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Mortgage Assumption Agreement

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Mortgage Assumption Agreement

File Type: Word         Price: $9.99        


Summary: A mortgage assumption is defined as the act of taking over legal responsibility for the payments on a mortgage from the current obligated party. This professional quality mortgage assumption agreement allows you to formally document an agreement for one person or entity to assume the mortgage obligations of another quickly and thoroughly.


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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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