Debt Assignment and Assumption Agreement - Form

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:

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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 - SEVERABILITY:

In the event that any provision of this Agreement is held to be invalid, illegal, or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid, legal, and enforceable as though the invalid, illegal, or unenforceable parts had not been included herein.

Article 8 -ENTIRE AGREEMENT:

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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: ____________________