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<br /> ' V.A. GUARANTEED LOAN AND ASSUMPTION POLICY ItIDER
<br /> � � NOTICE:THIS LOAN IS NOT ASSUMABLE WITHOUT THE A�'PROVAL OF .-
<br /> �. TgIE DEPARTMEN'I'OF VETERANS AFFAIRS OR ITS�IUTHORIZED AGENT. --
<br /> ' TNIS V.A. t3UARANTE@U LOAN AND ASSUMPTION POLICY R1DER is made this 22nd day -
<br /> �i0�''�'�`-"��"'' iggq �and Is incorporated into and shall be deemed to amcnd and supplemau
<br /> —��u�. � of February �
<br /> -�=�,-��� the Mortga�e,Dced of'frust or Aeed ta Securc Debt(herein"Secudty InstrumenN')datod of evcn daie herowlth.
<br /> — - ����,,�;�
<br /> �_.,;«�,,;,,,;;� �iven by the undersi�ned (hercin "Borrower")to securc Borrower's ote to
<br /> .=���:�;���r,�"� Norwest Mortgage, Inc. (herein •`Lender") "
<br /> --- �5{�"°�at;`,
<br /> �,�����: �,• • and covcring the Property described in the Security Instrument and located at
<br /> ���..:. .;::.-�.:�
<br /> -��:=:r.,..:����:,:p�;.c;� 3705 Fairacres Lane - Grand Island, NE 68801 —
<br /> - . ... ..:.,
<br /> ,-_._�r:" � (Propeny Address)
<br /> .. _-_ — L.�tit+os.:':',r'; —
<br /> �:��';R`.`r'�+y°!+�',, V.A.GUARANTEED LOAN COVENANT:In addition to the covenants and aQreements made ln the Secu�Ity
<br /> �.�.. .
<br /> Instrument. Borrower and Lender funher covenant and agree as foitows: �1
<br /> • If the indebtedness secured hereby be guaranteed or insured under Title 36, United States Code.such Title —
<br /> , . �=�; and ltegulatians issued thereunder and In effect on the date hereof shall govern the rtghts.duties and liabilities �
<br /> � . " " of Borrower and 1 ender.Any provtsions of the Security Instrument or other instruments executed in connection �:
<br /> � ' - with said indebtedness which are inconsistent with said TItle or Regulations, incb�ding. but not limited to,
<br /> the provision for payment of any sum in connection wIth prepayment of the secured indebtedness and the �
<br /> ' provision tha!the Lender may accelerate payment of the secured indebtedness pursuant to Covenant 17 of
<br /> the Securtty instrument,arc hereby amended or negated to the extent necessary to conform such instruments —;
<br /> to said Title or Regulations. �
<br /> . . LATE CHARGE:At Lender's option.Borrower will pay a"late charge"not exceedtng four per centum(4%) —
<br /> of the overdue payment when paid more than fiftecn(15)days after thc due date thereof to cover the extra f
<br /> _____ ______ _ __ expense involved in handling delinquent payments, but such "late charge"shall not be payable out of the �,L :
<br /> ' procceds of any sale made to satisfy the indebtedness secured hereby,uniess such proceeds are sufficieni iu
<br /> , discharge the entire indebtedness and all proper costs and expenses secured hereby. _
<br /> GUARANTY:Should the Department of Veterans Affairs fail or refuse to issue its guuranty in full amount �'�
<br /> within 60 days from the date that this loan would normally become eligible for such guaranty committed upon
<br /> . " by the Department of Veterans Affairs under thc provisions of Title 38 of thc U.S.Code"Veterans Benefits," ��
<br /> 3 • the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclase
<br /> 4 Immediatcly or may exercise any othe�rights hereunder or take any other proper action as by law provided. �,.._
<br /> � ' TRANSFER OF THE PI20PERTY:!f all or any part of the Property or any interest in it is sold or transfcrred. r�
<br /> this Ioan may be declared immediately duc and payable upon transfer("assumption")of the praperty securing �
<br /> �,�• such loan to any transferee(•`assumer"),unless the acceptability of'the assumption and transfer of this loan '
<br /> .��, • is established by thc Dcpartment of Veterans Affairs or its authorized agent pursuant to Section 3714 of Chapter �
<br /> 37,Titie 38, United States Code.
<br /> � An authorized transfer (•'assumption")of the property shall also be subject to additional covenants and �.
<br /> agreements as srt forth bctow: �:
<br /> �a� nS�I�MPTION FUNDING FEE: A fce rqual to one-half of 1 percent(.50�'u)of the unpaidp rincipal � '
<br /> balance of this loan as o:thc datc of transfcr of thc property shall be payablc at the time of transfer to thc �
<br /> mortgagee or its authorizcd agcnt,as trustec for thc Department of Vcterans Affairs. If the assumcr fails to
<br /> . pay this fcc at the time of transfer,the fcc shall ronstitute an additional debt to that alrcady sccured by thiti t
<br /> ' instrument.shall bear intcrc�t at the ratc herein providcd,and,at the op�ion of the mortgagee of the indcbtedness f.
<br /> ' hereby secured or any t�ans�crcc thcrcof,shall be immediatcly duc and payablc.This fce is automatically waived ;•
<br /> if the assumer is cxempt undcr thc provisions of 38 U.S.C. 3729(b).
<br /> � �b) ASSI tMPTt[�N PROCESSINC.;Ci-IARG�:Upon application for approval to aUow assumption and .
<br /> , transfer of this loan.a processing frc may�bc chargcd by thc mortgagec or its authorized agcnt for detcrmining
<br /> the creditworthincss�f the as,umer and subscquently rc�•ising thc holder'�ox�nership records���hcn an approvcd
<br /> � transfer is completed.'i'he amount of this charge shall not exceed the l�sser of the maximum established by
<br /> � ' ; the Department of Vctcrans Affairs for a loan to�chirh Section 371d of Chapter 37,Titic 38,Unitcd Statcs
<br /> ' ` Code applics or any maximum nrcscribcd by applicable Statc la���.
<br /> i1M�
<br /> (c) AS A1�T1QN INI�FRINIT I IA[3I�.ITY: If this obligation is assumed, thcn the assumcn c�reby
<br /> ; . agrees to assume all of the obligations of the veteran under thc terms af thc instruments creating and securing
<br /> � thc loan,including thc ot+ligat ion of thc vetcran to indcmnify thr Deparuiunt of Vctcrans Affairs to thc cxtcnt
<br /> . � of any claim payment aritiing from the guaranty or imurance of chr indebtedness rreated by this instrument.
<br /> � IN WiTNESS WHEREOF,Borrowcr(s)has caxutcd this V.A.Guar:intec:d Loan and Assumption Policy Ridrr.
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