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201208863
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Last modified
8/19/2014 2:21:00 PM
Creation date
10/23/2012 10:14:17 AM
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DEEDS
Inst Number
201208863
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�012��8�v <br />LATE CHAR.GE: At Lender's option, Borrower will pay a"late charge" not exceeding four per centum <br />(4%) of the overdue payment wllen paid more tl�an fifteen (15) days after lhe due date thereof to cover the <br />ea�tra e�pense invalved in handIing delinquent payments, but such "late charge" shall not be payable out of <br />the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are <br />sufficient lo discharge the enkire indebtedness and all proper costs and expenses secured liereby. <br />GUARANTY: Should the Department of Veterans A�ffairs fail or reFuse to issue its guaranty in full amount <br />witlun 60 days fram tlte date that tlus loan would nornially become eligible for such guaranty committed <br />upon by the Deparlment af Veterans Affairs under the provisions af Title 38 of the U.S. Code "Veterans <br />BeneCts," the Mortgagee maq declare the indebtedness hereby secured at once due and payable and may <br />forecIose immediately or may eYercise any other rights hereunder or take any oYher proper action as by la�� <br />provided. <br />TRANSFER OF TI� PROPERTY: Tlus Ioan may be declared immediately due and payable upon transPer <br />of the property securing such loan to any transferee, unless the acceptability of the assumption of the loan <br />is established pursnant to Section 3714 of Chapter 37, Title 38, United States Gode. <br />An authorized transfer (°assumpaon") of the properiy shall also be subject to additional covenants and <br />agreements as set forth below: <br />(a) ASSiJMPTION FUNDING FEE: A fee equal to one-t�alf of one percent ( 0.5 %) <br />of tlie balance of this loan as of the date of transfer of the properly sl�all be payable at the time of transfer <br />to the loan holder or its authorized agent, as tnLStee for the Department of Veterans Af£airs. If the assumex <br />fails to pay tlus fee at the time of transfer, the fee shall constitute an additional debt to that already secured <br />by tlus instrument, shall beaz interest at the rate herein provided, and, at the option of the payee of the <br />indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is <br />automatically waived if the assumer is exempt under the provisions of 38 U.S.C: 3729 (c). <br />(b) ASSLJMPTION PROCESSING CHARGE: Upon application for flpproval to allow assumption of <br />tlus loan, a processing fee may be charged by the loan holder or its authorized agent for determining the <br />creditworthiness of the assumer and subsequently revising the holder's ownersYrip records �+hen an <br />approved transfer is completed. The amount af this charge shall not exceed the nnaximum established by <br />tlie Department of Veterans Affairs for a loan to which Section 371� of Chapter 37, Tifle 38, United States <br />Code applies. <br />(c) ASSUME'TION INDEMIVITY LIABILITY: If this obligation is assumed, then the assumer hereby <br />agrees to assume aIl of the obligations of fhe veteran under the terms of the instruments creating and <br />securing the loan. The assumer fuzther agrees to indemnify tlie Department of Veterans Affairs to the <br />e�-tettt of any claim payrnent arising from the guaranty or insurance of flze indebtedness created by tlus <br />insttument <br />Initials: ��`' " <br />�-538R (0310y Page 2 of 3 <br />
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