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88- 104467 VA ASSUMPTION POLICY RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL O}~ THE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGENT. THIS ASSUMPTION POLICY RIDER is made this 15 th day of August ,19 llil , and is incorporated into an<l shall be decmed to amend and supplemcnt 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 l:entral IIortgagl CorporatiOfl 36800 gratiot lit. Cl......, "I 48043 its successors nod assigns ("Mortgagce") and covering the property described in the Instrumcnt and located at: 639 E. IElDUlI. DR 6IIIHl I9JIiD IE 68801 {ProperlY Addrcul Notwitbstanding anything to the contrary set forth in the Instrument, Mortgagce and Mortgagor hereby acknowledges and agrees to thc following: GUARANTY: Sbould tbe Veterans Administration fail or refuse to issue its guaranty in full amount within 60 days from the date tbat this loan would normally becomc eligible for such guaranty committed upon by the Veterans Administration under the provisions of Title 38 of the U.S. Code "Veterans Benefits", the MDrtgagee may declare the indebtedness hcreby sccurcd at oncc due and payable and may foreclose immediately or may exercise any other rights bereunder 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 it is sold or transferred, this loan sball be immediately due and payable upon transfer ("assumption") of the property securing such loan to any transferee ("assumer"), unless the acceptability of the assumption and transfer of this loan is established by the Veterans Administration or its authorized agent pursuant to section 1817A of Chapter 37, Title 38. United States Code. An authorized transfer ("assumption") of the properlY shall also bc subjcCl to additional covenants and agreements as set fDrth below: (a) ASSUMPTION FUNDING FEE: A fee equal to one-half of I perccnt (.5041) of the unpaid principal balance of this loan as of the date of transfer of the property shall be payable at the time of transfer to the mortgagee or its authorized agent. as trustee for the Administrator of Veterans Affairs. If tbe assumer fails 10 pay this fee at the time of transfer, the fee shall constitute an additional debt (0 that already secured by this instrument, shall bear interest at the rate herein provided, and. allhe Dption of the mortgagee of the indebtedness hereby secured or any transferee thereof, shall be immcdiately due and payable. This fee is aUlomatically waived if the assumcr is exempt under the provisions of 38 U.S.C. 1829 (b). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer of this loan, a processing fee may be charged by the mortgagee or its authorized agent for det.ennining the creditworthiness of the assumer and subsequently revising the holder's ownership rccords when an approved lransfer is completed. The .unount of this charge shall not exceed the maximum establishcd 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 instrumcnts creating and securing the loan. including the obligation of thc veteran to indemnify the Veterans Administration to thc extent of any claim payment arising from the guaranty or insurance of the indebtedness crcated by this instrument. IN WITNESS WHEREOF, Mortgagor(s) has cxecutcd this Assumption Policy Ridcr. a~!i:~ / //&~L-~ (Seal) IIIWlII F. IIDDl Mortgagor ~~ J. )J/~<<j~/~ (Seal) KAlHRYN J. / Mortgagor '" (Seal) Mortgagor (Seal) Mortgagor _.-526188031 VMP MORTGAGE FORMS. 13131293.6100.16001521-7291