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89=- 10Q003 VA ASSUMPTION POLICY RIDER NOTICE; THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL J OF THE VETERANS ADMEGSTRATION OR IT$. 4 f ORIZED AGENT, TAi S A .iPruiUCT RIDER is made this rd .F f Iq and isidcorporate 4 3iic and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt ( "Instrument ") of the same date herew && the i erned ( "Mortgagor ") to secure the Mortgagor's Note ( "Note") of the same date to 3y800 ratiot 9� Nt. Unwa, III 48043 ( "Mortgagee ") and covering the property described in the Instrument and located at: its successors and assigns 2423 IL 15TM 600 IWO !E 68803 (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 60 days from the date that this loan would normally become eligible for such guaranty committed upon by the Veterans Administration under the provisions of Title 38 of the U.S. Code "Veterans Beaefits ", the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose immediatelyr or may exercise any other rights hereunder or take any other proper action as by law provided. TRANSFER OF THE PROPERTY: If all or any part of the Property or any interest in it is sold or transferred, this loan shall be immediately due and payable upon transfer (" assumption") of the property securing such loan to any ; transferee ( "assumer "), unless the acceptability of the assumption aad transfer of this loan ei established by the Veteraliy Administration or its authorized agent pursuant to section 1817A of Chapter 37, Title 33, United States Code. An authorized transfer ( "assumption ") of the property shall also be subject vi.:additicn;ll. covenants and agreements as set fGrtir. l- .eiow: . (a) ASSU�UPTION FUNDING FEE; A fee equal to one -half of I percent (.50%) 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 mortgagee or ixs authorized agent, as trustee for the Administrator of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, tie fee shat constitute an additional debt to that already secured by this instrument, shall bear interest at the rate herzin provide, and, at the option of the mortgagee oi't :e indebtedness hereby secured or any transferee thereof, shall be Immediately due and payable. This fee is autonrat:oally waived if the assumer is exempt under the. provisions of 38 U.S.C. 1919? (b). (b) ASSUMPTION PROCESSiNG CHARGE: Upon application for approval to allow assumption and transfer of this loan, a pressing fae may be char; ui by the mortgagee or its authorized agent for determining the crcditworthtilm'; of the assumer and su( equ "t;y : ecs inl; the holder's ownership racords when an approved transfer is completed. The amount of this charge shall mat 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 INDEMNITY LIABILITY: If this obligation is assumed,'then the assumer hereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan, including the obligation of the veteran to 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. 4 -526 reaasc (Seal) ! " (Seal) Mortgagor UWTM IV MMMIM Mortgagor (Seal) Mortgdgor I pU -; MORTGAGE FORMS • :313)293.8700. 18001521 7291 _ (Seal) Mortgagor F � '