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88- 103780 V A ASSUMPTION POLICY RIDER J NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGENT. THIS ASSUMPTION POLICY RIDER is made this 5th day of July , 19 88 , and is incorporated into and shall be deemed .0 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 Leader Federal Mortgage Inc. its successors and assigns ("Mortgagee") and covering the property described in the Instrument and located at: 2223 Brahma, Grand Island, Nebraska 68801 CPrOJlC1'IY Addrtssl Notwithstanding anything to the contrary set forth in the Instrument, Mortgagee and Mortgagor hereby acknowledges and qrees to the following: GUARANTY: Should Ihe Veterans Administration fail or refuse 10 issue its guaranty in full amount within 60 days from the date that this loan would normally become eligible for such guaranty commiued upon by the Veterans Administration under the provisions of Tille 38 of Ihe 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 ri~tl hereunder or take any other proper action as by law provided. TRANSFER Of THE PROPERTY: If all or any part of the Property or any interest in il is sold or transferred. this loan shall be immediately due and payable upon transfer ("lllisumption") of the property securing such loan to any transferee ("assumer"), unleu the acceptability of the assumption and Iransfer of this loan is established by the Veterans Administration or iu authorized alent pursuant to section 1817 A of Chapter 37. Title 38, United States Code. An authorized transfer ("assumption") of the property shall also be subject 10 additional covenants and agreements as set forth below: (a) A.SSUMPTION fUNDING feE; A fee equal to one-half of 1 percent (.50~) of the unpaid principal balance of this loan as of the date of transfer of the property shall be payable at the time of transfcr to the mortpaee or its authorized lIent. as trustee for the Adminiluator of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer. the fee shall consthule an additional debt to that already secured by this instrument, shall bear interest at the rate herein provided, and, at the option of the mortpacc of the indebtedness hereby secured or any transferee thereof, shall be immediately due and payable, This fee is automalically waived if the assumer is exempt under the provisions of 38 U,S.C, 1829 (b), (b) ASSUMPTION PROCESSING CHARGE: Upon applicalion for approval to allow assumption and transfer of this loan, a processing fee may be charged by the mortpaee or its aUlhorized lIent for determininlthe 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 Ihe Veterans Administration for a loan to which section 1811A of Chapter 37, Title 38. United States Code applies, (c) ASSUMPTION INDEMNITY LIABILITY; If this obligation is assumed. then the assumer hereby agrees to assume all of the obliptions 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 extent of any claim payment arising from the guaranty or insurance of Ihe indebtedness created by this instrument, IN WITNESS WHEREOF. Mongagor(s) has executed this Assumption Policy Rider, ~ (Seal) Mortllalor " /-.L 1.-" " .' Delores E. Robb ,f ' t<- r __ (Seal) Mortl.,or (Seal ) Mortlllor II_In It! ~ 1 .' 8 ' (Seal) Monlllor L'-710. Rev 4/88