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99 1i0091 <br /> TRANSFER OF THE PROPERTY: This loan may be declared immediately due and payable upon <br /> transfer of the property securing such loan to any transferee, unless the acceptability of the <br /> assumption of this loan is established pursuant to section 3714 of Chapter 37,Title 38,United States <br /> Code. <br /> An authorized transfer ("assumption") of the property shall also be subject to additional covenants <br /> and agreements as set forth below: <br /> (a) ASSUMPTION FUNDING FEE: A fee equal to one-half of 1 percent (.50%) of this <br /> loan as of the date of transfer of the property shall be payable at the time of transfer to the loan <br /> holder or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer fails <br /> to pay this fee at the time of transfer, the fee shall constitute an additional debt to that already <br /> secured by this instrument, shall bear interest at the rate herein provided, and, at the option of the <br /> payee of the indebtedness hereby secured or any transferee thereof, shall be immediately due and <br /> payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. <br /> 3729 (b). <br /> (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow <br /> assumptions and transfer of this loan, a processing fee may be charged by the loan holder or its <br /> authorized agent for determining the creditworthiness of the assumer and subsequently revising the <br /> holder's ownership records when an approved transfer is completed. The amount of this charge shall <br /> not exceed the maximum established by the Department of Veterans Affairs for a loan to which <br /> section 3714 of Chapter 37,Title 38, United States Code applies. <br /> (c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the <br /> assumer hereby agrees to assume all of the obligations of the veteran under the terms of the <br /> instruments creating and securing the loan. The assumer further agrees to indemnify the Department <br /> of Veterans Affairs to the extent of any claim payment arising from the guaranty or insurance of the <br /> indebtedness created by this instrument. <br /> IN WITNFSS WHEREOF, Borrower(s) has executed this VA Guaranteed Loan and Assumption <br /> Policy Rider. <br /> (Seal) (Seal) <br /> C NTHIA K. GORMAN Borrower Borrower <br /> (Seal) (Seal) <br /> Borrower Borrower <br /> (Seal) (Seal) <br /> Borrower Borrower <br /> VA Gi7RAIVTEED LOAN AND ASSLJMPI'ION POLICY RIDER (1/95) <br /> Doc:ument Sysrems,Inc.(SW)649-1362 Page 2 of 2 <br />