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88-104445 VA 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 10 th day of Rugust , 19 8;; , and is incorporated into and shall be deemed to 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 Central Mortgage Corporation 3f>8OO gratiot "t, CI_ns,"I 48043 its successors and assigns ("Mortgagee") .nd covering the property described in the Instrument and located at: 1908 STIll.L.EV PRRK CRGRRND ISUlND NE 68803 (ProperlY Address) Notwithslanding anything to the contrary sel forth in the Instrument, Mortgagee and Mortgagor hereby acknowledges and agrees to the following: GUARANTY: Should the Veterans Administratinn fail or refuse to issue its guaranty in full amount within 60 days from the date that this loan would normally become eligible for such guaranty committed upon by the Veterans Administration under the provisions of Title 38 of the 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 rights hereunder or lake any other proper action as by law provided. TRANSFER OF THE PROPERTY: I f 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 ("assumptinn") of the property securing such loan to any transferee ("assumer"), unless the acceptability of the assumption and transfer of this loan is established by Ihe Veterans Administration or its authorized agent pursuant to seclion 1817A of Chapter 37, Title 3B, United Slales Code. An authorized transfer ("assumption") of the property shall also be subjecltn additional covenanlS and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal 10 one-half of I percent (. SO"") of Ihe unpaid principal balance of this loan as of the date of [ransfer of the property shall be payable at the time of transfer 10 the mortgagee or its authorized agent, as trustee for the Administrator of Veterans Affairs. If Ihe assumer fails to pay this fee allhe time of transfer, the fee shall constitute an additional debIto that already secured by Ihis inSlrument, shall bear interest at the rate herein provided, and, at the option of the mortgagee of the indebledness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is automatically waived if Ihe assumer is exempt under the provisions of 38 U.S.C. IB29 (b). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer of this loan, a processing fee may be cbrged by the mortgagee or its authorized agent for dctennining the 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 the Veterans Administration for a loan to which section 1817A 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 obligations of the veteran under the terms of the instruments croaling 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 the indebtedness created by this instrument. IN WITNESS WHEREOF, Mortgagor(s) has executed this Assumption Policy Rider. cj; I:/L..#--- JIliN K, BEI/IUT (Seal) Mortgagor ~.-;:~{~A'~",.7.C MARV C. (Seal) Mortgagor (Seal) Mortgagor (Seal) Mortgagor _.,526,..." VMP MORTGAGE FORMS. 13131293.6100. (8001521 7291