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89-103491 (� VA ASSUMPTION POLICY RIDER L__ NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGENT, THIS ASSUMPTION POLICY RIDER is made this 6TH day of JULY , 1989 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 NORWEST BANK NEBRASKA, NATIt7I+iAL ASSOCIATION its sucxors and assigns ( "Mortgagee ") and covering the prpp=y zszribed in the rnstrument iad located, at: 104 EAST SiJIZZET, GRAND ISLAND, NEBRASKA ' 6$801 (Property Address) Notwithstanding anything to the cod.rary set forth in the Instrument, Mortgagee and Mortgagor hereby acknowledges and agrees to the following: GUARANTY: Should the. Veterans Afinistration 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 Benefits", the Mortgagee may declare the indebtedness hereby secured at ance due and payable and may foreclose immediately or may exercise any other rights hereunder or take any other proper actiom as by law provided. TRANSFER OF THE PWPERTY. If all or any pan of the Property or aay interest in it is sold or transferred; this loan shall be immediately dune and-gayable upon transfer ( "assumption'.,) of the property securing such Ioaa, many t;. ,era 'assutricr "j, ui ie the ac, pcibility of the assumption and transfer of this loan is established by the Veterans Administration or its aut hcrized agent: pursuant to section NITA of Chapter 37, Title 38, United States Code. An authorized transfer ("'assumption") of the property shall abso-be 3' 4b cct to additional covenants.and agreements as set forth below: (a) ASSUMPTION FUNDING --A fee equal to one -half of 1 percent (.5041) 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 tc. the mortgagee or its authorised agent, as trustee for the Administrator of Veterans Affairs, If the assumer fails t6.p;gy this fee at the time of transfer, the fee shall constitute an additional debt to that already serwed by this instrument, shaU bear interest at the rate herein provided, and, at the option of the mortgagee of the indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is 44comatically waived if the-assumer is exempt under the provisions of 38 U.S.C. 1829 (b). (b) HARGE- Upon application for, approval to allow assumption and transfer of this loan. a processing fee may be charged by the mortgagee or its authorized agent for determining the creditworthiness of the assurner 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) ASSUMPTIOPIIIVDEMNITY LIABILi'i"i''• 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, ittduding 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. (Seal) (Seal) Mortgagor 1 HELMS, SR. Mortgagor _ - -- - -_ (Seat) (Seal) Mortgagor Mortgagor F + •SZ6:M07, VMO MORTGAGE FORMS • 1313,293 8100 • 18001521.7291 jv t - .