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

© 2016 - U.S. Legal Forms, Inc.       SOUTH DAKOTA ASSUMPTION AGREEMENT [DEED OF TRUST / MORTGAGE] Control Number: SD-ED1014 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your 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 this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of South Dakota. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Prepared by:                   And, when recorded, mail this deed and tax statements to: Name:       City, State & Zip:       Phone:       ASSUMPTION AGREEMENT (Release of Original Borrowers) 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 Public Records of the       County Register of Deeds, State of South Dakota. 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 or 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 6 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       . BORROWERS(S ) Date:       Signature of Individual Borrower       Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date Date:       Signature of Individual Borrower       Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Assumption Agreement Page 2 of 6 Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date Date:             Corporate Borrower By: Its:             Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , who acknowledged himself to be the       of       , a corporation, and that he , as such       being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as       . In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date PURCHASER(S) Date:       Signature of Individual Purchaser       Type/Print Name Assumption Agreement Page 3 of 6 State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date Date:       Signature of Individual Purchaser       Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date Date:             Corporate Purchaser By: Assumption Agreement Page 4 of 6 Its:             Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , who acknowledged himself to be the       of       , a corporation, and that he , as such       being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as       . In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date LENDER Date:       Signature of Individual Lender       Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary Assumption Agreement Page 5 of 6       Commission Expiration Date Date:       Signature of Individual Lender       Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date Date:             Corporate Lender By: Its:             Type/Print Name State of South Dakota, County of       On this       day of       , 20       , before me,       , the undersigned officer, personally appeared       , who acknowledged himself to be the       of       , a corporation, and that he , as such       being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as       . Assumption Agreement Page 6 of 6 In witness whereof I hereunto set my hand and official seal. Signature of Notary Public NOTARY       SEAL Printed Name of Notary       Commission Expiration Date Assumption Agreement Page 7 of 6