorization above identified authorizing said loan in the original principal amount of _____________________ and ______/100 ($_________._____), and Assumptor and Borrower further covenant and agree that should Assumptor sell, convey, transfer dispose of or further encumber said property, or any part thereof, or any interest therein, or agree so to do, without the written consent of SBA being first obtained, then, SBA shall have the right, at its option, to declare all sums secured by said security instruments forthwith due and payable. The undersigned Borrower and maker of the Note hereinabove described consent to the aforesaid sale of assets, assumption of obligations and the terms hereof and agree that said transactions shall in no way discharge or diminish their obligations under their Note, or any collateral agreements securing the same. This the ___________ day of ______________________, ____. ______________________________ ____________________________________ __________ __________ STATE OF __________ ) COUNTY OF __________ ) Personally appeared before me the undersigned authority in and for the jurisdiction aforesaid, the within named __________ signed, sealed and delivered the above and foregoing instrument as her free and voluntary act, for the uses and purposes therein set forth. GIVEN, under my hand and notarial seal this _______ day of _______________________, 20______. __________________________________________ NOTARY PUBLIC (Seal) My Commission Expires: ___________________ STATE OF __________ ) COUNTY OF __________ ) Personally appeared before me the undersigned authority in and for the jurisdiction aforesaid, the within named __________ signed, sealed and delivered the above and foregoing instrument as his free and voluntary act, for the uses and purposes therein set forth. GIVEN, under my hand and notarial seal this _______ day of _______________________, 20_____. __________________________________________ NOTARY PUBLIC (Seal) My Commission Expires: ___________________ In consideration of the above undertaking executed by __________ and __________ Assumptor, the undersigned, as Secured Party, does hereby consent to the sale of the said mortgaged assets covered by the above-described Deed of Trust to __________ and __________. The execution of this consent is not to be construed as a release of the liability of __________ as maker of the Note in the original principal amount of $_______.____, dated __________, 20______, or on any collateral agreements securing same. SMALL BUSINESS ADMINISTRATION ______________________________ BY: _____________________________________ DATE Portfolio Management Division __________ District Office __________, __________