201201751 - Laserfiche WebLink

Browse

, 201201751 V.A. GUARANTEED LOAN AND ASSUMPTION POLICY RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. THIS V.A. GUARANTEED LOAN AND ASSUMPTION POLICY RIDER is made this 21st day of February, 2012,and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust to Secure Debt (herein "Security Instrument") dafed of even date herewith, given by the undersigned ("Borrowcr") to secure Borrower's Note to ACCESS iYAT10NAL MORTCAGE (herein "Lender"),and covering the Property described in fhe Security Instrument and located at: 820 S Arthur St,Grand Island, NEBRASKA 68803, (Property Address) V.A. GUARANTEED LOAN COVENANT: In addition to the covenants and agreements made in the security Instrument, Borrower and Lender further covenant and agree as follows: If the indebtedness secured hereby be guarantecd or insured under Title 38, United States Code,such Title and Regulations issued thereunder and in effect on the date hereof shall govem the rights, duties and liabilities of Borrower and Lender. Any pmvisions of the Security Instrument or other instrument executed in connection with said indebtedness which are inconsistent with said Title or Regulations, including but not limited to, the provision for payment of any sum in connection with the payment of the secured Indebtedness and the provision that the Lender may accelerate payment of the secured indebtedness pursuant to Covenan[ U of the Security instrument, are hereby amended or negated to the extent necessary to confortn such instrument to said Title or Regulations. LATE CHARGE: At Lender's option, Borrower will pay a"late charge"not exceeding Four per centum 4.00%of the overdue paymen[ when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in handing delinquent payments,but such "late charge"shall not be payable out of the proceeds of any sale made to satisfy the indebtedness sewred hereby, unless such proceeds are sufticient to discharge the entire indebtedness and all proper costs and expenses sewred hereby. GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount within 60 days from the date that this loan would normally become eligib]e for such guaranty committed upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefits", the Murtgagee may declare the indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any other rights hereunder or take any other proper actions as by law provided. TRANSFER OF THE PROPERTY: This loan may be declared immediately due and payable upon transfer ofthe property securing such loan to any transferee, unless the acceptability of the assumption of the loan is established pursuant to section 3714 of Chapter 37,Title 38, United States Code. An authorized transfer("assumptiod') of the property shall also be subject to additional covenants and agreements as set forth below. (a) ASSUMPTION FUNDING FEE: A fee equal to one halPof one percent(.5%)ofthe balance ofthis loan as of the date of transfer of the property shall be payable at the time of transfer ro the loan holder or ifs authorized agent,as trustee for the Department of Veterens Affairs. If the assumer fails to pay this fee at the time of transfer,the fee shall constitute an additional debt ro that already sewred by this instrument,shall bear interest at the rafe herein provided, and, at the option of the payee of the indebtedness hereby secured or any transferee thereof, MULTISTATE VA GUARANTEED LOAN AIYD ASSUMPTION POLICY RIDER 10/03 Pagc I of 2 m Initials: L/ ��