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<br /> J^-� THi5 i►.A. QUAR�IN'a'E�D LOA1�1 AND ASSU�4PTION POLICY It[AE€t is madc this 15TH dttX ,•._
<br /> = of MAY . 1995 ,and is inc:.rporated inta and shnll be deemed to amen�Und supplemcnt
<br /> - - nhe Martgage,��i of Trust or D�ed to Secure DeSt(herein"5ecueity InsinimenN')date�of even date herewith, „
<br /> -��n given�y the undersignerl(hetein"�orro�v;r"1 to secure 8orrosver's Note to
<br />--���� AI0�3H��`t l�nP`�.�A�Q. IPIC (herein"➢..ender") .
<br /> --r-= and cc�.ering tTne Property described in the Security Instrument and located at .'
<br /> ___.� 4i88 NB�7.41DA AVE2JUL' GRANA ISLAND, N16 68803
<br /> — (Ptopnty Addtcs�)
<br /> V:A.CUA.ItAN'i'EED I.OAN COVENANT:I�ad�Itsnn eo the cavennnts and agrcements made in the Security
<br /> __� Instrument,Bonower and Lender further covenant artd agree as follows:
<br /> - If the indebredness secured hereby be guaranteed or ic�sured undcr Title 38,United States Code,such Title ,
<br /> .:�;�� an�RegnlmtIons issued thereunder and in effect on the dute hereaf shall govern chs righu.duties and liabitities
<br /> - - oi Borrower And Lendrr.Auy pravisians af the S:curity Instrume�:t or olher instru�ents execi!ted�n connection .:•.�_
<br />:�•:•_� wiin said indeuic�fness wluch n�e i�consistent witd said Title or Regulations, including, but nat limited co; l :=� :
<br /> the provisiai f�r payment of any sum in co�nneczion�vith prepaymeat of th�secnred indebtedness and the �
<br /> _�� p�ovisian that the Lender may acce lerate payment o f t he sesur e d in de b te daess pursuan t to Covcnan t 1?of � .:.,
<br /> -��`--�� tl�e Security Instrucnent,are hereby aFneaded or negated to the extent nec�tssary to canforcn such ia�truments
<br /> -.:� to said Title or R�gulauons.
<br /> '•� LA'['�CHAR�E:At Leader's option.Borrower wil!pay s"late charge"not exceeding four per centum(4�'a)
<br />_1�ti`��
<br /> of the overdue pa3nnsc►t�vhen aald more than fifteen(15)days after thc due date thereof to covec the extra
<br /> _-�=� �r�„��invnlvP�in handline delinuuent aavments. 6uY such"tate chazge"shall aot b2 payable out oi tne i�—�
<br /> �v�� prozeeds of a�y sale made to sntisfy the indebtedness secured Fe�reby,untess such proceeds are sufficcent ta ••�
<br />� discharge�e entire indebtedness and all pTOp�r costs and expenses secured hereby.
<br />-=:tiT::`Y� �
<br />-_�,•`�! CUARAPi'I'Y:St�ould the Department of Veterans Affairs fail or refu�co iuue its�uaranty in full amount 'v;•
<br /> _,�-&�� wittun 60 days fron�the date that this loan���ould normally become eligib.e for such guaranty committed upon ;
<br />•���.� by the Dep�rmnent of Veterans Affairs under the provisions of Tetle 38 of the U.S.Code"Veterans Benefits." � •
<br />.�:a;•:°'�
<br /> th�Mongagee may declaz�z ths indebtedness hereby secured at once due and payable and may foreciose '�'
<br /> - imffiediatelY oa may exercise any other rights hereunder or take any othec proper action as by la�v provided.
<br />.. ,..._t� •_',
<br />-�z �i TRANSFER OF TIIiE PRUPERTY:If all or any prut cof the Pro�serty ar any interest in it is sold or transferrcrl,
<br /> "-� this loan Ynay be declared immediately due and payable upon transfer("assumption")of¢he property secvring '
<br /> -'"`a such Ioan to any transferee("assumer"),unless the acceptability of the assumption ans!tra�sfer of this loan
<br />�=J4` es c�-!36lished bythe Depanment of Veteraas Aftairs or iu authorized agent pursuant to Sectiom 37Y4 of Chapter
<br />==;-LL—�� 3T,'1'itle 38,United Statc�Code.
<br />-=-=.�s.� An authorizea7 mr�a.nsfer("assumption") of ehe property shall alsti be s�ubjeet to additional covenanas and
<br /> -�-�; ap,reemants as s:t forth belo�v;
<br /> -��� (a)e��UMP_TION�U_NDING E�E:A fee Rqual to on�half of!�sercent(.SO�'o)of the unpaid principal
<br /> _�-� balance of rhis loan as of the date of transfer of the praperty shall be payable at the ame nf transfer to the
<br />� ,� mortgagee oe its authorized agent,as wstee for the Qepartment of Veterans Affairs.if the assumer fails to
<br /> pa,y th�s fee ai the tinec:of transfcc.the fee shall constitute an additional debt to that already secured by this „
<br />-�-��a insmiment.shall bQar interest at the rate here'm provided,and,at the option of the mort�ee of the irdebtedness
<br />-;,;.;4';:.,
<br />,;,,; .:,., hzrsby sc�cw�ed or any aransferee theroof,shall be immeciiately due aad payabte.This fee is automatically waived
<br />' :i�;, . if t�e as:�umer is exempc under the provisions of 38 U.S.C.3)Z9(b).
<br /> ='�,- �' (b) �SSU��PT[ON PRQCE�Si[VG CHA G�;Upon application for appro�aS to allotiv assumption and
<br /> y�'•� � transfer o�this Ioan,a processing fee may be charged by the mortg�ee or iu authorized agent for deiermining
<br /> ���•�^ thecredihsombiness of the assumer and subseqnently rev'ss'u�+;the hnlder's o�+nership records when an appro�ed
<br /> ..�.� �
<br />_ ,,.�. tran.sfcr is compleied.The s,n:ount uf tbis charge shall noi exce�ed tlie lesser of the maxi�um established by
<br />-:�.; the D�ar�mrnt off Vetera.:_s£#Gfairs far a toan to�v5irh Section 3714 of Chapt�Q 37,Tide�8, Unitcd States
<br /> . Cadc apglies �r any rz�aximum prescribed by applicable SLate law. �
<br /> �,��� ,� (c) �SSUr7F'i'I�.N IN�ER9N�TY LlA�3AL['1'X: If this obfigation is assumed,then the assumer hereby t
<br /> ;:�..
<br /> - �,xees to assuane�l of thx abligatiQns of the ceteran�nder the terms of the iactruments ereatin�and seturing i„
<br />�'';��'7� the loan,indudin�thc obEi�ation of the reteran to indemnifgr the Departe►ent of Veterans Affairs ta thc extent
<br /> -::��� of any ctr�m gayc�ent arisiq,from the�uaranty or insarance of thw indebtadness created by this instrument. ,
<br /> .�� Itv l`UITi�iESS Wi-IIEIL�OF,Buirottizr(s)P�as exccuted tP{ss V.A.Guarante�l Loan and Assumptian Policy Itider. �
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