The Loan Assumption Agreement is a crucial document used in the Philippines when one party wishes to take over the loan obligations of another. This agreement is commonly utilized in real estate transactions, business acquisitions, or debt restructuring scenarios where the original borrower needs to transfer their loan obligations to another party. The document must comply with Philippine Civil Code requirements, particularly provisions on novation and banking regulations. It includes detailed information about the original loan, the outstanding balance, payment terms, and any security arrangements. The agreement requires careful consideration of the assuming party's creditworthiness and typically involves due diligence by the lender. All parties must properly execute the document, often requiring notarization under Philippine law to ensure its enforceability.
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1. Parties: Identifies all parties to the agreement: Original Borrower, Assuming Party, and Lender
2. Background: Describes the original loan agreement, current outstanding obligations, and the intention to transfer the loan obligations
3. Definitions: Defines key terms used throughout the agreement, including Original Loan Agreement, Assumption Date, and Outstanding Obligations
4. Assumption of Loan: Core provision detailing the assumption of loan obligations by the assuming party
5. Consent of Lender: Express consent of the lender to the assumption and any conditions attached to such consent
6. Release of Original Borrower: Terms regarding the release of the original borrower from loan obligations
7. Representations and Warranties: Statements of fact and assurances from all parties, particularly the assuming party's ability to take on the loan
8. Continuing Obligations: Specifies which loan terms remain unchanged and continue to apply to the assumed loan
9. Effective Date and Conditions Precedent: Specifies when the assumption takes effect and any conditions that must be met
10. Fees and Costs: Allocation of any fees, charges, or costs associated with the loan assumption
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and determines jurisdiction for disputes
12. Notices: Details how and where formal communications between parties should be made
13. Execution: Signature blocks and execution requirements for all parties
1. Security Arrangements: Required if the original loan includes collateral or security that needs to be transferred or replaced
2. Guarantors: Include if there are guarantors involved in the original loan or new guarantors being added
3. Interest Rate Modifications: Include if the assumption involves any changes to the interest rate or payment terms
4. Insurance Requirements: Include if specific insurance obligations need to be transferred or modified
5. Tax Provisions: Include if there are specific tax implications or requirements for the assumption
6. Due Diligence Requirements: Include if specific financial or legal due diligence requirements apply to the assuming party
7. Default Provisions: Include if there are modified or additional events of default specific to the assumption
1. Schedule A - Original Loan Agreement: Copy or summary of the original loan agreement being assumed
2. Schedule B - Outstanding Loan Balance: Detailed breakdown of the current loan balance, including principal, interest, and any other charges
3. Schedule C - Payment Schedule: Updated amortization or payment schedule reflecting the assumption
4. Schedule D - Security Details: Details of any security or collateral associated with the loan
5. Schedule E - Due Diligence Documents: List of required documents and verifications from the assuming party
6. Appendix 1 - Consent Forms: Required consent forms from relevant parties, including any guarantors
7. Appendix 2 - Transfer Documents: Any additional documents required to effect the transfer of obligations
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Corporate Finance
Insurance
Property Development
Asset Management
Investment
Mortgage Services
Relevant Teams
Legal
Finance
Compliance
Credit Risk
Corporate Finance
Real Estate
Treasury
Asset Management
Loan Operations
Due Diligence
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Loan Officer
Credit Risk Manager
Corporate Finance Manager
Real Estate Manager
Compliance Officer
Banking Officer
Treasury Manager
Asset Manager
Property Manager
Mortgage Specialist
Due Diligence Officer
Contract Administrator
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