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<br /> � � � v.�►. GUARAIVTEED LOAN A�11TD �SS�JMPTiaN POI.ICY RIDER, _
<br /> NOTICE:THIS�OAN�IS N0�ASSUM�kBLEVVI'�OUT 1'HE�PPRUVAL a� �.� . -
<br /> THEDEPAl�I11+iCl�i'�0�YC�EiiANSAFF�RSORITSAU�HURi�DA�EN�. � . �
<br /> TH15 V.A.GUAItAI�'IEED lA�►N AND ASSUI�PTIOPi POLTCY RIDER ts mitk this ,t4T� dsy
<br /> ot JANUARY , 1994 '��y���poraced into and sLaall be dcemed to amesd and suppkment
<br /> tLe Matpg�Dad of Tnut ar Deed to Secure Debt(hada••Senuity Instn�sant„)dated of evea d�te bdrewith, �
<br /> � . givea by tLe underaigned(herein'°Barrower")to secuce Borrowu's Note W . �
<br /> The Equitabie Building and Loan Association of 'Grand island,
<br /> NeUraska; A Federal Savi ngs Benk `" (bereia"Lrnder")
<br /> and coverit�the�roperty descn'bed in the Security Iasccument aad located u . -�
<br /> 608 �f 14, GRaND iSLAND, NEBRASKA 6e801-3638: .
<br /> (Proratr Address) -. .
<br /> . V.A.GUARANTEED LOAN COYENANT:Ia addition w the covenat►ts and agramenfs madein the Savrity . .
<br /> � Instnwneat, Bonower and Lender furtha covenant and agree as follows: � .
<br /> If the indebtodnes4�henby be guarantad or insnred under Title 38.United States Cadq sacb Title _
<br /> anc}itegolaaoas issued thereunder and in effect on the date bereof shall gavern the iights,dutia and liabHiBes ,
<br /> e�f8orrower a�sd Lender.MY lxovisioas of the Socur►tY Insuument ar other�tumeuts rxewted'm ooanecpon
<br /> . � �Rith said iadebtedaess wl�ich are incoasisteat with said T'rtle or Regatations,iucluding,but not limited to,
<br /> � the provisian for payment of any sum in connection with prepayment of the secured'mdebtedness and the
<br /> provisfon that the Lender may accelerate payment of tbe secure3 indebtedness pwsuant to Cov�nant 17 of.
<br /> '° the Security I�istrumcnt,are hereby amenaed or negated to the exterrt necasary to conform such insttwmats.
<br /> to said T.itle or Regutations. . .
<br /> � LATE CHARGE:At Lender's opdon,Boaower w�l pay a"late charge"noi exceeding four per oentwa(4hi)
<br /> of the overdue payment when paid more than fifteen(i�days after�he due date theroof to cover the exaa , .
<br /> expense u►volved in handl�►g delinquent payments,but sucb"laz�n�ar8e"shall not be payable out of the
<br /> , praxeds af any sale made to satisfy the indebtedness secured her�;;anless such proceeds are sufficient to
<br /> � discharge the enrire indebtedness and aU proper costs and expens�s scivred hereby.
<br /> . ::�UARANTY:Shoutd the Department of Veteraas�airs fail or refuse to issue its guaranty in fuU amount . -
<br /> `. ycithin 60 days from the date that this loam would nosc�tiy 6ecom•a��'b2e for sucb guaranty cdmmitted upon .
<br /> • � �g the Depardnem of Veterans Affairs urzdec the provisions of 1 icTr 3S of the iJ.S.Cade"Vet�raps BenePus," _ �
<br /> , '. the Mortgagee may declare the indebtedness hereby secured at once due and�payable aiid may foreclose •
<br /> • unmediately or may exercise any other rights hereunder or take any other prope�action ag by law provided.
<br /> TRANSFER OF THE PROPERTY:If all or any pan of the Property or any interesf in it is sold or transferred, _
<br /> this loan may be declared immediately due and payable upon uansfer("assumption")of the groperty securin8 =
<br /> such loan to any transferee("assumer"),unless the acceptabitity of thc assumption and transfer of this loan =
<br /> is established by[he Department of Veterans Affairs or iu authorized agent pursuanc to Scctton 1814 of Chapter —
<br /> 37,Title 38,United States Code. ' : ' —
<br />= An authorized uansfer(`•assumpdon")of the property shaU also be subject to addittonal.c4venants and �_
<br />- agreements as set forth below:. . �.
<br /> (a� acct lMPT10N FUNDING FEE•A fee egual to one-half of 1 percent l•50%)of th�w�paid princlpa! . �,
<br /> balance of this loan as of the date of transfer of the property shall be payable at the time of tcansfer to the _
<br /> mortgagee or its authorized agent,as trustee for the Depanment of Veterans Affairs. If the Assumer fait�to _
<br /> pay this fee at the time of transfer,the fee shall constitute an additional debt to that already secured by tfris =
<br /> instrumem,shall bear interest at the rate herein provided,and.ai the option of the mortgagee of the indebtoda�ess �'
<br /> hereby secured or any transferee thereof,shall be immediately due and payable.This fee is sutoinatically waived =
<br /> if the assumer is exempt under the provisions of 38 U.S.C. t$2�(b). b_,
<br /> (b) s���JMPTION PROCESSING CHARGE:Upon application for approval to allpw a"ssumption and �::
<br /> . vansfer of this loan,a proccssing fee may be chargw`�Sy the mongagee or its suthorized agent for determining �
<br /> ��.:cile creditworthiness of the assumer and subseyuently revisirtg the holder's ownership records when an approved 'r :
<br /> transfer is rompleted.The amount of this charge shall not exceed the lesser of the maximum establlshed by _
<br /> the Department of Veterans APfairs for a loan to which Section 1814 of Chapter 37,TtUe 38,United States =
<br /> Code applies or any maximum pnscribed liy applicabte State law. , • °
<br /> (c) ASSi1MP'fION_1ND�1Y(TY LIABiLiT_Y:if this obligation 9s assumed,then the assumer hereby �
<br /> agrea to assume all of the ob�gations of the veteran under the terms o�the inslruments creating and secudng �_-
<br /> � the loan,inctuding the obligation of t�e vrteran to indemnify the DeDartment of Veterans Affairs to the extent
<br /> of any clains payment arising fram ch�a�aranty or insuraace of t_"�.indebtedness created hy}this instrument. _
<br /> IN WITNESS WHEREOF,Borrower(s)fias executed this V.A.Guaranteed Loan and Assumption Policy Rider. �
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<br /> L��'"� �--- � �' ��il� -
<br /> : � D ELLIS -Borrower MAUREEN K ELLIS - -8orroKer �
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<br /> . . _Bonmrer � -Borcovrer
<br /> • � Y.A.OUAl1ANiEED LCAN AIID A�IJMRION tOL1C1I IIqEl1 �1 . -
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