Loan Assumption Agreement (Genie AI)

The Loan Assumption Agreement (Genie AI) is a legal template designed for use under USA law. This document outlines the terms and conditions under which one party assumes the responsibility and liability of an existing loan from another party. The agreement serves as a legally binding contract that defines the obligations and rights of both the original lender and the new borrower (the assumptor) upon the transfer of the loan. The template likely includes sections such as loan details, transfer of the loan, representations and warranties, covenants, default provisions, and dispute resolution mechanisms. By utilizing this template, parties can ensure that their loan assumption process adheres to the legal requirements and protects the interests of both the lender and borrower in accordance with the applicable laws of the United States of America.