200501091 - Laserfiche WebLink

Browse

200501091 VA ASSUMPTION RIDER TO MORTGAGE This Rider is made this 3rd day of February, 2005 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed (herein "Security Instrument ") dated of date herewith, given by the undersigned (herein "Borrower ") to secure Borrower's Note to THE SECRETARY OF VETERANS AFFAIRS, AN OFFICER OF THE UNITED STATES OF AMERICA, SUCCESSORS /ASSIGNS (herein "Lender ") and covering the Property described in the Security Instrument and located at: 904 S. Kimball Grand Island NEBRASKA 68801 (Property Address] I. This loan may be declared 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 either pursuant to the provisions of Section 3714 of Chapter 37, Title 38, United States Code, or by the loan holder if the loan has been sold without recourse. 2. FUNDING FEE. "A fee equal to one -half of one percent of the balance of this loan as of the date of transfer of the property shall be payable to the United States Department of Veterans Affairs at the time of transfer. If the assumer fails to pay this fee at the time of transfer, the fee shall constitute an additional debt to that already secured by this instrument and shall bear interest at the rate herein provided, and at the option of the payee of the indebtedness hereby secured or any transferee hereof, the full indebtedness shall be immediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729(b). The assumer is not obligated to pay this fee if the U.S. Department of Veterans Affairs has sold this loan without recourse." 4 24682 -01 (08/31/04) Page 1 of 2 Ii