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

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 ($_________________), as evidenced by note and mortgage dated _______________________ and recorded in Miscellaneous Book _____________ at Page _________ of the Public Records of _____________________ County, Pennsylvania. Brief Description and Statement of Location of Mortgaged Premises: WHEREAS, said Borrower(s) has/have sold said property to the undersigned Purchaser(s) and said Purchaser(s) desire to assume and agree to pay said indebtedness and perform all the obligations of Borrower(s), and said Borrower(s) desire to be released from said obligations, and Lender is willing to accept said assumption and release said original Borrower(s). THEREFORE, for and in consideration of the premises and other good and valuable considerations, the undersigned Purchaser(s) hereby assume and agree to pay the indebtedness evidenced by said note and mortgage and perform all of the obligations provided therein, it being agreed and understand that as of this date said indebtedness is ____________________________ _______________________________________________________________________ Dollars ($_____________________), 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. Assumption Agreement Page 1 of 7 IN WITNESS WHEREOF, the parties have hereunto executed this instrument, this ________ day of ___________________________, 20_________. __________________________________ ______________________________ Witness Borrower (if individual) __________________________________ __________________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Borrower (if individual) __________________________________ __________________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Borrower (if corporation) __________________________________ BY:__________________________ __________________________________ Its___________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Purchaser (if individual) __________________________________ __________________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Purchaser (if individual) __________________________________ Assumption Agreement Page 2 of 7 __________________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Purchaser (if corporation) __________________________________ BY:__________________________ __________________________________ Its___________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Lender (if individual) __________________________________ __________________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Lender (if individual) __________________________________ __________________________________ __________________________________ Witness __________________________________ __________________________________ __________________________________ ______________________________ Witness Lender (if corporation) __________________________________ BY:__________________________ __________________________________ Its___________________________ __________________________________ Witness __________________________________ __________________________________ Assumption Agreement Page 3 of 7 Acknowledgment of Individual – Borrower(s) STATE OF __________________ COUNTY OF ________________ On this ______ day of _________________________ , ________ , before me a notary public in and for the ___________________________, the undersigned officer, personally appeared ________________________________________________ , Borrower(s), known to me (or satisfactorily proven) to be the person(s) whose name is/are subscribed to the within instrument, and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. ____________________________________ Notary Public, State of Printed Name:________________________ My Commission Expires: _____________________ Acknowledgment of Corporation – Borrower STATE OF __________________ COUNTY OF ________________ On this ______ day of ____________________________ , ________ , before me a notary public in and for the ______________________________, the undersigned officer, personally appeared ___________________________________ , who acknowledged himself/herself to be the ______ President of __________________________________ , a corporation, Borrower, and that he/she as such _______ President, 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 _____ President. Assumption Agreement Page 4 of 7 In witness whereof, I hereunto set my hand and official seal. ____________________________________ Notary Public, State of Printed Name:________________________ My Commission Expires: _____________________ Acknowledgment of Individual – Purchaser(s) STATE OF __________________ COUNTY OF ________________ On this ______ day of _________________________ , ________ , before me a notary public in and for the ___________________________, the undersigned officer, personally appeared ________________________________________________ , Purchaser(s), known to me (or satisfactorily proven) to be the person(s) whose name is/are subscribed to the within instrument, and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. ____________________________________ Notary Public, State of Printed Name:________________________ My Commission Expires: _____________________ Acknowledgment of Corporation – Purchaser STATE OF __________________ COUNTY OF ________________ On this ______ day of ____________________________ , ________ , before me a notary public in and for the ______________________________, the undersigned officer, personally appeared ___________________________________ , who acknowledged himself/herself to be the ______ President of __________________________________ , a corporation, Purchaser, and that he/she as such _______ President, 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 _____ President. Assumption Agreement Page 5 of 7 In witness whereof, I hereunto set my hand and official seal. ____________________________________ Notary Public, State of Printed Name:________________________ My Commission Expires: _____________________ Acknowledgment of Individual – Lender(s) STATE OF __________________ COUNTY OF ________________ On this ______ day of _________________________ , ________ , before me a notary public in and for the ___________________________, the undersigned officer, personally appeared ________________________________________________ , Lender(s), known to me (or satisfactorily proven) to be the person(s) whose name is/are subscribed to the within instrument, and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. ____________________________________ Notary Public, State of Printed Name:________________________ My Commission Expires: _____________________ Acknowledgment of Corporation – Lender STATE OF __________________ COUNTY OF ________________ On this ______ day of ____________________________ , ________ , before me a notary public in and for the ______________________________, the undersigned officer, personally appeared ___________________________________ , who acknowledged himself/herself to be the ______ President of __________________________________ , a corporation, Lender, and that he/she as such _______ President, 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 _____ President. In witness whereof, I hereunto set my hand and official seal. Assumption Agreement Page 6 of 7 ____________________________________ Notary Public, State of Printed Name:________________________ My Commission Expires: _____________________ Assumption Agreement Page 7 of 7