RD 3550-22 Assumption Agreement

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USDA-RHS
Form RD 3550-22
(Rev. 8-99)

FORM APPROVED
OMB NO. 0575-0172

UNITED STATES DEPARTMENT OF AGRICULTURE
RURAL HOUSING SERVICE

Type of Loan Assumed

Section 504
Program Transferee

Type of Transferee

ASSUMPTION AGREEMENT
SINGLE FAMILY HOUSING

Section 502

NonProgram Transferee
New Rates and Terms

Type of Assumption

Same Rates and Terms

Sellers Case No:
Transferee Case No:
This Agreement dated

is between the United States of America, acting through the Rural

Housing Service, its successors and assigns (herein called the Government) and
(herein called the Borrower or transferee), whose mailing address is:
The Government is the holder of one or more of the following debt instruments executed,
(the sellers), which instrument is secured by real property located in
County, State of
Type of Debt
Instrument

Date
Executed

Original
Principal

Interest
Rate

pursuant to the following security instruments:
Type of Security
Instrument

Date
Executed

Office Where
Recorded

Book/Volume
Document No.

Page
No.

In consideration of the assumption of the indebtedness as herein provided and the Government's consent to this assumption and related conveyance
of the security property, if applicable, it is agreed as follows:
1. The Borrower will assume the indebtedness and obligations of the above described debt and security instruments on (check only one):
Same rates and terms: or
percent (
New rates and terms with an interest rate of
annum, the principal sum of
($

) per
dollars

), with the first installment of principal and interest of $

due on

, and $
thereafter on the
of each month until
the principal and interest are fully paid, except that the final installment of the entire indebtedness evidenced hereby, if not paid sooner, shall be due
) years from the date of this Agreement. Borrower shall
and payable
(
escrow taxes and insurance in accordance with Agency regulations. By execution of this agreement borrower becomes personally obligated to repay
the principal and interest to the Government on the terms stated herein.
2. Payments of principal and interest shall be applied in accordance with Government's accounting procedures in effect on the date of receipt of the
payments. If Borrower's payment has not been received by the end of
days after it becomes due, Borrower will pay a late charge of
% of the overdue payment of principal and interest.
3. The provision of the debt and security instruments hereby assumed shall, except as modified herein, remain in full force and effect, and Borrower
assumes the obligations of and agrees to comply with all covenants, agreements, and conditions in said instruments, as modified here, as though
Borrower had executed them as of the date thereof as principal obligors. Borrower agrees to be personally liable to the Government for the repayment of
the obligation assumed herein. Nothing contained herein shall be construed to release the seller from liability on the above described debt instruments.
4. Any provision of the debt or security instruments which requires that the Borrower occupy the Government financed dwelling or refinance to another
credit source does not apply to assumption by a non-program transferee.
5. This agreement is subject to present regulations of the Government and to its future regulations which are not inconsistent with the express provisions
hereof:

UNITED STATES OF AMERICA
RURAL HOUSING SERVICE
(Borrower)

By:
Title:
Date

(Borrower)

Address:

(Cosigner)
According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control
number. The valid OMB control number for this information collection is 0575-0172. The time required to complete this information collection is estimated
to average 5 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed,
and completing and reviewing the collection of information.

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