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200200129
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Last modified
10/14/2011 3:07:08 PM
Creation date
10/21/2005 9:08:49 PM
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DEEDS
Inst Number
200200129
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VA ASSUMPTION POLICY RIDER 200200129 <br />NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF <br />THE DEPARTMENT OF VETERANS AFFAIRS OR ITS <br />AUTHORIZED AGENT. <br />THIS ASSUMPTION POLICY RIDER is made this 28th day of December , 2001 and is <br />incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt <br />( "Instrument ") of the same date herewith, given by the undersigned ( "Mortgagor ") to secure the Mortgagor's Note ('Note ") of <br />the same date to United Nebraska Bank <br />its successors and assigns ( "Mortgagee ") and covering the property described in the Instrument and located at: <br />3810 Mary Lane Grand Island, NE 68803 <br />Property Address <br />Notwithstanding anything to the contrary set forth in the Instrument, Mortgagee and Mortgagor hereby acknowledge and agree <br />to the following: <br />GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount within 60 days <br />from the date that this loan would normally become eligible for such guaranty committed upon by the Department of Veterans <br />Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefits ", the Mortgagee may declare the indebtedness <br />hereby secured at once due and payable and may foreclose immediately or may exercise any other rights hereunder or take any <br />other proper action as by law provided. <br />TRANSFER OF THE PROPERTY: If all or any part of the property or any interest in it is sold or transferred, this loan <br />may be declared immediately due and payable upon transfer ( "assumption ") of the property securing such loan to any <br />transferee ( "assumer "), unless the acceptability of the assumption and transfer of this loan is established by the Department of <br />Veterans Affairs or its authorized agent pursuant to section 3714 of Chapter 37, Title 38, United States Code. <br />An authorized transfer ( "assumption ") of the property shall also be subject to additional covenants and agreements as set forth <br />below: <br />(a) ASSUMPTION FUNDING FEE: A fee equal to one -half of 1 percent (.50 %) of the unpaid principal balance of this <br />loan as of the date of transfer of the property shall be payable at the time of transfer to the mortgagee or its authorized agent, as <br />trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall <br />constitute an additional debt to that already secured by this instrument, shall bear interest at the rate herein provided, and, at the <br />option of the mortgagee of the indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. <br />This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). <br />(b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer of this <br />loan, a processing fee may be charged by the mortgagee or its authorized agent for determining the creditworthiness of the <br />assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amount of this <br />charge shall not exceed the lesser at the maximum established by the Department of Veterans Affairs for a loan to which <br />Section 3714 of Chapter 37, Title 38, United States Code applies or any maximum prescribed by applicable State law. <br />(c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to <br />assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan. The assumer <br />further agrees to indemnify the Department of Veterans Affairs to the extent of any claim payment arising from the guaranty or <br />insurance of the indebtedness created by this instrument. <br />IN WITNESS WHEREOF, the grantor has hereunto set his ha and seal on the day a ar first hereinbefore written. <br />(SEAL) <br />Mortga or David A Green <br />x� e (SEAL) <br />Mortgagor Ellen I Nelson -Green <br />SEAL) <br />Mortgagor <br />(SEAL) <br />Mortgagor <br />(SEAL) <br />Mortgagor <br />Mortgagor <br />1948.CV (6/00) GI 1320 <br />SEAL) <br />GOTO(01 fe 1 350) <br />
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