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<br />88- 104053 <br /> <br />VA lOAN NO <br /> <br />LENDERS LOAN NO <br /> <br />110 412 <br /> <br />L 25101 <br /> <br />VA <br /> <br />VA HOME LOAN ASSUMPTION RIDER <br />TO DEED OF TRUST / MORTGAGE <br /> <br />., <br /> <br />, the Trustors / Mortgagors, and <br /> <br /> <br />This VA Loan Assumption Rider is made this 22nd day of July, 1988 <br />and amends the provisions of the Deed of Trust / Mortgage, (the "Security Instrument") of the same date, <br />by and between John F. Skeen and Diane C. Skeen, <br /> <br />The Equitable Building and Loan Association, <br /> <br />The Beneficiary / Mortgagee, as follows: <br /> <br />Adds the following provisions: <br /> <br />THIS LOAN IS NOT ASSUMABLE WITHOUT THE <br /> <br />APPROVAL OF THE VETERANS ADMINISTRATION OR <br /> <br />ITS AUTHORIZED AGENT. <br /> <br />This loan is immediately due and payable upon transfer of the property securing such loan to any transferee, <br />unless the acceptability of the assumption of the loan is established pursuant to section !817A of chapter 37, <br />title 38, United States Code, <br />A. FURdial Fee. A fee equal to one-half of I percent of the balance of this loan as of the date of <br />transfer of the property shall be payable at the time of transfer to the loan holder or its authorized <br />agent. as trustee for the Administrator of Veterans Affairs. If the assumer fails to pay this fee at <br />the time of transfer, the fee shall constitute an additional debt to that already secured by this in- <br />strument, shall bear interest at the rate herein provided. and. at the option of the payee of the in- <br />debtedness hereby secured or any transferee thereof. shall be immediately due and payable. This <br />fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 1829 (b). <br /> <br />B. ProceIIIea CfwJe. Upon application for approval to allow assumption of this loan, a processing <br />fee may be charged by the loan holder or its authorized agent for determining the creditorworthi- <br />ness of the assumer and subsequently revising the holder's ownership records when an approved <br />transfer is completed. The amount of this charge shall not exceed the maximum established by the <br />Veterans' Administration for a loan to which section 1817A of Chapter 37, title 38, United States <br />Code applies, <br /> <br />C. Indemnity UablUty. "U this obligation is assumed, then Ihe assumer hereby agrees to assume all <br />of the obligations of the veteran under the terms of the instruments creating and securing the <br />loan, including the obligation of the veteran 10 indemnify Ihe Veterans' Administration to the ex- <br />tenl of any claim payment arising from Ihe guaranty or insurance of the indebtedness created by <br />this instrument." <br /> <br />IN WITNESS WHEREOF, Trustor/Mortgagor has executed this VA Loan Assumption Rider. <br /> <br /> <br />.k~~ L {! <br /> <br />/} <br />~ <br />~ ~--7( j <br /> <br />Jo <br /> <br />Diane C. Skeen <br /> <br />OLBF FORM ~ <br /> <br />To Reo,~r Call ",rolllaltct8 Bu'St"..n Fern", lnc <br />N.lt"njItll~ t-lOO-2D-02OI ~1C:h'g.'" 1.aoo.ua.:2N3 <br />