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200208500 V. A. GUARANTEED LOAN AND ASSUMPTION POLICY RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. THIS V.A. GUARANTEED LOAN AND ASSUMPTION POLICY RIDER is made this 29th day of duly, 2002, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (herein "Security Instrument') dated of even dale herewith, given by the undersigned (herein 'Borrower) to secure the Borrower's Note to (herein 'Lender ") and covering the property described in the Security Instrument and located at: 1120 West Anna, Grand Island, Nebraska 68801 (Propeny Address) V. A. GUARANTEED LOAN COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: LATE CHARGE: At Lender's option, Borrower wilt pay a "late charge" not exceeding four per cenlum (4 %) of the overdue payment when paid more than fifteen (15) days after the due dale thereof to cover the extra expense involved in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. GUARANTY: Should the Department 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 Veterans Affairs under the provisions of Title 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 hereunder or lake any other proper action as by law provided. TRANSFER OF THE PROPERTY: If all or any part of the 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 ( "assumer'), unless the acceptability of the assumption and transfer of this loan is established by the Department of Veterans Affairs or its authorized agent pursuant to Section 3714 of Chapter 37, Title 38, United Stales Code. An authorized transfer ( "assumption ") of the properly shall also be subject to additional covenants and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal to one -half of 1 percent (50 %) of the unpaid balance of this 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 trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the feeshall constitute an additional debt to that already 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 38 U.S.C. 3729(c). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer of this loan, a processing fee may be charged by the mortgagee or its authorized agent for determining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed The amount of this charge shall not exceed the lesser of the maximum established by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United Stales Code applies or any maximum prescribed by applicable State law. (c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to assume all of the obligations of the veteran under the terms of the instruments and securing the loan, including the obligation of the veteran to indemnify the Department of Veterans Affair o the ext nl of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. IN WITNESS WHEREOF, Borrower(%) has executed this V. A. Guaranted an umption olicy R c Thu as errill V.A. GUARAWFED LOANANDASSUMPTIONPOLICYRIDER 9192 oer.I Form aommme ey xmummd anal 6w. fi.mm, Inc. 1- 004a3o-1225 TFaa,LL