Assumption Agreement Mortgage

STATE OF NEW YORK
ASSUMPTION AGREEMENT – MORTGAGE

Prepared by U.S. Legal Forms, Inc.

Copyright 2016 - U.S. Legal Forms, Inc.

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Prepared By and After Recording Return to:

Send Tax Statements to Grantee Name and Address:

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 County Clerk, State of New York.

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 $

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.

Acknowledgment of Individual – Borrower(s)

CERTIFICATE OF ACKNOWLEDGMENT

State of New York )
) ss.:
County of )

On the day of in the year before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

Acknowledgment of Individual – Purchaser(s)

CERTIFICATE OF ACKNOWLEDGMENT

State of New York )
) ss.:
County of )

On the day of in the year before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

Acknowledgment of Corporation – Borrower

CERTIFICATE OF ACKNOWLEDGMENT

State of New York )
) ss.:
County of )

On the day of in the year before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

Acknowledgment of Individual – Lender(s)

CERTIFICATE OF ACKNOWLEDGMENT

State of New York )
) ss.:
County of )

On the day of in the year before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

Acknowledgment of Corporation – Lender

CERTIFICATE OF ACKNOWLEDGMENT

State of New York )
) ss.:
County of )

On the day of in the year before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.