Fill and Sign the Loan Assumption Agreement Secgov Form

Assumption Agreement Page 1 of 7 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.
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