Mortgage Assumption Agreement printable pdf download

MORTGAGE ASSUMPTION AGREEMENT

THIS MORTGAGE ASSUMPTION AGREEMENT (hereinafter referred to as the

"Agreement") made and entered into as of this ___________(1)_________ day of ______(2)

_____, _________(3)________, by and between ____________(4)___________, of

____________(5)_______________, (hereinafter referred to as the "Lender") and __________

(6)_______________, of __________(7)_______________ (hereinafter referred to as

"Borrower").

W I T N E S S E T H:

WHEREAS, Lender is the holder and owner of the following documents (hereinafter

sometimes collectively referred to as the "Loan Documents"):

1. Mortgage Note dated ________(8)___________, in the original principal face amount

of _________(9)___________ DOLLARS ($___________________) executed and delivered by

__________(10)__________ (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

_____________(11)____________, which Mortgage is recorded on the Public Records of ___

(12)__________ County, _____________(13)_____________ at O.R. Book __________(14)

__________, Page _________(15)__________ (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;

NOW, THEREFORE, for and in consideration of the sum of TEN DOLLARS ($10.00) and

in consideration of the Premises and of the mutual covenants contained herein, and for other

good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged

by the parties, the parties hereto agree as follows:

1. Assumption. Borrower expressly assumes the Loan Documents and agrees to perform

all covenants, conditions, duties and obligations contained therein and agrees to pay the Note

and the obligations evidenced thereby in a prompt and timely manner in accordance with the

terms thereof.

2. Consent to Conveyance. Lender hereby consents to the transfer of the Property to the

Borrower, but the Lender expressly reserves the right to withhold its consent to any future sale or

Mortgage Assumption Agreement