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r J I 1 0�' 100161 VA ASSUMPTION POLICY RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGENT. THIS ASSUMPTION POLICY RIDER is made this 11 th day of January 119 89 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt ( "Instrument ") of the same date herewith, given by the undersigned ( "Mortgagor ")to secure the Mortgagor's Note ( "Note ") of the same date to Central Mortgage Corporation 3" gratiot Mt. Clemens, MI 48043 its succawrs and assigns ( "Mortgagee ") and covering the property described in the Instrument and located at: MS. "Of 119M em ISLU Y,C 58303 (Property Address) Notwithstanding anything to the contrary set forth in the Instrument, Mortgagee and Mortgagor hereby acknowledges and agrees to the following: GUARANTY: Should the Veterans. Administration fail or refuse to issue its guaranty in full amount within 66 days fr em ' the date that this loan would normally become eligible for such guaranty committed upon by the Veterans Adz bistration under the pmisioas of Title 38 of the U.S. Code "Veterans Benefits ", the Mortgagee may declare the indebtedness hereby secured at once due and payable and. may foreclose immediately or may exercise any other rights hereunder or take aay other proper action as by law provided. TRANSFER OF THE PROPERTY: If all or anj ,part of the Property or any interest in it is sold or transferred, this loan shall be immediately di* and payable upon transfer ( "assumption ") of the property securing such loan to any transferee ( "assumer "), unless the acceptability of the assumption and transfer of this loan is established by the Veterans Administration or its authorized agent pursuant to section 1817A of Chapter 37, Title 38, United States Code. An authorized transfer ( "assumption ") 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 -half of 1 percent (.504x) of.the unpaid principal balance of this loan as of the date of transfer of the property shall be payable at the time .of transfer to the mortgaoe or .its, authorized agent, as trustee for the Administrator of Veterans Affairs. If the assumer fails to pay this fee 4t the tern of transfer, the fee shall constitute an additional debt to that already secured by this instrument, shall bear Interest at the rate herein provided, and, at the option of the mortgagee of the indebtedness hereby secured or any tninsfferee thweof, shall be immediately due and payable. This fee is automatically viaived if the assumer -is exempt under. the pro %isioirs.mf 38 U.S.C. 1829 (b). 0) ASSUMPTION PROCESSING CHARGE: Upon applseaYion for approval to allow assumption and transfer of this loan, a processing fee my be charged by the mortgagee or its authorized agent for determining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amount of this charge shall not exceed the maximum established by the Veterans Administration for a loan to which section 1817A of Chapter 37, Title 38, United States Code applies. (c) ASSUMPTION-IN DEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to assume ail of the obligations of the veteran under the terms of the instruments creating and securing. the loan, including the obligation of the veteramto indemnify the Veterans Administration to the extent -of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. IN WITNESS WHEREOF, Mortgagor(s) has executed this Assumption Policy Rider. G3'f (Seal) WM A. KVE§S Mortgagor (Seal) Mortgagor (Seal) icy D. nVMortgagor 4 •628 iaem VMP MORTGAGE FORMS • 4313j293 8100 * (800)52 7291 L (Seal) Mortgagor { , , r;