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

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF MICHIGAN ASSUMPTION AGREEMENT – MORTGAGE Control Number – MI – 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. In order to use the form fields properly, it is necessary to “lock or protect” the document. If you wish to make any changes in the body of the form, it is necessary for you “unlock” or “unprotect” the form. 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HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. -------- Above This Line Reserved For Official Use Only-------- Prepared By and After Recording Return to: Send Tax Statements to Grantee Name and Address):                                           Parcel Identification No.       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 dated       and recorded in Book       at Page ______ of the Public Records of the Register of Deeds of __________________ County, State of Michigan . 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 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 8 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 ______ . Borrower (if individual)       Print Name Borrower (if individual)       Print Name Borrower (if corporation)       Print Name Purchaser (if individual) Assumption Agreement Page 2 of 8       Print Name Purchaser (if individual)       Print Name Purchaser (if corporation)       Print Name Lender (if individual)       Print Name Lender (if individual)       Print Name Lender (if corporation)       Print Name Acknowledgment of Individual – Borrower(s) STATE OF MICHIGAN COUNTY OF __________________ Assumption Agreement Page 3 of 8 The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public ____________________________________ Print/Type Name My Commission Expires: ________________________ STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public ____________________________________ Print/Type Name My Commission Expires: ________________________ Acknowledgment of Corporation – Borrower STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ____________________________________ (name of officer or agent, title or officer or agent) of ________________________ (name of corporation acknowledging) a ________________________ (state or place of incorporation) corporation, on behalf of the corporation. Assumption Agreement Page 4 of 8 ____________________________________ Notary Public       Type or Print Name My Commission Expires: _____________________ Acknowledgment of Individual – Purchaser(s) STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public ____________________________________ Print/Type Name My Commission Expires: ________________________ STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public ____________________________________ Print/Type Name My Commission Expires: ________________________ Assumption Agreement Page 5 of 8 Acknowledgment of Corporation – Purchaser STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ____________________________________ (name of officer or agent, title or officer or agent) of ________________________ (name of corporation acknowledging) a ________________________ (state or place of incorporation) corporation, on behalf of the corporation. ____________________________________ Notary Public       Type or Print Name My Commission Expires: _____________________ Acknowledgment of Individual – Lender(s) STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public ____________________________________ Print/Type Name My Commission Expires: ________________________ Assumption Agreement Page 6 of 8 STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ______________________________ (name of person acknowledged). ____________________________________ Notary Public ____________________________________ Print/Type Name My Commission Expires: ________________________ Acknowledgment of Corporation – Lender STATE OF MICHIGAN COUNTY OF __________________ The foregoing instrument was acknowledged before me this __________________ (date) by ____________________________________ (name of officer or agent, title or officer or agent) of ________________________ (name of corporation acknowledging) a ________________________ (state or place of incorporation) corporation, on behalf of the corporation. ____________________________________ Notary Public       Type or Print Name My Commission Expires: _____________________ Assumption Agreement Page 7 of 8