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<br /> �- ��� V.A. GUARA11iTEED LOA1� AND ASSUIVIPTION POL�CY RID�R � ry� •�
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<br /> � '- � 1�10TICE:T�i�L0��1 I��JOT ASS��LE�ITHOUT THE�P�OYAL OF _ � ��-�`-�"'--,-:�- _
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<br /> THE DEPARTMENT OF V�TEIaANS AFFAIRS OR ITS AUTHORIZED AGENT, , _
<br /> • THIS V.A. aUARANTEED LOAN AND ASSUMPTION POLICY RIDER is made thia 25th day . ��
<br /> " of March , 1994 ,and is lncorporated into and shall be deemed to amend and supplement � :; _
<br /> thc Mortgage,Deed of Trust or Deed to Secure Debt(herein°Secur�ty Instrun�ent")dated of even datc herewith, �
<br /> o •• •• givr.n by the undersigncd (hercin "Borrower") to secure Borrower's Note to ' ��
<br /> ., �
<br /> "- � � Not^West MOPtgBge, InC. (herein"Lender">
<br />_�i ' ; . and covering the Property descdbed in the Securlty Instrument and located at , :
<br /> ,
<br /> � , 1603 Windsor P1ace Grand Island, NE 68801 '
<br /> . (Property Address) °
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<br /> V.A.CiUARANTEHD LOAN COVENANT:In addition tothecovenants and agreements made in theSecurity �� '
<br /> � Instrument� Borrower and Lender further covenant and agree as follows: � .�;. `�'':�
<br /> ' If the indebtedness secured hereby be gusranteed or insurcd under Title 38,United States Code,such Title . �
<br /> and Regulations issued thereunder and in effect on the date hereof shall go�ern the rights,duttes and lfabilities , •� •� °_
<br /> of Borrower and Lender.Any provisions of the SecurIty Instrurnent or other instruments executed in connection -• � " . • -
<br /> ' with satd indebtedness which are inconsistent with sald Title or Regulattons, including. but not limtted to, . ••
<br /> . the provision for payment of any sum in connectfon with prepaycnent of the secured indebtedness and the • `..,„
<br /> provis{an that the Lender may accelerate payment of the secured indebtedness pursuant to Covenant 17 of , �
<br /> the Security Instrumerit,are hereby amended or negated to che extent necessary to conform such instruments 'Y , ��a.,
<br /> . ° "„ to said Title or Regulations. "�"'"`
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<br /> _... .� LATE CHARC3E:At Lender's optton,Borrower will pay a"late charge"not exceeding four per centum(4%) ••�;•-,y.r,►�,a
<br /> - � � --"�'�- _- - - -- ot it►a civerdue payrnent wticn paid morc ehan fiiire::��Sj dsya si�c� i�sc tFuc uulC tiiticvi iv Lvrce ii+•' ��:�� � -__- - `.'""' "_�'� -
<br /> expense involved in handting delinquent payments. but such "late charge"shall not be payable out of the , ' t
<br /> proceeds of ariy sale made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to , � �
<br /> discharge the entire indebtedness and all proper custs and expenses secured hereby. '�
<br /> „
<br /> GUARANTY: Should the Department of Veterans Affairs fail or refuse to Issue its guaranty in full amnunt � r�,
<br /> within 60 days from tiie date that thfs loan would normally become eligIble for such guaranty committed upon . '
<br /> by the Department of Veterans Affairs under the provislonsof Tttle 38 of the U.S.Code"Veterans Benefits," �:.,f
<br /> the Mortgagee may declare the indebtedness hereby secured at once due and puyable and may foreclose r .� ;
<br /> immediately or may exercise any other rights hereunder or take any other proper action as by law provided. ,fI'�
<br /> � • TRANSFER OF THE PROPERTY:1 f all or any part of the Property or any lnterest in it is sold or transferred, � �
<br /> • thls loan may be declared immediately due and payable upon transfer("assumption")of the property securing
<br /> ' such loan to any transferee(`•assumer"),u nkss the acceptability of the assumption and transfer of this loan ��..��
<br /> I
<br /> is established by the Department of Veterans Affairs or its authorized agent pursuant to Section 3714 of Chapter ; , .-�
<br /> � 37, Title 38, United States Code. � • !`
<br /> An authorizcd transfer ("assumption")of the property shall also be subject to addiri�nel covenants and � '`
<br /> � agreements as set forth below: �
<br /> I
<br /> '� (a) �SSUMPTION FUNDING FEF.:A fer cqual to one-half of I percent(.50%)of the unpaid principal I
<br /> balance of this loan as of thc datc of transfcr of the property shall be payable at the timeof transfcr to thc �
<br /> mort�agee or its authorized ugent,as trustec for the Department of Veterans Affairs. If the assumer fails to ;
<br /> � pay this fee at the time of transfer,thc fce shall constitute an addittonal debt to that already secured by this �
<br /> � instrument,shall bear interest at the rate herein provided,and,at the option of thc mortgagee of the indebtedness .
<br /> hcreby secured or ssny transferee thcrcof,shall be immediately duc and payablc.This fec is autornaticaliy watved ;
<br /> ' if the assumer is exempt under the provisions of 38 U.S.C. 3729(b). �
<br /> (b) ASSUMPTION PROCESSING C HARGE• Upon application for approval to alloa• assumption and
<br /> transfer of this loan,a processing fec may becharged by the mort�agee or its uuthorixed agent for dctcrmining
<br /> � . thc credit�vorthiness of the assumer and subsequently revising the holder's ownership recordse�hen an approved
<br /> transfer is compieted.The amount of this char�e shall not exceed the lesser of the maximum established by
<br /> � the Department of Veterans Affairs for n lo�n to which Scction 3714 of Chapter 37, Title 38,Unfted States
<br /> Codc upplics or any maximum presrribcd by applic:ab(s Statc law.
<br /> (c) �SSUMPTION iNDEMNIT'Y Lif181I•ITY: If this �bli�ation is assumed,thcn the assamcr hereby
<br /> ' agrees to assume ull of the obligations of theveteran undcr the terms of the instruments creating nnd securing
<br /> . the loan,ineludin�the obligation of the veteran to indcmnify thc Depurtmcnt of Vcterans Affairs to thc cxtent
<br /> of any claim payment arising from[hc guaranty or insuranre of thc indcbtcdncss crcatcd by this instrumrnt.
<br /> IN WITNESS WHEREOF,Borro���er(s)has exc�utcd this V.A. Guarantced Loan and Assumption P�licy Rider.
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<br /> 1 V.A.OUARANTEED LOAN AND A3SUMPTtON PaIICY RIDER 9l92
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