Assumption agreement 2025

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The document is a Release and Assumption Agreement dated September 17, 1999, among Portola Packaging, Inc., Sand Hill Systems, Inc., and Portola Company IV LLC. It outlines the assumption of a $3.5 million promissory note by Portola Company IV LLC in exchange for 7 million shares of Sand Hill Systems' common stock. The agreement releases Sand Hill Systems from its obligations under the note and includes provisions for the pledge of shares and mutual releases of claims between the parties.

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What does assumption mean in real estate?

Example Cases: A home buyer assumed the sellers existing mortgage under an assumption clause. The buyer then defaulted on the loan. The court upheld the assumption clause, holding the buyer responsible for the mortgage debt, as they had agreed to take on the terms of the original loan.

What is the purpose of the assumption agreement?

The purpose of an assumption agreement is to ensure the seller is freed from their obligations, while the buyer agrees to take on these obligations. Legally, the seller could still be held liable if they dont have a proper assumption agreement in place that absolves them of those responsibilities.

Do assumption agreements get recorded?

Is an assumption agreement recorded? An executed original of this Assumption Agreement will be recorded in the Land Records as a modification to the Security Instrument.

What does assumption agreement mean?

An Assumption Agreement is a legal document through which one party transfers its obligations or duties under a contract to another party. Essentially, it outlines the specific responsibilities that the new party agrees to assume, ensuring that original obligations are preserved even as parties change.