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

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF SOUTH CAROLINA ASSUMPTION OF MORTGAGE/DEED OF TRUST Control Number – SC – ED - 1014 NOTE ABOUT COMPLETING THE FORMS The forms 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. If you do not see the gray shaded form fields, go 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. The forms are locked which means that the content of the forms cannot be changed. You can only fill in the information in the fields. If you need 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. 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 Register of Deeds/Clerk of Court for _____________________ County, South Carolina. 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 consideration, 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. 1 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:             2             Witness: Address:                   Witness Purchaser (if individual) Address:                         Witness: Address:                   Witness Purchaser (if corporation) Address:                         Witness: Address:                   Witness Lender(if individual) Address:                         3 Witness: Address:                   Witness Lender(if individual) Address:                         Witness: Address:                   Witness Lender(if Corporation) Address:                         Witness: Address:                   Acknowledgment of Individual – Borrower(s) State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ______________________________ personally appeared before me and acknowledged the within instrument to be his/her deed and act. Signature of Person Taking Acknowledgment       Title or Rank 4       Serial Number, if any State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ______________________________ personally appeared before me and acknowledged the within instrument to be his/her deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any Acknowledgment of Corporation – Borrower State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ________________________ (name of corporation) by ______________________________ its ________________________ personally appeared before me and acknowledged the within instrument to be their deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any Acknowledgment of Individual – Purchaser(s) State of South Carolina County of __________________ 5 I, the undersigned notary public for and in the state aforesaid, do hereby state that ______________________________ personally appeared before me and acknowledged the within instrument to be his/her deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ______________________________ personally appeared before me and acknowledged the within instrument to be his/her deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any Acknowledgment of Corporation – Purchaser State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ________________________ (name of corporation) by ______________________________ its ________________________ personally appeared before me and acknowledged the within instrument to be their deed and act. Signature of Person Taking Acknowledgment 6       Title or Rank       Serial Number, if any Acknowledgment of Individual – Lender(s) State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ______________________________ personally appeared before me and acknowledged the within instrument to be his/her deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ______________________________ personally appeared before me and acknowledged the within instrument to be his/her deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any 7 Acknowledgment of Corporation – Lender State of South Carolina County of __________________ I, the undersigned notary public for and in the state aforesaid, do hereby state that ________________________ (name of corporation) by ______________________________ its ________________________ personally appeared before me and acknowledged the within instrument to be their deed and act. Signature of Person Taking Acknowledgment       Title or Rank       Serial Number, if any 8