DIY Legal Forms

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Agreement Of Assumption Of Personal Debt By New Partner

As consideration for the interest of (Describe) in the assets of the partnership outlined in this agreement, the firm agrees to pay (--%) of (name and Address) personal indebtedness incurred by that person in the purchase of property and in the conduction of partnership business.

Dated:

__________________________

Signature and Title

__________________________

Signature and Title

__________________________

Signature and Title

*** If Required By State Law ***

This Section for Notary:

ACKNOWLEDGMENT

State of _________

County of ________ [COUNTY]

On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

Signature ________
Notary

My commission expires: _____

(Seal)