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88- 102453 V A ASSUMPTION POLICY RIDER NOTICE: TIDS LOAN IS NOT ASSUMABLE WITHOUT THE APPROV AL OF mE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGENT. J THIS ASSUMPTION POLlCY RIDER is made this 13 th day of May , 19 co and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt ("Instrument") of the same date herewith, given by the undersigned ("Mortgagor") to secure the Mortgagor's Note ("Note") of the same date to Central Plortgage Corporation 36800 aratiot I'It. Cll!Ens, "I 48043 its successors and assigns ("Mortgagee") and covering the property described in the Instrument and located at: 536 E. !<<:ARTHUR GR!lill I SUlHIl IE 68801 (Propen)' Addrc..' Notwithstanding anything to the contrary set forth in the Instrument. Mortgagee and Mortgagor hereby acknowledges and agrees to the following: GUARANTY: Should the Veterans Administration 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 upnn b)' the Vel:CflU1S Administration under the provisions of Title 38 of the U.S, Cocle "Veterans Benefits", the Mortgagee mal- 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. TRANSFER OF THE PROPERTY: If all or any part of the Propeny or any interest in it is sold or transferred. this loan shall be immediately due and payable upon transfer ("assumption") of the property 5ecuring such IG3D 10 an.)' transferee ("assumer"), unless the acceptability of the assumption ancltransfer ohms loan is established by the Ve:lil::r.ms Administration or its authorized agent pursuant to section 1817A of Chapter 37, Title 38, United SWe5 Code. An authorized transfer ("assumption") of the property shall also be subject to additional co\'enants and agreements as set forth below: (al ASSUMPTION FUNDING FEE: A fee equal to one-half of I percent (.SO~) of the unpaid princi~ balance of this loan as of the date of transfer of the propeny shall be payable at the time of nansfer to the mortgagee or its authorized agent, as trustee for Ihe Administrator of Veterans Affairs. If the assumer fails to pay this fee at the time oi Ifllnsfer, the fee shall constilUte an additional debt 10 that already secured by this instrument. shall bear interCSl al Ihe rale herein provided, and. at the oplion of the morlgagee of the indebtedness hereb~' secured or any transfeI1ee thereof, shall be immediately due and payable, This fee is automatically waived if the assumer is exempl under the provisions of 38 U.S,C. 1829 (b). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer of I his loan, a processing fee may be charged by the mortgagee or its authorized agent for determining the creditwonhiness of Ihe assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amount of Ihis charge shall not exceed the maximum established by Ihe Veterans Adminislration for a loan 10 which section 1817A of Chapler 37. Title 38, United States Code applies. (e) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then Ihe assumer hereby agrees to auume all of Ihe obligations of the veteran under the terms of the inslfuments creating and securing the loan. incluwng the obligation of the veleran to indemnify the Velerans Administration to the extent of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument, IN WITNESS WHEREOF, Morlgagor(s) has executed Ihis Assumption Policy Rider. \:&~I~ (Seal) Mortgagor /'/ :' ./} "6r'. " GENEVIEVE .., I-of ~. "1....i" " .....i / , , t -1:-,/ j. "-, J(-e~ ... "' , / (Seal) Mon!!-agor A. KOZIOl (Seal) Mortgagor (Seal) Mort!!-agor __.628...0" VMP MomGAGf ~ORMS. 131312038100.180015217]91