Laserfiche WebLink
<br />. . <br /> <br />200602880 <br /> <br />(a) ASSUMPTION FUNDING FEE: A fee equal to one-half of 1 percent (.50%) of the unpaid <br />principal balance of this loan as of the date of transfer of the property shall be payable at the time of transfer <br />to the mortgagee or its authorized agent, as trustee for the Secretary of Veterans Affairs. If the assumer fails <br />to pay this fee at the time of transfer, the fee shall constitute an additional debt to that already secured by this <br />instrument, shall bear interest at the rate herein provided, and, at the option of the mortgagee of the <br />indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is <br />automatically waived if the assumer is exempt under the provisions of 38 U .S.C. 3729 (b). (Note: The <br />funding fee for loans assumed between 12/13/02 and 9/30/03 will be 1 percent.) <br /> <br />(b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow <br />assumptions and transfer of this loan, a processing fee may be charged by the mortgagee or its authorized <br />agent for determining the creditworthiness of the assumer and subsequently revising the holder's ownership <br />records when an approved transfer is completed. The amount of this charge shall not exceed the maximum <br />established by the Department of Veterans Affairs for a loan to which section 3714 of Chapter 37, Title 38, <br />United States Code applies. <br /> <br />(c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer <br />hereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and <br />securing the loan, including the obligation of the veteran to indemnify the Department of Veterans Affairs <br />to the extent of any claim payment arising from the guaranty or insurance ofthe indebtedness created by this <br />instrument. <br /> <br />IN WITNESS WHEREOF, Mortgagor(s) has executed this Assumption Policy Rider. <br /> <br />~ a:- ~ (Se,]) <br /> <br />BRENDA LYNN RISH Mortgagor <br /> <br />(Seal) <br />Mortgagor <br /> <br />(Seal) <br />Mortgagor <br /> <br />(Seal) <br />Mortgagor <br /> <br />(Seal) <br />Mortgagor <br /> <br />(Seal) <br />Mortgagor <br /> <br />Page 2 of 2 <br /> <br />DocMagic~ 800-649-1362 <br />www.docmagic.com <br /> <br />VA ASSUMPTION POLICY RIDER <br /> <br />Vapr22.rdr <br />