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. .i' 200611197 AP# 401-2006-114 OVA LOAN NO. LENDERS LOAN NO. 34-34-6-0171101 0204697049 DEPARTMENT OF VETERANS AFFAIRS HOME LOAN ASSUMPTION RIDER TO DEED OF TRUST/MORTGAGE NOTICE: THE DEBT SECURED HEREBY IS SUBJECT TO CALL IN FULL OR THE TERMS THEREOF BEING MODIFIED IN THE EVENT OF SALE OR CONVEYANCE OF THE PROPERTY CONVEYED. This Department of Veterans Affairs Home Loan Assumption Rider is made this 15 t h day of Dee e m be r, 2 0 0 6 , and amends the Rrovisions of the Deed of TrusVMortQaQe, (the "Security Instrument") of the same date, by and between CH:LI.RLES A CUMMINGS AND HEATHE"R 1'1 CUMMINGS , the Trustors/Mortgagors, and P L A T T E V ALL E Y S TAT E BAN K & T R U S T C 0 , the Beneficiary/Mortgage, as follows: Adds the following provisions: NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVALOFTHEDEPARTMENTOFVETERANS AFFAIRS OR ITS AUTHORIZED AGENT. This loan may be declared immediately due and payable upon transfer of the property securing such loan to any transferee, unless the acceptability of the assumption of the loan is established pursuant to section 3714 of Chapter 37, Title 38, United States Code. A. Funding Fee. A fee equal to one-half of 1 percent of the balance of this loan as of the date of transfer of the property shall be payable at the time of transfer to the loan holder 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 already secured by this instrument, shall bear interest at the rate herein provided, and, at the option of the payee 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. Processing Charge. Upon application for approval to allow assumption of this loan, a processing fee may be charged by the loan holder 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 maximum established by the Department of Veterans Affairs for a loan to which section 3714 of Chapter 37, Title 38, United States Code applies. C. 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 creating and securing the loan, including the obligation of the veteran to indemnify the Department of Veterans Affairs to the extent of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in the 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 provision 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 take any other proper action as by law provided. IN WITNESS WHEREOF, Tr or/Mortgagor has executed this Department of Veterans Affairs Home Loan Ass pti.. . er. I S' nat cJ r stor ) Mo gagbr(s) ,I / ~ .... ~.....~ 'f'\,\,_ c::'\...'l-..........~"I...[0....C0 ) H EAT HER M CUM M I N G 5