Common use of Transfer and Assumption Cases Clause in Contracts

Transfer and Assumption Cases. Refer to the applicable subpart of title 7 of CFR part 1980. If a loss should occur upon consummation of a complete transfer and assumption for less than the full amount of the debt and the transferor-debtor (including personal guar- antees) is released from personal liability, the Lender, if it holds the guaranteed por- tion, may file an estimated Report of Loss on Form FmHA or its successor agency under Public Law 103–354 449–30, ‘‘Loan Note Guarantee Report of Loss,’’ to recover its pro rata share of the actual loss at that time. In completing Form FmHA or its suc- cessor agency under Public Law 103–354 449– 30, the amount of the debt assumed will be entered on line 24 as Net Collateral (Recov- ery). Approved protective advances and ac- crued interest thereon made during the ar- rangement of a transfer and assumption, if not assumed by the Transfer, will be entered on Form FmHA or its successor agency under Public Law 103–354 449–30, line 13 and 14.

Transfer and Assumption Cases. Refer to the applicable subpart of title 7 of CFR part 1980. If a loss should occur upon consummation of a complete transfer and assumption for less than the full amount of the debt and the transferor-debtor (including personal guar- antees) is released from personal liability, the Lender, if it holds the guaranteed por- tion, may file an estimated Report of Loss on Form FmHA or its successor agency under Public Law 103–354 449–30, ‘‘Loan Note Guarantee Report of Loss,’’ to recover its pro rata share of the actual loss at that time. In completing Form FmHA or its suc- cessor successor agency under Public Law 103–354 449– 30449–30, the amount of the debt assumed will be entered on line 24 as Net Collateral (Recov- eryRecovery). Approved Ap- proved protective advances and ac- crued interest accrued in- terest thereon made during the ar- rangement arrangement of a transfer and assumption, if not assumed by the Transfer, will be entered on Form FmHA or its successor agency under Public Law 103–354 449–30, line 13 and 14.