The Promissory Note Assumption Agreement is utilized when there's a need to transfer the obligations of an existing promissory note to a new party. This commonly occurs in business sales, property transfers, or debt restructuring situations. The document ensures compliance with U.S. federal and state lending regulations while protecting the interests of all parties involved. It typically includes details of the original note, terms of assumption, release provisions, and any security arrangements. The agreement must address both the assumption of debt and the potential release of the original borrower, making it a critical tool in debt transfer situations.
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1. Parties: Identification of original borrower, assuming party, and note holder
2. Background: Details of original promissory note and circumstances of assumption
3. Definitions: Key terms used throughout the agreement including Original Note, Assumption Date, and Outstanding Balance
4. Assumption of Obligations: Core terms of assumption and transfer of responsibilities from original borrower to assuming party
5. Original Borrower Release: Terms of release for original borrower from obligations under the note
6. Representations and Warranties: Statements of fact by assuming party regarding capacity and authority to assume the note
7. Governing Law: Jurisdiction and applicable law governing the assumption agreement
1. Security Provisions: Terms relating to transfer or continuation of security interests when note is secured by collateral
2. Consent Requirements: Provisions regarding necessary third-party consents and approvals
3. Recording Provisions: Requirements and procedures for recording the assumption when secured by real property
1. Schedule A - Original Promissory Note: Copy of the original promissory note being assumed
2. Schedule B - Payment Schedule: Updated amortization or payment schedule reflecting the assumption
3. Schedule C - Security Documents: Copies of relevant security documents if the note is secured by collateral
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