89102143 - Laserfiche WebLink

Browse

Fes:•.:: ... .. - 89..10214a RIDER TO MORTGAGEIDEED OF TRUST —VA This rider supplements and amends the mortgage /deed of trust of even date herewith by I and between Columbus Federal Savings Bark as mortgagee /beneficiary and J AlE S C ALLEN J R AND SHERRY R ALIEN HU S BAND AND WIFE as mortgagors grantors. This rider is incorporated in and by reference made a part of the aforesaid mortgage /deed of trust, as follows: This loan is immediately due and payable upon transfer of the property securing such loan to any transferee. Unless the acceptability of the assumption of the loan is established pursuant to Section 1817A of Chapter 37, Title 38, United States Code. A fee equal to one -half of 1 percent of the balance of this loan as of the date of transfer of the property shall be payable at the time of transfer of the property to Columbus Federal Savings Bank or its authorized agent, as trustee for the Administrator of Veterans Affairs. If the assumer fails to pay this fee at the time 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 Columbus (Federal Savings Bank hereby secured or any transferee thereof, shall be immediately due and pay >ible. This fee is automatically waived if the assumer is exempt under the provisions of 38 U. S. C. 1829(B). Upon application for approval to allow assumption of this loan, a !, processing fee may be charged by Columbus Federal Savings Bank or its authorized agent for determining the creditworthiness of the assumer and subsequently revising 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 .817A of Chapter 37, Title 38, United States Code applies. Lf 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, MORTGAGORS /G1tANTORS HAVE EXECUTED THIS RIDER THIS 26th DAY OF April 1989 . v SHERRY K Signed Sealed and Delivered in the Presence of 6EN K NOiAAY•;Nit Of ftrzka OBE TA L REED 1990 w . t=