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Agreement among a homeowner, a mortgage lender and a purchaser of the home allowing the purchaser to assume the existing mortgage on the home.
Details:
Agreement among a homeowner, a mortgage lender and a purchaser of the home allowing the purchaser to assume the existing mortgage on the home. Original homeowner remains responsible for payments under mortgage in the event of default by purchaser.
Form Outline:
Mortgage Assumption Agreement
(Original Mortgage Borrower Remains Obligated)
THIS AGREEMENT...
WHEREAS:
By mortgage dated Date of Mortgage (the "Mortgage"), and registered on Date of Registration/Recordal of Mortgage as Number Registration Number of Mortgage, the Mortgagor mortgaged the property described as Brief Description of Property (ie. 123 Whiteacre Road, Anyplace, Anywhere) (the "Property"), to secure payment of the principal sum of Original Principal Amount of Mortgage (ie. $85,000.00) and interest as therein set out;
The Purchaser has purchased the Property and has agreed...;
The principal sum of Principal Amount Outstanding on...;
The Mortgagee is prepared to permit the Purchaser to...;
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises and of the premises, the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed that:
1. The parties hereto acknowledge and agree that...
2. The Purchaser hereby covenants, promises and agrees to and with the Mortgagee to...
3. The Original Mortgagor hereby covenants, promises and agrees to and with the Mortgagee as principal debtor and not as surety, to...
4. The Purchaser hereby acknowledges and agrees that the Mortgage is... 5. Except as herein provided nothing shall alter or prejudice the...
6. Without prejudice to its rights against the Purchaser and the Original Mortgagor under this Agreement the Mortgagee may...
7. This Agreement shall be binding upon and enure to...
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
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Witness |
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Name of Original Homeowner (Original Mortage Borrower) |
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Witness |
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Name of Mortgage Lender |
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Witness |
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Name of Purchaser of Home |
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