Mortgage Assumption Agreement

by devteam June 3rd, 2009 | Share

THIS AGREEMENT, made and entered into this day of , 20 , (Agreement”), by and between , whose principal place of business is located at , (“Lender”), and , whose residence is located at , (“Borrower”), the parties hereto covenant and agree as follows:

W I T N E S S E T H :

WHEREAS, Lender is the holder and owner of the following documents, (“Loan Documents”):

1. Mortgage Note, dated the day of , 20 , in the original principal face amount of Dollars, ($ ), (“Note”), executed and delivered by , (“Original Borrower”), in favor of Lender; and,

2. Mortgage given by Original Borrower as “Mortgagor” to Lender as “Mortgagee”, dated the day of , 20 , (“Mortgage”), which Mortgage is recorded in the Public Records of County, State of , in O. R. Book , Page , and which Mortgage encumbers the real property as described therein; and,

WHEREAS, Original Borrower is desirous of conveying the property encumbered by the Mortgage, (“Property”), to Borrower; and,

WHEREAS, the Borrower desires to receive said Property and formally assume the Mortgage and perform all of the covenants and conditions contained in the Note, the Mortgage and all other Loan Documents as partial consideration for its purchase of the Property and as consideration for the Lender’s willingness to consent to the sale of the Property which is encumbered by the Loan Documents; and,

WHEREAS, the Mortgage expressly prohibits the conveyance of the Property without the express written consent of the Lender; and,

WHEREAS, the Lender is unwilling to give its consent to the transfer of the Property to the Borrower unless the Borrower shall assume all of the obligations heretofore imposed by the Loan Documents upon the Original Borrower;

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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