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<br /> z TFIIS ASSUA�"ITON POLICY RIDEgt is ms�de this a� day of � . �� . — -
<br /> � r `:. �: . . aud Is iar�rporat�d iato and shall be d�me3 to auund aad eugpiement-the Mortgage�D�ed oi'Tivst.or Iked w. � '�°='"`�"""— -
<br /> .--�tj�- ' � SGCU1'!��_��f114�TL11I1GA��)of t6e same date herewith,given by the�adersign� (�MOI'��Ot��t0 6CCU�� -- —
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<br /> ., R{Y . I •�+'�'•Cr0^ �au�cavecing the property described in the Iaetnrment aad Iacat�ed ax �_--* -�_--�--
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<br /> . •.:,. .. ., • DIotwitLsm�eding anythiag to ths contrary set forth in tDe Instcument, Mortg,agee aad Adortgagor hereby . ,c.,�...�
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<br /> ' GLTARAAFFY:Should th�Uepartment of Veterans Affairs fail or refise to issue its guaranty ia fu]1 amnuat within `� -
<br /> . • ' 'tted n the '`� -
<br />�:, . QO days ira�tha date tbat thia loan would normaUq 6ec0sne eugibte far sucb guaranty comm� ugo by
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<br /> _ ' . � • . �. IJepartment of Vete:ans Affairs under the provisions oi Titie 38 of the U.S: Code "Veterans Bene�t�.° the ,` �.
<br /> ;`1� • . . Mortgagx may d�late the indebtEdaes�l�reby sac�ued at o�due aad payable and may foreclose imm�iately or '
<br /> � . • may esercise any ather rights hereimder ar take any ottter praper actian as by law providad. ' .
<br />•;s r:-;_-_?:.=.:- TRANSFER OF'E�iE PROPBRTY:I�e11 ar snp part of the Propertq or anp intetest in it is sold or traASfemed.this . ,.` .
<br /> . : : .: : Ioaa may Toe d�lared�mmediatety due and payab3e upon tr�sfer(°asumptioa")of the property sectuing such '•• ;3�::. .
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<br /> ,;!.,:..•. ' loan 4o any transferee ( asaitreter ?. uale�s the aacep�talsility o4 the assumption and trans�er of this loaa is �,::; . .
<br /> �� ' � ' .. establish�by the Department of Vete:ans Affaiss or its authorized agent pursuant to Section 3714 of Chapter 37, �s �,-• '� ,
<br /> rt;��' . . -,�- Title38.Uaited Stat�Ca3e. ��!�. '
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<br /> i ri f ' . An authorized trensfer("assumptian'3 of the prapertq shall also be subject w additioaal covenants aad agreements • � --��� }:�
<br /> _ °-�;,_ � � as Fxt forth l�elow: . . . `�,:, `_
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<br /> _ --•�st.;�r�.. `. (a)ASSUMP'ITON FiINDIIJO PEE A fee equal to oae-half of 1 percent (SO°�)of tha unpaid balamce af . ���`"�
<br /> '�,`r �' �: � , ttns tdan as a te er o e propertq shall l�e gayable at tha time o4 transPer to the mortgagee ar its � � �,�'�
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<br /> _- aut�orized �r� sa ttusiee for the Department oi Veterans Affaire.�P the assumer fails to pay thie fee at the time . �t�
<br />�};:�� . � .. • of traasfer,�t d u�C c�sha11 constitute aa edditional debt w that alr�ady secureA by tbis inswment,sl�all bear interest � � :. ,
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<br />- � � at the rate hereia provided,snd,at the option o4 the mortgagee o f the in d e b t e d n�s s nere by s e c u s e d or any transferee �; ;,�.�. : '�5•"�
<br />_ � � `-;�;< � � t�ereo�f,shall be immedia�y due aud paysble.Thi3•fer is sutomatically waived if the asaumer ia esempt undar the • ���'y�
<br /> - °t`•�f provisions of 38 US.C.37''L�3(b). � . � .�
<br /> , �' - .`'w. , '-i
<br /> __ , . .(b)ASSUMPRTON PROC�SAG�f�iARGL; Upon application for approval to a11ow assumption and � ° . ��.�
<br />--.' ' . . ._ , �. 4raaafer o oan,a processing ee nzsf c ged by the mortgage0 or its sutharized ageni for determiaing the . . �
<br /> - � •,��t;, � creditarorehin�of the asumer and subsequently r�vising the holdet's oNnership ncords�when aa apptoved � �' �
<br />-�-�_ � :';;;,i,�`' � traasfer ie completed.The a�ount of this charge s�a12 not esceed tha l�ser of the masimum establisYied by tha .. � �`
<br />� ` �' •� �. Uepartment of Veterans AfYaies far e 2oan to which Section 3714 of Chapter 37,Tit1e 38�United States Code applie� ,.',.
<br />`-� , . or any masimum pr�scribed by appiicable State law. . � .. . .
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<br /> . ��.. . (c�ASSUMF'I'ION IND�TJ.iABII.1TY: .If thia obltgation ie assumed,then the assumer hereby egrees . � � �
<br /> _��.,A'��'`1F°- •; � to assumo 1 oi tt�e obl��t�uas of t e veietat�tmder f.he terms ot tha iastwmenss cteating and securin�tha loan. .,�;,,,:';, . �.
<br />='�"�.: .�;����'��' including tEis ofsligation v�'_tlis veteran to indemuity tfr;�Departme�nt of Veteranz3 Af�aire to tha eatent aP a�ay claim , . �
<br />�'�. <i(�����:_ �Yraent arisi�„from ttie guaranty or inswance��t��B�adebtedaefficreated by thia instrumea� , . . . . . ' �
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