Debt Assignment and Assumption Agreement - Form

DEBT ASSIGNMENT AND ASSUMPTION AGREEMENT

This Debt Assignment and Assumption Agreement is made on ________ (the "Effective Date"), by and between the following parties:

________, an individual of the following address:

________

(hereinafter referred to as the "Original Debtor" and which expression shall where the context so admits include its successors-in-title and assigns).

AND

________, an individual of the following address:

________

(hereinafter referred to as the "Assignee" and which expression shall where the context so admits include its successors-in-title and assigns);

AND

________, an individual of the following address:

________

(hereinafter referred to as the "Creditor" and which expression shall where the context so admits include its successors-in-title and assigns). The parties may be individually referred to as the "Party" and collectively referred to as the "Parties".

BACKGROUND

A. The Original Debtor executed the ________ on ________ (the "Original Agreement"), for the sum of ₦________ (________). The said sum, together with a ________% per annum is payable to the Creditor as follows:

________

B. The Original Debtor has requested to assign its debts to the Assignee, and the Assignee agrees to assumes the debts and all liabilities attached to it. By this Assignment, the Assignee agrees to assume all contractual obligations in relation to the debt, including the repayment of any applicable interests, fees, charges, and other miscellaneous expenses as required under the amended ________.

C. The Creditor has agreed to the Debt Assignment according to the terms and conditions in this Agreement. This Debt Assignment hereby amends, modifies, and supersedes all other documents and agreements previously entered into by the Creditor and the Original Debtor.

Therefore, in consideration of the mutual covenants of the Parties and other valuable consideration, (the receipt of which is hereby acknowledged), the Parties hereby agree as follows:

1. DEBT ASSIGNMENT AND ASSUMPTION

The Original Debtor hereby assigns its entire debt to the Creditor, in the sum of ₦________ (________) (the "Debt") to the Assignee.

The Assignee accepts and assumes the contractual obligation of the Original Debtor set forth in the amended ________. The Creditor hereby acknowledges and consents to the assignment of Debt under this Debt Assignment and the amended ________.

The Parties agree that the new ________ shall supersede the Original Agreement. The Creditor hereby acknowledges and consents to the assignment of Debt under this Debt Assignment.

2. REPAYMENT TERMS

The Parties agree that the Assignee shall repay the Credit according to the terms stipulated in the amended ________. Such payment shall include penalty for late payment or any default in making payment.

The Parties agree that the Assignee shall repay the Debt according to the following:

________

3. JOINT LIABILITY

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4. COVENANTS, WARANTIES, AND REPRESENTATIONS OF THE ASSIGNOR

The Original Debtor hereby warrants and represents to the Assignee and the Creditor as follows:

(I) the Original Debtor has the legal capacity, power, and authority to enter into, deliver, and perform its obligations under this Agreement;

(II) the amended ________ has been duly authorized and executed by the Original Debtor as binding upon the Parties;

(III) there are no legal impediments that may prevent the Original Debtor from executing this Agreement.

5. TERM AND TERMINATION

This Agreement shall commence on the Effective Date and shall remain in full force and effect until the Debt, together with all applicable interests, fees, charges, and other miscellaneous expenses, has been fully repaid and all obligations under this Agreement have been completely discharged.

This Agreement may be terminated by the mutual written consent of all the Parties, or upon the full and final repayment of the Debt by the Assignee in accordance with the terms of this Agreement and the amended Original Agreement.

Notwithstanding any termination of this Agreement, any rights, obligations, or liabilities of the Parties which have accrued prior to such termination shall survive and remain enforceable.

6. MODIFICATION AND VARIATION

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7. DISPUTE RESOLUTION

The Parties agree that they shall use their best endeavours to negotiate and settle any dispute or difference of opinion between them, arising from or connected with this Agreement amicably.

Any dispute, which cannot be mutually resolved by the parties, shall be referred to arbitration in accordance with the provisions of the following arbitration rules: Arbitration and Conciliation Act, 2004.

The Arbitrators shall be appointed by the Parties. The venue of Arbitration shall be the following place:

________

The decision of the arbitrator(s) shall be final and binding on all the Parties and shall be enforced by any competent court.

8. GENERAL PROVISIONS

(I) Governing Law: The Agreement shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria.

(II) Notices: All notices under this Agreement shall be in writing. The notices shall be delivered personally or mailed by a certified mail to the Parties at the address written in this Agreement or attorney's address. The addresses for service of notices are as follows:

1. In the case of the Original Debtor to:

________

Address: ________

Email ________

2. In the case of the Assignee to:

________

Address: ________

Email: ________

3. In the case of the Creditor to:

________

Address: ________

Email: ________

(III) Cumulative Rights: The rights of the Parties in this Agreement are cumulative and shall not be construed as exclusive except as otherwise stated by the law.

(IV) Headings: Headings in this Agreement are for convenience only and shall not be construed to limit or otherwise affect the terms of this Agreement.

(V) Entire Agreement: This Agreement constitutes the entire agreement between the parties and shall supersede any prior written or oral agreement made between the parties.

(VI) Waivers: Any term or provision of this Agreement may be waived in writing at any time by the Party entitled to such benefit. No delay, omission to exercise any right shall not be construed as waiver.

(VII) Variation: This Agreement may be amended or varied by either of the Parties and such variation must be agreed and signed by both Parties to this Agreement.

(VIII) Severability: If any part of this Agreement is held unenforceable, the remainder of this Agreement shall continue to be in force and have effect.

(IX) Further Assurance: The Parties shall execute and deliver all such documents and take all such actions and all steps to procure the performance of all such acts as may be necessary or incidental to give effect to the provisions of this Agreement.

(X) Counterparts: This Agreement may be executed in several counterparts, all of which constitutes a single agreement between the Parties.

IN WITNESS WHEREOF the Parties have executed this document in the day and year first written above.

SIGNED by the within named Original Debtor

_______________________
________

in the presence of:

Name..................................................................................................................

Address..............................................................................................................

Occupation.........................................................................................................

Signature............................................................................................................

SIGNED by the within named Assignee

_______________________
________

in the presence of:

Name..................................................................................................................

Address..............................................................................................................

Occupation.........................................................................................................

Signature............................................................................................................

SIGNED by the within named Assignee

_______________________
________

in the presence of:

Name..................................................................................................................

Address..............................................................................................................

Occupation.........................................................................................................

Signature............................................................................................................