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<br /> - : :; . . : ; 'V.A. ASSiJIvI�I�I� POI.IC� I��I3�� ��T,.� _ --
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<br /> .� N��gCE: TJ�gS LOAN IS 1�OT ASSUMA�LE VV'ITHQUT �p....-,�. _----
<br /> a � ° THE AFPROVAL OF THE I�EPARTMENT 4F VE 1�IZANS �-;��;�y,l-=__--
<br /> :. � � ' �FFAI�S Ol� ITS A�JTHORIZED AGEN'�. _:��— = _—
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<br /> THIS ASSUMP'fION POLICY RIDBR is made this a5'14i dey of � . �� • . '.�>��_�-- .
<br /> � �' and ia incorporated int�and shnll be deemed to amend and eupplesetent the Mortgage. Dxd of Ttu�at,or Dad E� --.
<br /> ',^'i`. ` Seaure I?ebt a"Ieissr�amens")oi the sama dato h�a+ewith,Blven by tAe underslgned ("Mortgagor') tm c�no tt� .�,.�.i`��_--
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<br /> � , Mortgagoa�'s N�s�Q°Na�r.o°➢�?�lhe c�rre�a dar.�� .� ��: °..,,�
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<br /> t4S�6S BIItd BSSI$Qt.^s �; ""ti�'`- -
<br /> ("Mortga�ex")mu�d oo�vr,�enen$the property desc�ib�in the Instrument aced Imcat¢d a� �:: � _ -----
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<br /> , Notwithstanding anything tm tlne cvntrary set 9arth in th� Insitnment, Mortgegea snd Mortgagor hereby • :..;�, �';��- '
<br /> . ' ". . acknowledge and agcee to the f�ll�«i� '`: "`
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<br /> ' '�`�: ��-• • • CiUARANTY:Should the Department of Veterans Affaira fail or refase to issue its gunranty ia fu11 amount within ,:_._t...'` � ..
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<br /> Sa days fron� the dats tisat thls la��ou2d norma!!y b�me eligible for such guarantY committed upon by the l_ _ ;,:,T`�,�,.
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<br /> Department oi Veterana Atfairs uader the provisions o! �tle 38 of the U.S. Code "Veterana l3enettts,° the
<br /> .f?� Mortgage.e may declata the indebtedness hereby secured st once due and payable and mBy ioreclase immediately or � ; ' ::Vi �
<br /> '" . . ;;Y may eaetcise any other righta hereunder or take eny other proper ection as by law provided. :�, .
<br /> ., ````.� , or any interest in it is sold or tcanstert+ed,this ;.�:,' . +' �
<br /> •� ��� �. • . TRANSFER OPTHE PROPERTY:If all or any part of the Property ,
<br /> :;',� � . loan may be declared immediately due and payable upon trensier ("assumption")of the property securing euch ` ,r� `r ;'� f
<br /> �'`•�'. � l o a n t o a n y t r a n s t e r e e ("assumes'"). unless the a c c e ptability of the asqumption and transter of thie loan is '��'��,,` • J..
<br /> �� established by the Departrnent of Veterans Affairs or its authorized agent pursuant to S o c tion 3 7 1 4 o f C h a p t e r 3 7, . „f r�.�1 ,
<br /> ' Tstle 38,United States Code. f �
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<br /> � An suthorized transfer("assumption")of the property shal l also be subject 4o additional covenanis snd e8reen'►ents . , . , i.;
<br /> . as set forth below: , ... ..��1=`
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<br /> (s)ASSUMP'TION FUNDING FEF_: A {ee equal to one-half of 1 t (.SO°b1 �f the unpaid principal :� �-;�.
<br /> baiance o t �s oan as v t e te o transfer ot the praperty shall be�pay ble at the time of uansfer to the � �i "'�'?
<br /> mortgagee or its authorized agent.as trustee for the Department of Veterans Affairs.Ii the asaumer fails to pay thie i . .
<br /> •� :., fee at the time ot trans[er.the fee shal l constitute an additional debt to that already secured by this instr�ment,shall '�,:,,�
<br /> •••�•� ' � bear interest at the rate herein provided,and,at the option ot the mortgagee of the indebtedness hereby secured or I �,..
<br /> • any transferee thereof,shalt be immediately due and payable. This tee is sutomatica�ly waived if the assumer is
<br /> exempt under the provisions of 38 U.S.C.3729(b). ;
<br /> � (b) A�UMriiuiv F'ROCESSIivG�fii�KV�: upon appiiwiiuu [ur approyai tc s:lo� ��±m�t;nn and
<br /> ' �,•�. uansfer o s osn,a processing ee may c rged by the mortgagae or its suthorized agent for determining the �;;•:.,.�.
<br /> `'.�t"<:" . .� creditworthiness of the assumer and subsequently revising the holder's ownership rocords when an approved ;.!'`,::,_1 •
<br /> , •, `:;;; transfer is campleted.The amount of this charge shall not exceed the lesser of the maximum established by the ;
<br /> Departrrnent of Veterans Affairs for a loan to which Section 3714 of Chapter 37,Title 38,United States Code applies
<br /> .�:j�'+;r, or any maximum prescribed by applicable State law.
<br /> �����:�'.��'� (c) ASSLtMPTION INDEMNITY LIABYLI'S'Y: If this obligation is assumed,then the assum�c hereby sgt�ees
<br /> �''•!; , ,,i; to assurtne all of the obligations of the veteran under the terms ot the instruments creating and securing the loan,
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<br /> •.�.;::;,�;`:,.•.�;�,;;:..; inclu�din�the obligation of the«c�can to indemnify the IDepactment of Veterans Affanrs to the extent of any cEacen
<br /> l•�•���i'��'�;i;;;:,,:.•.:� ment arisin frnm the uae�am� ve insurance of the inde�tedness created by this iastcument. �
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<br /> ���' ��'� ' ',� � , IN�VITIVESS��'F�EL�OII�,AZortgagor(s)has ez:ecuted this Assumptian Pal.icy Rider. ' .
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<br /> ��-526�o:ow VMP MORTGAGE FORMS•u�a��s•e�oo•tgooieza��� 9/92
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