Form 10-22

Assumption Agreement

Notice of confidentiality rights: If you are a natural person, you may remove or strike any or all of the following information from any instrument that transfers an interest in real property before it is filed for record in the public records: your Social Security number or your driver’s license number.

Basic Information

Date:

Transferor:

Transferor’s Original Mailing Address:

Assuming Party:

Assuming Party’s Mailing Address:

Holder of Note and Lien (“Holder”):

Holder’s Mailing Address:

Note

Date:

Original Principal Amount:

Borrower:

Lender:

Unpaid Principal Amount:

Accrued but Unpaid Interest:

Maturity Date:

[Extended Maturity Date of Note:]

Property (including any improvements):

Note and Lien(s) Are Described in the Following Documents (“Lien Documents”): [include recording information]

Modified Terms:

Agreement of the Parties

For good and valuable consideration, Transferor, Assuming Party, and Holder are entering into this agreement.

1.Assuming Party and Transferor warrant to Holder that the Note and the Lien Doc­uments, as modified by this agreement, are valid and enforceable, and represent to Holder that the Note and Lien Documents are not subject to rights of offset, rescission, or other claims.

2.Assuming Party—

a.promises to perform all of Borrower’s obligations under the Note and prom­ises to pay to the order of Holder (i) the Unpaid Principal Amount, (ii) the Accrued but Unpaid Interest, and (iii) all other amounts now or hereafter due and owing on the Note; and

b.agrees to perform all obligations of grantor [include if applicable: and debtor/obligor] under the Lien Documents.

2.Assuming Party and Transferor—

a.promise to perform all of Borrower’s obligations under the Note and promise to pay to the order of Holder (i) the Unpaid Principal Amount, (ii) the Accrued but Unpaid Interest, and (iii) all other amounts now or hereafter due and owing on the Note; and

b.agree to perform all obligations of grantor [include if applicable: and debtor/obligor] under the Lien Documents.

3.Holder consents to Transferor’s conveyance of the Property to Assuming Party and Assuming Party’s assumption of Transferor’s obligations under the Note and the Lien Documents, and Holder releases Transferor from Transferor’s obligations to Holder under the Note and the Lien Documents.

[Include if applicable: All unpaid amounts owing on the Note are due by the Extended Maturity Date of Note. Assuming Party also extends the liens described in the Lien Documents.]

3.Holder consents to Transferor’s conveyance of the Property to Assuming Party and Assuming Party’s assumption of Transferor’s obligations under the Note and the Lien Documents, but Holder’s consent does not release Transferor from Transferor’s obligations to Holder under the Note and the Lien Documents.

[Include if applicable: All unpaid amounts owing on the Note are due by the Extended Maturity Date of Note. Transferor and Assuming Party also extend the liens described in the Lien Documents.]

4.The Note and the Lien Documents continue as written, except as provided in this agreement.

5.When the context requires, singular nouns and pronouns include the plural.

   
[Name of transferor]

   
[Name of assuming party]

   
[Name of holder]