Debt Assignment & Assumption Agreement
Alabama
This Debt Assignment and Assumption Agreement ("Agreement") is made by and between the following parties: ________, hereinafter known as "Assignor," having an address at the following:
________
________, hereinafter known as "Assignee," having an address at the following:
________
and ________, hereinafter known as "Creditor", having an address at the following:
________
This Agreement is made for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged.
Article 1 - ASSIGNMENT:
Assignor, an individual, hereby assigns, transfers, and conveys all of Assignor's debt (the "Debt") to Creditor, an individual, specifically in the total amount of $________ (________), to Assignee, an individual.
Article 2 - JOINT LIABILITY AND ASSUMPTION:
While Assignee accepts and assumes responsibility for repayment of the Debt as outlined within this Agreement and within the original debt contract, attached herein, Assignor and Assignee will become jointly liable for the Debt to Creditor. Creditor shall initially seek repayment from Assignee, but if Assignor defaults, Creditor may seek full repayment from Assignee.
Article 3 - REPAYMENT TERMS:
The repayment terms will be modified and Assignee will pay Creditor back as follows:
________
Article 4 - BINDING EFFECT:
This Agreement shall be valid and binding upon all of Assignor and Assignee's successors, transferees, heirs, and assigns.
Article 5 - GOVERNING LAW:
This Agreement shall be governed by and construed in accordance with the internal laws of Alabama without giving effect to any choice or conflict of law provision or rule. Each party irrevocably submits to the exclusive jurisdiction and venue of the federal and state courts located in the following county: ________.
Article 6 - HEADINGS:
Headings to this Agreement are for convenience only. Headings shall in no way affect the provisions themselves and shall not be construed in any way that would limit or otherwise affect the terms of this Agreement.
Article 7 - 88 288525885588:
82 225828852822 22 2588 825222222 85588 82 85885 528288 82 8582822 525 882225 82 588 2552828.
Article 8 - 88 WAIVER:
8222 22 252 22528 22 2588 825222222 85588 82 522225 22 5582 8222 858825 82 522 582 25 588582882282 22 522 25522. 8282 52 5558282258 8582222 525222222 852 8228282522 858825 22 522 22 252 22528 22 2588 825222222 8228222 252 2552828. 82 858825 22 522 2252 25 252888822 22 2588 825222222 85588 8228282522 5 858825 22 522 22525 2252 25 252888822 25 22 252 8522 252888822 22 5 252552 5522. 2588552 22 522 25522 22 2222582 522 2252 22 2588 825222222 85588 222 8228282522 858825 22 8585 2252 25 522 22525 2252.
EXECUTION:
IN WITNESS WHEREOF, Assignor, Assignee, and Creditor have caused this Assignment to be executed on the following date: ________.
________
Signature:_____________________________
________
Signature:_____________________________
________
Signature:_____________________________
State of Alabama
NOTARIZATION TO BE SIGNED BY ASSIGNEE:
State: Alabama
County: ________
On the following date: ________________________ before me personally appeared the above signatory. I am a Notary Public in and for the state of Alabama and the signatory above is personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name is signed herein and acknowledged that he/she/they executed the same.
WITNESS my hand and official seal:
Seal:
Name: __________________________________
Signature: _______________________________
My commission expires: ____________________
Debt Assignment & Assumption Agreement
Alabama
This Debt Assignment and Assumption Agreement ("Agreement") is made by and between the following parties: ________, hereinafter known as "Assignor," having an address at the following:
________
________, hereinafter known as "Assignee," having an address at the following:
________
and ________, hereinafter known as "Creditor", having an address at the following:
________
This Agreement is made for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged.
Article 1 - ASSIGNMENT:
Assignor, an individual, hereby assigns, transfers, and conveys all of Assignor's debt (the "Debt") to Creditor, an individual, specifically in the total amount of $________ (________), to Assignee, an individual.
Article 2 - JOINT LIABILITY AND ASSUMPTION:
While Assignee accepts and assumes responsibility for repayment of the Debt as outlined within this Agreement and within the original debt contract, attached herein, Assignor and Assignee will become jointly liable for the Debt to Creditor. Creditor shall initially seek repayment from Assignee, but if Assignor defaults, Creditor may seek full repayment from Assignee.
Article 3 - REPAYMENT TERMS:
The repayment terms will be modified and Assignee will pay Creditor back as follows:
________
Article 4 - BINDING EFFECT:
This Agreement shall be valid and binding upon all of Assignor and Assignee's successors, transferees, heirs, and assigns.
Article 5 - GOVERNING LAW:
This Agreement shall be governed by and construed in accordance with the internal laws of Alabama without giving effect to any choice or conflict of law provision or rule. Each party irrevocably submits to the exclusive jurisdiction and venue of the federal and state courts located in the following county: ________.
Article 6 - HEADINGS:
Headings to this Agreement are for convenience only. Headings shall in no way affect the provisions themselves and shall not be construed in any way that would limit or otherwise affect the terms of this Agreement.
Article 7 - 88 288525885588:
82 225828852822 22 2588 825222222 85588 82 85885 528288 82 8582822 525 882225 82 588 2552828.
Article 8 - 88 WAIVER:
8222 22 252 22528 22 2588 825222222 85588 82 522225 22 5582 8222 858825 82 522 582 25 588582882282 22 522 25522. 8282 52 5558282258 8582222 525222222 852 8228282522 858825 22 522 22 252 22528 22 2588 825222222 8228222 252 2552828. 82 858825 22 522 2252 25 252888822 22 2588 825222222 85588 8228282522 5 858825 22 522 22525 2252 25 252888822 25 22 252 8522 252888822 22 5 252552 5522. 2588552 22 522 25522 22 2222582 522 2252 22 2588 825222222 85588 222 8228282522 858825 22 8585 2252 25 522 22525 2252.
EXECUTION:
IN WITNESS WHEREOF, Assignor, Assignee, and Creditor have caused this Assignment to be executed on the following date: ________.
________
Signature:_____________________________
________
Signature:_____________________________
________
Signature:_____________________________
State of Alabama
NOTARIZATION TO BE SIGNED BY ASSIGNEE:
State: Alabama
County: ________
On the following date: ________________________ before me personally appeared the above signatory. I am a Notary Public in and for the state of Alabama and the signatory above is personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name is signed herein and acknowledged that he/she/they executed the same.
WITNESS my hand and official seal:
Seal:
Name: __________________________________
Signature: _______________________________
My commission expires: ____________________
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