DEBT ASSUMPTION AGREEMENT

DEBT ASSUMPTION AGREEMENT

Contract Date: [Day/Month/Year]
Contract No: [Number, if any]

This Debt Assumption Agreementbetween the parties whose details are provided below, the Turkish Code of Obligations No. 6098 and related legislation , for the purpose of a specific person or institution assuming an existing debt.

1. PARTIES

Debtor (Principal Debtor):

• Name/Title: [Debtor Name or Company Name]
• TR Identity Number / Tax Number: [XXXXXXXXXX]
• Address: [Debtor's Address]
• Phone: [XXXXXXXXX]
• Email: [XXXXXXXXX]

Debtor (New Debtor):

• Name/Title: [Name of Debtor or Company Name]
• TR Identity Number / Tax Number: [XXXXXXXXXX]
• Address: [Address of the Debtor]
• Phone: [XXXXXXXXX]
• Email: [XXXXXXXXX]

Payee:

• Name/Title: [Creditor Name or Company Name]
• TR Identity Number / Tax Number: [XXXXXXXXXX]
• Address: [Creditor's Address]
• Phone: [XXXXXXXXX]
• Email: [XXXXXXXXX]

The parties shall be referred to as "Debtor" , "Assignor" and "Creditor" in this agreement .

2. SUBJECT OF THE AGREEMENT

The subject of this agreement is the acceptance by the Debtor of an existing debt and the transfer of this debt, together with all its obligations, to the Debtor.

• Debt Type: [Loan debt, business debt, rent debt, etc.]
• Loan Amount: [X TL / USD / EUR]
• Loan Due Date: [Day/Month/Year]
• Type of Debt Assumption:
  • ❏ Assuming responsibility for the debt with the creditor's consent (transfer of debt)
  • ❏ Debt assumption agreement (Agreement made with the debtor)

The Undertaker agrees to pay the entire debt on behalf of the Debtor.

3. DEBTOR'S OBLIGATIONS

• The debtor undertakes to provide the necessary documents and information for the debt to be assumed by the Debtor .
• When the debt is fully paid by the Debtor, all obligations of the Debtor relating to that debt will be terminated.
• The debtor undertakes not to provide false or incomplete information.

4. OBLIGATIONS OF THE DEBT ASSUME

• The party assuming the debt agrees and undertakes to pay the entire amount of the debt specified in the contract on time .
• If the debt is not paid, the creditor has the right to pursue legal action.
• The debtor is obligated to make payments according to.

5. CREDITOR'S OBLIGATIONS AND RIGHTS

• The creditor will deal directly with the debtor.
• The creditor has the right to initiate legal proceedings if the debtor fails to fulfill their obligations .
• The party assuming the debt agrees that after paying off the entire debt, the creditor shall have no rights or claims against the debtor .

6. PAYMENT PLAN AND TERMS

• Debt Repayment Plan:
  • First payment: [X TL], payment date [Day/Month/Year]
  • Payments: [X TL], payment dates [Day/Month/Year]
  • Last payment: [X TL], payment date [Day/Month/Year]
• Payments will be made via bank transfer / EFT / cash / check.
• In case of delay, if payment is not made within [X] days, late payment interest will be applied.

7. CONSEQUENCES OF ASSUMING THE DEBT

• Upon assumption of the debt, all responsibilities of the Debtor relating to the debt cease.
• By assuming responsibility for the debt, the debtor accepts all obligations towards the creditor.
• In any legal dispute related to the debt, the person assuming the debt steps into the debtor's shoes and becomes responsible for collecting the debt.

8. TERMINATION OF THE AGREEMENT AND PENALTY CLAUSES

• If one party breaches the terms of the contract, the other party may terminate the contract by giving written notice.
• If the debtor fails to pay the debt, the creditor has the right to initiate legal proceedings against the debtor or the debtor.
• In the event of termination, the Debtor and the Assumer of the Debt may be liable for compensation.

9. FORCE MAJEURE

• If one of the parties documents that they are unable to fulfill the obligation due to force majeure events such as natural disasters, war, economic crises, or epidemics , the payment of the debt may be postponed .
• Once the force majeure event ends, a new payment plan can be created for the installment repayment of the debt.

10. PRIVACY AND INFORMATION SHARING

• The parties may not share the debt information they obtain under this agreement with third parties.
• All information regarding the debt will only be shared with authorized parties.

11. DISPUTE RESOLUTION

• The parties shall endeavor to resolve any disputes arising from this agreement primarily through negotiation .
• In disputes that cannot be resolved between the parties, the [City] Courts and Enforcement Offices have jurisdiction.

12. FINAL PROVISIONS

• This agreement [X] copies and has been read and signed by the parties.
• Neither party may make changes to the terms of this agreement without written notice.
• The parties declare that they accept the terms of this agreement.

📌 DEBTOR (Principal Debtor)
Name/Title: [Debtor Name]
Signature: __________

📌 Name/Title of the Person Assuming the Debt (New Debtor) : [Name of the Person Assuming the Debt] Signature: __________

📌 CREDITOR
Name/Title: [Creditor Name]
Signature: __________