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LSDefine

Simple English definitions for legal terms

assumption clause

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A quick definition of assumption clause:

An assumption clause is a part of a mortgage agreement that says no one can take over the mortgage without the permission of the lender. It can also be a provision in a contract where the person taking over the contract agrees to take on the responsibilities of the person who originally had the contract.

A more thorough explanation:

An assumption clause is a provision in a mortgage or other financial agreement that restricts the transfer of the obligation to another party without the consent of the lender or creditor.

For example, if you have a mortgage on your home, the assumption clause in the loan agreement may prevent you from selling the property to someone else and transferring the mortgage to them without first obtaining approval from the lender.

In another scenario, an assumption clause may be included in a contract for the sale of a business. The buyer may agree to assume certain liabilities or obligations of the seller as part of the purchase agreement.

These examples illustrate how an assumption clause can be used to protect the interests of the lender or creditor by ensuring that they have control over who assumes the obligation and under what terms.

assumpsit | assumption fee

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im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
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