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200205741 VA ASSUMPTION POLICY RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. TATS ASSUMPTION POLICY pIDER is made this 29th day of May 2002 , and is incorporated into and shall he deemed w amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt ( "Instrument") of the same date herewith, given by the im irrsigncd ( "Mortgagor') to secure the Mortgagor's Note ( "Note ") of the same date to United Nebraska Bank its successors and assigns ( "Mortgagee') and covering tire property described in the Instrument and located at: 908 W 5th Grand Island, NE 68801 Notwithstanding;mvlhiny to the contrary sm faith in the Instrument Mortgagee and Mortgagor hereby acknowledge and agree to the followme: GUARANTY: Should the Depannacut of Veterans Affairs fail or refuse to issue its guaranty in full amount within 60 days from the date that this loan would normally become eligible for such guaranty committed upon by the Department of Vch:rans Affairs under the provisions OI T, tic 38 of the U.S. Code "Veterans Benefits ", the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any other rights hercunderur take any other proper action as by law pro% ded- TRANSFER OF THE PROPERTY: 11 ;ill or any part of Hn property or any interest in it is sold or transferred, this loan may be declared immediately due and payable upon transfer ( "assumption') of the property securing such loan to any transferee ( "assume'). unless the acecptahility ol'the assumption and transfer of this loan is established by the Department of Veterans Affairs or its authorized =col pursuant to section 3714 of Chapter 37, Title 38, United States Code. An authorized transfer ( "assumption") of Ore property shall also be subject to additional covenants and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal to One halt of t percent (.5017,) of the unpaid principal balanceof this loan as of the date Or'trunsfer of the property, shall be payable at the time of transfer to the mortgagee or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall constitute an additional debt to that alrcadv secured by this instrument shall bear interest at the rate herein provided, and, at the option of the mortgagee of the indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 18 U.S.C. 3729 ('c). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer ill this loan, a processing fee may he charged by the mortgagee a its authorized agent for determining the creditworthiness of me assumer and subscxlucntly, e%oa,2 the holder 's(.wners hipr ecordswhenanapprovedtraraferiseorrrpleted. Thearnountofthis charge shall not exceed the lessor ar the maximum established by [tic Department of Veterans Affairs for a loan to which Section 3714 of( hopas 37. Title 38, Foiled States Code applies or any nuximmUr prescribed by applicable State law. (c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to assume all OI the obl"Aioas of the veteola under the terms of the instruments creating and securing the loan. The assumer further agrees to Indemnity the Department of Veterans Affairs to the extentof any claim payment arising from the guaranty or insurance of the tndebtcdncss created by this instrument IN WI7:NESS W H15RE01 . the grantor has hereunto set his hand and seal n eddy and year first herembefore written ' ^Z� (SEAL) mod s so. Jerry M Pierce II �./�� /,) �&M0a)(VJ- A, I—% (SEAL) ^r°°s°so"Tamothy J Piero nmaa.,, Mon "aur 1948 CV 161001 r.1 U34 (SEAL) GOTOtWa2244b1