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'r 88- 1034 te'3 FHA ASSUMPTION POLICY RIDER j NOTICE: THIS RIDER ADDS A PROVISION TO THE INSTRUMENT ALLOWING THE MORTGAGEE TO REQUIRE PAYMENT OF THE NOTE IN FULL UPON TRANSFER OF ALL OR PART OF THE PROPERTY. This Assumption pOlicy Rider is made this 22 nil day of lune ,19 86 ,and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of.Trust, or Deed to Secure Debt (the "Instrument"l.9Dhe same daYf bv the undersigned (the "Mortgagor") to secure the Mortgagor's _ Note (the "Note") of t$llYMe gn TIOR (the "Mortgagee") and covering th~.Q~Q~.r.tY.Jiescribed.jl\. the Instrument and located at: 1020 U. ANNA 6KAKD ISLAND HE &aBOl (property Address) AMENDED COVENANT. In addition to the covenants and agreements made in the Instrument. Mortgagee and Mortgagor further covenant and agree as follows: The Mortgagee shall, with the prior approval of the Federal Housing Commissioner. or his designee, declare all sums secured by this mortgage to be immediately due and payable if all or part of the prop- erty is SOld. or otherwise transferred (other than by devise, descent or~eration of law) by the mort- gagor, pursuant to a contract of sale executed not later than D 12 ~ 24 months after the date on which the mortgage is endorsed for insurance. to a purchaser whose credit has not been approved in accordance with the requirements of the Commissioner. _ I~ 6?~REOF' the Mortgagor has executed this Assumption Policy Rider. ~ (Seal) STEVEN P. SCHAFER. Mortgagor (Seal) Mortgagor (Seal) Mortgagor (Seal) Mortgagor (Sign OriginDJ Only) NOTE: If the property is not the principal or secondary residence of the Mortgagor, 24 months will be checked instead of 12 months. (Space below this line for acknowledgement) ..:621 188021 FHA Assumption Policy Rider - Multlstete VMP MORTGAGE FORMS . 13131293-8100 . 18001521.729' 2/88 I L --.J