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88- 103396 VA LOAN NO. LENDERS LOAN NO I 10-653 L25,071 VA VA HOME LOAN ASSUMPTION RIDER TO DEED OF TRUST / MORTGAGE This VA Loan Assumption Rider is made this 22nd day of June, 1988 and amends the provisions of the Deed of Trust / Mortgage, (the "Security Instrument") ofthe same date, by and between James W. Waters and Sandra K. Waters . the Trustors / Mortgagors, and The Equitable Building and Loan Associat ion, The Beneficiary / Mortgagee, as follows: Grand Island, Nebraska Adds the following provisions: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGENT. This loan is 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 1817 A of chapter 37. title 38. United States Code. A. Funding Fee. A fee equal to one-half of I 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 Administrator 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 in- strument, shall bear interest at the rate herein provided, and, at the option of the payee of the in- debtedness 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. ]829 (b). B. ProcessIng Chlll'le. 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 creditorworthi- ness 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 Veterans' Administration for a loan to which sectiolt 1817A 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 ~eteran under the terms of the instruments creating and securing the loan, including the obligation of the veteran to indemnify the Veterans' Administration to the ex- tent of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument." IN WITNESS WHEREOF, Trustor/Mortgagor has executed this VA Loan Assumption Rider. Signature of Trustor(s) / Mortgagor(s) #"<'> '1Y~ ames W. Waters .~" A': Wa::D!~-<l./ Sandra K. Waters OLBF FORM 41148 To Rl?ordf?' Call OrDallall[l!\ BU!;lnA!\5 Forms. Inc NatlOnAllv '-800.253.0208 MIC'"hlQan '.f'O().358-2tU