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99 112024 VA ASSUMPTION POLICY RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. THIS ASSUMPTION POLICY RIDER is made this 21st day or December , 1999 , and is �,co►�orated �nto and shall be deemed to amend and supplement the Mortgage, Deed of Tn�st, or Deed to Secure Debt ("Instrument") of the seme date herewfth, given by the undersiened ("Mortgagor") to secure the Mortgagor's Note ("Note") of the same date to UNITED NEBRASKA BANK ks successors and assigns ("Mortgagee") and covering the property descri�ed in the Instrument and located at: 503 E 20TH ST GRAND ISLAND NEBRASKA 68801 Prop�rty Addns� Notwithstanding anything to the contrary set forth in the Instrument, Mortgagee and Mortgagor hereby acknowledge and agree to the following: GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue fts guaranty in tull amount within 60 days from the date that this loan would normaly become eligible for such guaranty committed upon by the Department of Veterans Affairs 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 immediatey or may exercise any other rights hereunder or take any other proper action as by lew provided. TRANSFER OF THE PROPERTY: If all or any paR of the property or any interest in it is sold or transferred, this ban may be declared 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 ban is established by the Department of Veterans Affairs or ks suthorized agent pursuant to section 3714 of Chapter 37, Title 38, United Stetes Code. An authorized transfer ("assumption") of the property shall also be subject to additional covenants and agreements as set forth bebw: (8) ASSUMPTION FUNDING FEE: A fee equal to one-half of 1 percent (.50%) of the unpaid principal balance of this ban as of the date of transfer of the propeRy shall be payeble at the time of transfer to the mortgagee or its authorized egent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall constitute an addftional debt to that akeady secured by this instrument, shall bear interest at the rate herein provided, and, at the option of the mortgagse of the indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to albw assumption and transfer of this ban, a processing fee may be charged by the mortgagee or its authorized agent for determining the creditworthiness of the assumer and subsequenty revising the holde�s ownership records when an approved transfer is completed. The amount of this charge shail not exceed the lesser at the maximum established by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37,Tkle 38, United States Code applies or any maximum prescribed by applicable State law. (C) ASSUMPTION INDEMNITY LIABILITY: If this obiigation is assumed, then the assumer hereby agrees to assume all of the obl'�gations of the veteran under the terms of the instruments creating and securing the loan. The assumer further agrees to indemnify the Department of Veterans Affairs to the extent of any claim peyment arising irom the guaranty or insurance of the indebtedness created by this instrument. IN WITNESS WHEREOF, the grantor has hereunto set his hand and seal on the day and year first hereinbefore written. . m, (SEAL) ortgagor C RISTOPHER J FRU LING r ,. • �� Mortgag RUH �� Mortgagor �� Mortpayor F588B.LM�(3/99) 1179