Assignment And Assumption Agreement Template – US

Disclaimer

The information provided is intended solely as a general example for legal arrangements concerning the transfer of contractual obligations related to property or service agreements. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney specializing in real estate, contractual, or related law. Legal requirements and regulations may vary depending on the jurisdiction, and adjustments may be necessary to ensure compliance with local laws. The use of this example is at the user’s own risk, and we accept no liability for any errors, omissions, or consequences arising from its use without professional legal review.

Please note: This is a sample Assignment and Assumption Agreement template for the US, provided for illustrative purposes only. Actual terms may vary based on specific transactions and applicable laws.

Assignment and Assumption Agreement Sample (US)

Parties:

Assignor: Original Lender LLC
Address: 123 Main Street, New York, NY 10001

Assignee: New Lender Inc.
Address: 456 Elm Street, New York, NY 10002

Subject Matter:

This agreement pertains to the assignment of rights and obligations under the Loan Agreement dated January 1, 2023, for the property located at 789 Pine Avenue, New York, NY 10003, or other specified collateral or contract as mutually agreed.

Assignment and Assumption:

The Assignor hereby assigns all rights, title, and interest in and to the Loan Agreement to the Assignee, and the Assignee hereby accepts such assignment and agrees to assume all obligations arising thereunder from the effective date of this agreement.

Representations and Warranties:

The Assignor warrants that the obligations are valid, enforceable, and free of encumbrances; the Assignee warrants that it has the capacity to assume the obligations as specified herein.

Governing Law:

This agreement shall be governed by the laws of the State of New York. Disputes shall be resolved in the courts of New York County.

Additional Provisions:

• Both parties acknowledge and agree to the terms of assignment and assumption as set forth herein.
• This agreement may only be amended by written consent of both parties.
• All notices shall be provided in writing to the addresses specified above.

New York, ______________________