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104655 VA ASSUMPTION POLICY RIDER NOTICE: TINS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL j OF THE-VETERANS ADNIINISTRATION OR ITS AUTHORED AGENTS THIS ASSUMPTION POLICY RIDER is made this 31ST day of AUGUST 01989 , and is incorporated into end shall he deemed to amend and supplement the N111ttgage, Dead of Trust,.or Deed to Secure Debt ( "Instrument ") of the sama date herewith, given by the undersigned ( "Mortgagor ") to secure the Mortgagor's Note ( "Note ") of the same date to NORWEST BANK NEBRASKA, NATIONAL ASSOCIATION its successors and assigns ( "Mortgagee ") and covering the property described in tho •Instrument and located at: 2621 -23 WEST CAPITAL AVENUE, GRAND ISLANDv NJ:.D WKA 688()3 (Property Addrtxs). Notwithstanding anything to the contrary set forth in the Instrumcn4 Mortgagee and Mortgagor hereby acknowledges and agrees to the following: .' t.� GUARANTY: Should the Veterans Administradoa fail or refuse to issue its guaranty in full amount within 60 days from the date that this loan would normally become eligiiblc 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 once due and payable and may foreclose immediaely, or may exercise any other r ghts 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 and transfer of this loan is established by the Veterans i Administration or its authorized agent pursuant to section 1817A of Chapter 37, Title 38, United States Code. A-a authorized transfer ( "assumption ") of the property shall also be subject to additional covenants and agreements a,,:nt forth; below: ' (;q 6..Z*4- MPTION FUNDING FEE: A fee equal to or z -half of 1 percent (.SQ".'a3 of the unpaid principal balance 6f t iiz i- ;as of the date of transfer of the prvrcrty shall be payable at the time of transferrm the mortgagee or sty :%1~,r nZol agent, as trustee for the Administraxor of Veterans Affairs. if the assumer fails (0. pay this fee at the time of 64rreer. the fee shall constitute an additional debt to that already secured by this instrumci;M, shall bear interest . at the rata imp in provided, and, at th,; option of the mortgagee of the indebtedness hereby secured or any transferee — thereof, s!t id! be immediately due imd payable. This fee is automatically waived if the assumer is exempt, 411der the provisions z: 38 U.S.C.: t829 (b). lb► eccr 1MpT[(Jr� i?ROCESSING C1.1skJZG) : Upon application for approval to allow assumption and transfer of this loar,.,. it processing Zee may be charged by the murtgagee or its authorized agent for determining the creditworthiness of the assurrser and subsequently revising the holder's owrrr;hip records when an approved transfer is completed. The amount of this charge shall not exceed the maxir im established by the Veterans Administration for a load, to which section 1817A of Chanter 37, Title 38, United Siztes Code applies. (c) ASSUMPTION I DEMN1TY LI&D#,ITY:- if this obligation is assumed, then the asstrnmr 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 extant of any claim payment arising from the guaranty or�insu�r,Anwof the indebtedness created by this instrument. IN WITNESS WHFft(#F, Motgagor's) has executed this Assumption Policy Rider. OIL (Seal) (Seal) DI L SANDBi.IC ortgagor Mortgagor 1 (Scat) (Sea)) bfnrteae�r Mortgagor I •526 twu Y!•i MCATGAGS FC;I115 • 1313,293 SIC2 • =0:521 7291