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200207114
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200207114
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Last modified
10/15/2011 1:32:10 AM
Creation date
10/22/2005 9:00:09 PM
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DEEDS
Inst Number
200207114
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200207114 <br />LATE CHARGE: At Lender's option, Borrower will pay a 'late charge' not exceeding four per cenmm <br />(4 %) of the overdue payment when paid more than IiReeu (15) days after the due dam thereof to cover the <br />extra expense involved in handling delinquent payments, bill such "late charge' shall not be payable out of <br />the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are <br />sufficient to discharge the entire indebtdness and all proper costs and expenses secured hereby. <br />GUARANTY: Should the Department of Veterans Affairs fail or refuse M issue its guaranty in full amount <br />within 60 days [mm the date that this loan would untimely become eligible for such guaranty colmnined <br />upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans <br />Rrnefits,' the Mortgagee may declare the indebtedness hereby secured at once due laid payable and may <br />foreclose immediately or may exercise any other rights hereunder or take any otter proper action as by law <br />provided. <br />TRANSFER OF THE PROPERTY: This loan may be declared inunediaely due Laid payable upon transfer <br />of the property securing such loan to any trmuferee, unless the acceptability of me assumption of the loan <br />is established pursuant to Seemed 3914 of Chapter 37,'1 ttle 38, United States Code. <br />An amhorlmd transfer ('assumption') of the property shall also be subject to additional covenants and <br />,agreements as set forth below: <br />(a) ASSUMPTION FUNDING FIT: A fen equal to one halt of 1 percent (50 %) of the balance of <br />this loan as of 0le date of transfer of the property shall be payable at the time of transfer to the loon holder <br />or its audg riled agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this <br />fee at the time of transfer, the fee shall centime an additional debt to that already accrued by this <br />instrument, shall bear interest at the ram herein provided, and, at the option of the payee of the <br />indebtedness hereby secured or any transferee thereof, shall be inninal due and payable. 'I1nis fee is <br />aommatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). <br />(b) ASSUMPTION PROCESSING CHARGP: Upon application for approval to :d1ow dsrmpaion of <br />this loan, a processing fee may be charged by the loan holder or its authorized agent for determining the <br />creditwonhiness of the assumer and subsequently revising the bolder s ownership records when an <br />approved transfer is compleinl The amount of this added shall not exceed the maximum established by <br />the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37,'1'tile 38, United States <br />Code applies_ <br />(c) ASSUMPTION INDEMNITY LIA RILITY: If this obligation Is assumed, then the crsnmer hereby <br />agrees to assume all of the obligations of Nc veteran order the terns of Nc instruments creating and <br />securing (lie loan, Free assurriver further agrees to indemnify the Department of Veterans Affairs to the <br />exam of any claim payndm arising from the guaranty or insurance of the indebtedness crated by this <br />astringent. <br />nralkik w) <br />10i33SR 19904101 Page 2 013 <br />N 11th <br />
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