Fill and Sign the Assumption Agreement of Deed of Trust and Release of Original Mortgagors Tennessee Form

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF TENNESSEE ASSUMPTION AGREEMENT DEED OF TRUST/MORTGAGE Control Number – MD – 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. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Tennessee. 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HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Prepared By and After Recording Return to: ) )       )       )       ) ) Send Tax Statements to Grantee 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 Deed of Trust or Mortgage dated       and recorded in Book       at Page ______ of the Register of Deeds ____________ County, State of __________________ . 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 Deed of Trust or 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 ______ .             Witness Borrower (if individual) Address:                   Witness: Address:                               Witness Borrower (if individual) Address:                         Witness: Address:                               Witness Borrower (if corporation) Address:                         Witness: Address:                               Witness Purchaser (if individual) Address:                         Witness: Address:                               Witness Purchaser (if individual) Address:                         Witness: Address:                               Witness Purchaser (if corporation) Address:                         Witness: Address:                               Witness Lender(if individual) Address:                         Witness: Address:                               Witness Lender(if individual) Address:                         Witness: Address:                               Witness Lender(if Corporation) Address:                         Witness: Address:                   Acknowledgment of Individual – Borrower(s) STATE OF __________________ COUNTY OF __________________ On this ______ day of ____________ , 20 ______ , before me personally appeared ______________________________ , to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed. Notary Public My commission expires:       Type or Print Name STATE OF __________________ COUNTY OF __________________ On this ______ day of ____________ , 20 ______ , before me personally appeared ______________________________ , to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed. Notary Public My commission expires:       Type or Print Name Acknowledgment of Corporation – Borrower State of Tennessee County of __________________ Personally appeared before me, the undersigned, a Notary Public within and for said State and County, duly commissioned and qualified , ________________________ , with whom I am personally acquainted, or proved to me on the basis of satisfactory evidence, and who, upon oath, acknowledged himself/herself to be the __________________ of __________________ , a corporation, the within named bargainer, and that he/she as such __________________ , being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by himself/herself as such officer. Witness my hand and seal at office this ____ day of _________ , ____ Notary Public, State of __________________ My commission expires:       Type or Print Name Acknowledgment of Individual – Purchaser(s) STATE OF __________________ COUNTY OF __________________ On this ______ day of ____________ , 20 ______ , before me personally appeared ______________________________ , to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed. Notary Public My commission expires:       Type or Print Name STATE OF __________________ COUNTY OF __________________ On this ______ day of ____________ , 20 ______ , before me personally appeared ______________________________ , to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed. Notary Public My commission expires:       Type or Print Name Acknowledgment of Corporation – Purchaser State of Tennessee County of __________________ Personally appeared before me, the undersigned, a Notary Public within and for said State and County, duly commissioned and qualified , ________________________ , with whom I am personally acquainted, or proved to me on the basis of satisfactory evidence, and who, upon oath, acknowledged himself/herself to be the __________________ of __________________ , a corporation, the within named bargainer, and that he/she as such __________________ , being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by himself/herself as such officer. Witness my hand and seal at office this ____ day of _________ , ____ Notary Public, State of __________________ My commission expires:       Type or Print Name Acknowledgment of Individual – Lender(s) STATE OF __________________ COUNTY OF __________________ On this ______ day of ____________ , 20 ______ , before me personally appeared ______________________________ , to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed. Notary Public My commission expires:       Type or Print Name STATE OF __________________ COUNTY OF __________________ On this ______ day of ____________ , 20 ______ , before me personally appeared ______________________________ , to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed. Notary Public My commission expires:       Type or Print Name Acknowledgment of Corporation – Lender State of Tennessee County of __________________ Personally appeared before me, the undersigned, a Notary Public within and for said State and County, duly commissioned and qualified , ________________________ , with whom I am personally acquainted, or proved to me on the basis of satisfactory evidence, and who, upon oath, acknowledged himself/herself to be the __________________ of __________________ , a corporation, the within named bargainer, and that he/she as such __________________ , being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by himself/herself as such officer. Witness my hand and seal at office this ____ day of _________ , ____ Notary Public, State of __________________ My commission expires:       Type or Print Name