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<br /> V.A. GUARANTE�D L4AN AND ASSUMkTION POLICY 1tIDER
<br /> NOTICE:THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF -
<br /> �- -- -------s----, THE DEPARTMENT OF VE1'ERANS AFFAIRS UR ITS AUTHORIZF,D AGF.NT. �
<br /> THIS V.A. C1UAftANTEED LOAN AND ASSUMPTION PUL[CY R1DER I�mAdc thir �dTH day
<br /> of NOVEhIBER � 1993 ��nd is incorporatcd Into and shAll be deemed to amend and supplement
<br /> thc Mort�e,Deed of Tnut or Dad to Secure Debt(hucin"Secudty lnstcument")dated of cvrn date haewlth�
<br /> �Iven by thc undersigned(herein"Borrower")to sccure Borrower's Note co
<br /> - --- Th• Equitabl• Building and Loan Association ot arand Island,
<br /> -- -- N�braska, A Fodoral Savings Bank (herein"Lender")
<br /> and coverin�the Property descrlbed in the Security Inurument and located at
<br /> 121l3 N aREENWICH, ORAND ISLANQ, KEBRASKA 88801-3711
<br /> _ (PropertY Addras? �
<br /> � � V.A.GUARANTEED LOAN COVENANT:In addidan to tbo covenants and a�raraants ta�de in the Securtty
<br /> Instrumcnt. Borrower and Lender futther covenant and agree as follows: _
<br /> If the indebtedncss secured hereby be guarantced or insured under Title 38� United States Code.such Tltle
<br />- and Regulations issucd thcreunder and In effect on the date hcreof shall govern the dghts.duties and liabiljties
<br /> . � �,,
<br /> � of Borrower and Lender.My provisions of the Security Instrument ur other Instruments executed in connection
<br />= Fi �� with said indebtedness which are inconsistsnt with said Tftle or Regulations,includiag. but not limited to,
<br /> ' , '�,,,, the provision for payment of any sum in cannecdon wlth prepayment of the secured indebtedness and the
<br />` .' provlsion that the Lender may accelerate payment of the secured indebtedness pursuant to Covenant 17 of
<br />- the Secudty lnstrument,are hereby amended or ne�ated to the extent necessary to conform such instruments
<br /> � .;;;6`?�n to said Title or Regulations.
<br /> LATE CHARoE:At Lender's option,Borrower will pay a"late charge"not exceeding four per centum(4%)
<br /> ''`°~. of the overdue payment when paid more than fifteen(IS)days after the due date thereof to cover the extra
<br /> expense involved in handling delinquent payments, but such"late charge" shall not be payable out of the
<br /> � — „�,« :.�;�� ° pr�crrda uf u�iy saie niade io saiis!'y ih�indcbirdness secu:ed hereb�,unlsss sach prort_Ms Ar�c��fficient to
<br /> �{ � �r
<br /> discharge the entire indebtedness and a11 proper costs and expenses secured hereby.
<br /> '�Y�r`�•,-. ;���:.ru
<br /> .�;�•f,r,�,t.��'y: .���• , GUARANTY:Should the Department of Veterans Affairs fail or refuse to issuc its guaranty in full amount
<br /> `y;;••�'.. ` '�•"'°"': within 60days from the date thai this loan would normally become eligible for such guaranty committed upon
<br /> ' i�`�+ •••� " ��` by the Dcpartmcnt of Veternns Affairs ander the provisions of Title 38 af the U.S.Code"Veterans Benefits,"
<br /> 1,. -.r�,'��;;,°;1i
<br /> _ =��`����•-�•--• � � the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose _
<br />- 'S;,s�� � immediatcly or may exercise any other rights hereunder or take any ather proper acuon as by law provided.
<br /> _ �t;. .,,:. :,. �, .
<br /> -y,oa;;,.;,4...�,�...,,•..• TRANSFER OF THE PROAERTY:If all or any part of the Property or any interest in it is sold or transferred,
<br /> ���..�.. this loan muy be declared Immediately due and payable upon transfer("assumption")of the property securing
<br /> �. such loan to any transferee(`•assumer"),unless the acceptability of the assumption and transfer of this loan
<br /> . . . ., is established by the Department of Veterans Affatrs or its autharized agent pursusnt to Section 1814 of Chapter
<br /> .- 37, Titic 38, United States Codc.
<br /> �, . An authorized transfcr("assumption") of the property shall also be subject to additional covenants and
<br /> �. .. . , ,t agreements as se[ forth below:
<br />- •:_��� � (a) ASSUMPTION FUNDiN�FEE:A fee eyual to onc•half of 1 percent(.SO��b)of the unpaid principal
<br /> batance of this loan as af thc da�c of trunsfer of the property shall be payahle at che time of transfer to the
<br /> �� mortgagee or its authorizcd agent, as trustec for thc Dcpartment of Veterans Affairs. If thc assumer fails to
<br />:,� ' � puy this fee at the timc of transfcr. thc fce shall constitute an additional debt to that already secured by this
<br /> instrument,shnil bcar intcrest at thc ratc herein provided.and,at the option of the mangagee of the indebtedness
<br /> t;•-t� hereby secured or any transferee thcrcof�shall bc immediately due and payable.This fee ls automatically waived
<br /> �"��•'���•-- •� if the assumer is cxempt under the provixions of 38 Il.S.C. 1829(b).
<br /> _' �.Lfie.r..y •
<br /> �f — -"� �b� ASSt iMPTION PROCESSING CHARGE:Upon upplication for approval to ailow assumption and
<br />��, °ti��;,.,� transfer of this loan,a processing fec may be charged by the mortgagee or its authotized agent for determining
<br /> t � ...,�V: .., the creditworthiness of the assumer and subs�quently rcvising thc holder's ownership records when an approved
<br />� �,,,'� transfer is completed. The amount of this charge shal! not excced the lesser of che maximum cstablished by
<br /> =_;� "-:•� _ the Depurtment of Veterans Affairs for a loan to which Section 1814 of Chapter 37,Title 38, United States
<br /> �.�� - � Code applics or any maximum prescribed by applicable State la�v.
<br /> -� i ':��s.:a.;.: ..,:. (c) ASSUMPTION WT�EMNITY LIABILIZY;If this obligation is assumed, then the assumer hereby
<br /> ,' '''.�i�y. :.�� ' agrees to assume all of the obligations of the vcteran undcr thc terms of the instruments creating and securing
<br /> '�:'��°���,�' t h e l o a n,i n c l u din g the obli gation of the vcteran to indcmnit y the bepartmcnt of Veterans Affairs to the extent
<br /> -- of any cluim payment arising from the guaranty or insurance of thc indebtedness created by this instrument.
<br /> —�:� IN WiTNFSS WHEREOF,Borrower(s)has executed this V.A.Guarac.teed Loan and Assumption Policy Rider.
<br /> _ -- /7�� __ �' �_. .,7-- .1r�,l�dt� (�' �i�S�'�
<br /> _— ��t�,ir�c— Lti��.«� �� — - - -
<br /> - ALAN E F06TEA -eorrower pEIDRE C F06TER •eorrower
<br /> � —
<br /> -Uorrower •Borcower
<br /> V.1►.OUARANTEED LOAIY ANO AiiUMPTION POLICY MOER Z/Y1
<br /> a•s�y�p„pi VMrAA011T6AGEFOMI{ •13171t�1�100• lWqi�1•73�1
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