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MORTGAGE ASSUMPTION AGREEMENT
THIS MORTGAGE ASSUMPTION AGREEMENT
(hereinafter referred to as the "Agreement") made and entered into as of this
_____ day of ______________, 20_____, by and between _____________________, of
______________________________, (hereinafter referred to as the "Lender") and
____________________________, of ____________________________ (hereinafter
referred to as "Borrower").
WHEREAS, Lender
is the holder and owner of the following documents (hereinafter sometimes
collectively referred to as the "Loan Documents"):
1. Mortgage Note dated
______________________, in the original principal face amount of
_______________________ DOLLARS ($_________) executed and delivered by
_______________________ (hereinafter referred to as the "Original Borrower") in
favor of Lender (hereinafter referred to as the "Note"); and,
2. Mortgage given by Original Borrower as
"Mortgagor" to Lender as "Mortgagee" dated ______________________, which
Mortgage is recorded on the Public Records of __________County, __________ at
______ State, Book _____, Page _____ (hereinafter referred to as the
"Mortgage"), and which Mortgage encumbers the real property as described
therein; and,
WHEREAS, the
Original Borrower is desirous of conveying the property encumbered by the
Mortgage, (hereinafter referred to as the "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 Mortgage 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;
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