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:

While Assignee accepts and assumes responsibility for repayment of the Debt as outlined within this Agreement and within the original debt contract, attached herein, Assignor and Assignee will become jointly liable for the Debt to Creditor. Creditor shall initially seek repayment from Assignee, but if Assignor defaults, Creditor may seek full repayment from Assignee.

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 - NO MODIFICATION:

No modification to this Agreement shall be valid unless in writing and signed by all Parties.

Article 8 - NO WAIVER:

None of the terms of this Agreement shall be deemed to have been waived by any act or acquiescence of any Party. Only an additional written agreement can constitute waiver of any of the terms of this Agreement between the Parties. No waiver of any term or provision of this Agreement shall constitute a waiver of any other term or provision or of the same provision on a future date. Failure of any Party to enforce any term of this Agreement shall not constitute waiver of such term or any other term.

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: ____________________