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

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF ILLINOIS ASSUMPTION OF DEED OF TRUST ASSUMPTION OF MORTGAGE Control Number – IL – ED1014 This packet contains the following: 1. Instructions ; and 2. Forms. 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. In order to use the form fields properly, it is necessary to “lock or protect” the document. 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Prepared By and After Recording Return to: ) )       )       )       ) ) Send Tax Statements toGrantee: )       )       )       ) ) Permanent Index No.       -------- 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 mortgage] dated       and recorded in Book       at Page ______ of the Book of Mortgages Deeds of Trust in the offices of the County Recorder and Clerk, __________________ County, Illinois . 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. Assumption Agreement Page 1 of 9 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) Assumption Agreement Page 2 of 9 Address:                         Witness: Address:                               Witness Purchaser (if individual) Address:                         Witness: Address:                               Witness Purchaser (if corporation) Address:                         Witness: Address:                               Witness Lender(if individual) Address:                   Assumption Agreement Page 3 of 9       Witness: Address:                               Witness Lender(if individual) Address:                         Witness: Address:                               Witness Lender(if Corporation) Address:                         Witness: Address:                   Acknowledgment of Individual – Borrower(s) STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of __________________ , ______ by ______________________________ (name of person acknowledged.) Assumption Agreement Page 4 of 9 ____________________________________ Notary Public (SEAL)       Print Name My Commission Expires: __________________ STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of __________________ , ______ by ______________________________ (name of person acknowledged.) ____________________________________ Notary Public (SEAL)       Print Name My Commission Expires: __________________ Acknowledgment of Corporation – Borrower STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of ____________ , 20 ______ by ______________________________ (name of officer or agent, title of officer or agent) of ______________________________ (name of corporation acknowledging) a __________________ (state or place of incorporation) corporation, on behalf of the corporation. Assumption Agreement Page 5 of 9 ____________________________________ Notary Public (SEAL)       Print or Type Name My Commission Expires: __________________ Acknowledgment of Individual – Purchaser(s) STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of __________________ , ______ by ______________________________ (name of person acknowledged.) ____________________________________ Notary Public       (SEAL) Print Name My Commission Expires: __________________ STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of __________________ , ______ by ______________________________ (name of person acknowledged.) ____________________________________ Notary Public Assumption Agreement Page 6 of 9       (SEAL) Print Name My Commission Expires: __________________ Acknowledgment of Corporation – Purchaser STATE OF MAINE COUNTY OF __________________ The foregoing instrument was acknowledged before me this ____________ (date) by ______________________________ (name of officer or agent, title of officer or agent) of ____________________________________ (name of corporation acknowledging) a __________________ (state or place of incorporation) corporation, on behalf of the corporation. ____________________________________ Notary Public       Print Name My Commission Expires:       Acknowledgment of Individual – Lender(s) STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of __________________ , ______ by ______________________________ (name of person acknowledged.) ____________________________________ Notary Public (SEAL) Assumption Agreement Page 7 of 9       Print Name My Commission Expires: __________________ STATE OF ILLINOIS COUNTY OF __________________ The foregoing instrument was acknowledged before me this ______ day of __________________ , ______ by ______________________________ (name of person acknowledged.) ____________________________________ Notary Public       (SEAL) Print Name My Commission Expires: __________________ Acknowledgment of Corporation – Lender STATE OF MAINE COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public       Print Name My Commission Expires:       Assumption Agreement Page 8 of 9 Assumption Agreement Page 9 of 9