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88-1035,1 t VA LOAN NO. LENDERS LOAN NO 110-493 2367 VA HOME LOAN ASSUMPTION RIDER TO DEED OF TRUST / MORTGAGE This VA Loan Assumption Rider is made this 1st day of July, 1988 and amends the provisions of the Deed of Trust / Mortgage, (the "Security Instrument") of the same date, by and between Cleo F. Hurst and Kathleen M. Hurst, , the Trustors / Mortgagors, and The Equitable Building and Loan Associat ion, Grand The Beneficiary / Mortgagee, as follows: 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 shalJ'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. 1829 (b). 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 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 section 1817A of Chapter 37, title 38, United States Code applies. C. IndemnIty L1lbillty. "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 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, Truslor/Mortgagor has executed this VA Loan Assumption Rider. Signature of Trustor(s) / Mortgagor(s) fJ/.u-y- ? ~ Cleo F. Hurst ~ ACt bu ) ~17 ..!lkt<tf: Kathleen M. Hurst GI.8F FORM 48ot8 To RmmJN Cull G'"111 Lnkl"!1 BLJ9In(l\lS Form!!, Inc NAll(lnallv '.800.253.0:KKI Michigan '.800.3S8.2643