Assumption debt agreement template

Notwithstanding the foregoing, the Master Servicer is not required to exercise such rights with respect to a Mortgage Loan if the Person to whom the related Mortgaged Property has been conveyed or is proposed to be conveyed satisfies the terms and conditions contained in the Mortgage Note and Mortgage related thereto and the consent of the mortgagee under such Mortgage Note or Mortgage is not otherwise so required under such Mortgage Note or Mortgage as a condition to such transfer.

In the event that the Master Servicer is prohibited by law from enforcing any such due-on-sale clause, or if coverage under any Required Insurance Policy would be adversely affected, or if nonenforcement is otherwise permitted hereunder, the Master Servicer is authorized, subject to Section 3. The Master Servicer, subject to Section 3.

Notwithstanding the foregoing, the Master Servicer shall not be deemed to be in default under this Section by reason of any transfer or assumption which the Master Servicer reasonably believes it is restricted by law from preventing, for any reason whatsoever. Landlord agrees to reasonably request of its existing lender holding a security interest in the Premises that such lender execute a subordination, non-disturbance agreement in substantially the form of Exhibit E attached hereto with respect to Tenant and this Lease.

This Lease and the effectiveness of the same shall not be conditioned, however, on the execution of such subordination, non-disturbance agreement by Landlord's lender. The foregoing described debt is referred to hereinafter as the "Liabilities" or "Liability. The undersigned hereby represent and warrant that the extension of credit or other financial accommodations by the Developer to Debtor will be to the interest and advantage of the undersigned, and acknowledge that this Guaranty Agreement is a substantial inducement to the Developer to extend credit to Debtor and that the Developer would not otherwise extend credit to Debtor.

Recitals — It is here that the parties right to the agreement is exemplified and emphasized. Assignment and Assumption provisions — For the both sections, the assignee and assignor must express their consent and desire to be bound by the contract with respect to the assignment and assumption. Inconsistency provision — This provision stipulates that if ever there are provisions of the original agreement that runs afoul with the assumption agreement, the provisions of the latter agreement will prevail.

Indemnification provision — This provision entail that assignor must make good the payments before the effectivity of this agreement. In the end, this agreement works hand in hand with payment agreement templates. Read More Articles about Business Agreements. It is auto-populated with some important contract terms to make this a complete agreement.

When this document is filled out, it should be printed, signed by the assignor and the creditor, and then signed by the assignee in front of a notary. It is important to have the assignee's signature notarized, because that is the party that is taking on the debt. Debt Assignment and Assumption Agreements are generally covered by the state law where the debt was originally incurred. At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Back to top. Home Documents. General Business Documents. State of Alabama. The document is written according to your responses - clauses are added or removed, paragraphs are customised, words are changed, etc.

At the end, you will immediately receive the document in Word and PDF formats. You can then open the Word document to modify it and reuse it however you wish. Back to top. Debt Assignment and Assumption Agreement.