89106667 - Laserfiche WebLink

Browse

i _ � � Ss_ ioses7 � - �- VA ASSUMP�'�C�N PULICY RIDElt NQTICE: THIS LUAN IS NOT ASStJMABLE WITHOUT THE APPROVAL � OF THE VETERAN�ADMINISTRATION OR ITS AUTHORIZED AGENT. . THIS ASSUMPTION POLICY R1DER is made this OSth day of December . 1989 , and is incorporated into and shall be deemed to amend and supplement thc Mortgagc,Deed of Trust,or Deed to Seouee Dobt ("Instrument") of the same date here�vith, give»by tlie undersigned ("Mortgagor") to secure the Mortgagor's Note ("Note") of the same date to Norweat Bank Nebxaska, National Asaociation its successors and assigns ("Mortgagee") and covering the property described in the Instrument and located at: 4712 Gunbarrel Place, Grand Island, Nebraska 68801 (Properry Address) � - 1Notwithstanding anything to the contrary set forth in the Instrument,Mortgagee and Mortgagor hereby ackno�vledges and agrees to the following: GUAI�ANTY: Should the Veterans A�ministration fail or reFuse to issue its guaranty in full amount;vithan 60 days from the dat� 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 Bene�ts", the Mortgagee may declare � , tha indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any other rights hercunder or take any other proper action as by law provided. � � . � �i'KANSFER OF THE PROFERTY: If all or any part of the Property or any.interest in it is sold or transfened,this '��- . loan shall be immediately dae and payable upon transfer ("assumption")of the property securing such loan to any transferee(•`assumer"),unless thc acceptability of the ussumption and transfer of this laan is established by ihe Veterans Administration or its authorized agent pursuant to section 1817A of C}iapter 37� Title 38. United States Code. � � � An authoriud transfor ("assumption") of the property sha11 also b�subject to additional covenants ar.d agreements � W as set forth below: . .. (a) ASSUMPTION FUNDING FEE•A fee equal to one-half of 1 percent(.50%)of tho unpaid principal balance . ,_ of this loan as of the date of transfer of the propertp shall be payable at the time of transfer to the mortgagee or its authorized agent,�s 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 the n�ortgagee of the indebtedness hereby secured or any transferee � thereof, sharl be immediately due and payable. This Fee is automatically waived if the assumer is exempt un�er che . provisions of 38 U.S.C. 1829 (b). � � (b) ASSUMPTION PROCESSING CHARGE• Upon application for approval to allow assumption and transfer � of this loan,a process�ng fee may be charged by the mortgagee or its authorized agent for determining the creditworthiness �� of the a�ssumer and subsequently revising the holder's ownership records when an approved transfer is completed.The ' ` amount of this charge shail not exceed the maximum established by the Veterans Administration for a loan to which � section 1817A of Chaptar 37, Title 38, United States Code applies. (c) ASSUMPTION INDEMNITY LIABILITY• If this obligation is assumed, then the assumer hercby agrees to assumo all of the obligations of the v�teran under the terms of the instruments cr�ating 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 guaraniy or insurancc af the indebtedness created by this instrument. , IN WITNESS WHEREOF, Mortgagor(s) has executrd this Assumption Policy Rider. ' �-�-r�-- '� b��.�� (Seal) � � / -f�'�� Joseph D. Jolet (Seal) Mortgagor Carol A. Jolet Mortgagor (Seal) �. (Seal) Mortgagor Mortgagor � �� 'r'J26 ql0�1 VMP MORTGAGE FORAIS•13131293•8100• i8001521•7291 � � n r' �1 ,� .. � � -