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<br /> �.A. G[IAItAN�E�D �.�AIo1 A1�D �SS��'YON P�LICY 1�EIt .::��°
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<br /> ' � NOTIC�;?�l[S LOAIoi IS NOT ASSUMABL]E�VPI'd��jJT T�AFP�OV��F —
<br /> TI�E DEP1�'I71�iT OF VICTEK�IS t�I�FAi�0�F�A�iOItIZ�D AGENf. —,
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<br />� THI3 V.A.GUARANTEED LOAN AND ASSt1IvIPTION POLICY RIDER is made this 27Z'H day �_:
<br /> of t3ARCH , 1996 ,and is incorporated into and shall be deemed to amend and supplement
<br /> che Ntorcgage,Deed of Tru3t or D�d to S�re Dabt(herein"Security Instrument")dated af even datE herewith, �_ ;:_''
<br /> Qiven by the undfrsigned(herein "Borrawer")to secure Borrower's Note to ,
<br /> - ��;'.:
<br />. R10RWEST MORTGAGE, IIdC (taer�u"Lender") ����'
<br /> and covedng the Property describ�d i�.the 5ecuriry Iastn:raent aad tocated at `:-�
<br /> ���i_
<br /> 1704 SOUTH GART.�►ND GRM�!) ISLAl�l, riE 6�843 � � ����;,�
<br /> ..� cPracer:�A�rar) ,:-`-=
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<br /> ''� V.A.GQJARANT`�ED LOAN COVEN ANT:Ia addi+rian to t�e c�e�..=�s z3 ag�ments made in the 5ecuritY �,=� •
<br /> �-_-,
<br /> Instrument,Borrower and Lender fti.,.�p.c covenant and agr�a;�fu4c�aF: t �._._�
<br /> If the indebtedness seaued hereby he g�aranteed or insused u�si�Tit�:3�,E,r�ed States fCu�3e,such Title �—=
<br /> and Re�ulaaons issued thereuader���effect on the date hereo�'st�aU go�..r�s�i:righu,d�i��aad liabilities �°;�--
<br /> ef Bonow�r and I.ender.Aay Frflr;��of the Sec�uity tnstrument Qr o;���u�aaited in connecxion �-`_°_
<br /> �cith said indebtedness which are i�:�"�eat with said Tit2e ar R�^Jarions,incIuding,b�`Y aot limited to, ��_-'
<br /> the provision for payment of any��m cunnecxiun with Pmg�S�of the secured ind�iedness and the �__••,._
<br /> �' � provi3ioa that the Lender may acce��te payment of the secure3 it�debtedness pursuant t�Covenaat 1?of
<br /> the Security Instrument,are hereby�•�aded or negated to the eacar_t necessary to conforic sac�+n�ry�menu �'
<br /> • zfl said TitIe or Regulations. �
<br /> ,7` I.pTE CHARGE:At I.ender's optIon,Borrower mU pay a"late charge"not exceeding four per ceutum(4%) �'
<br />" � � of ihe overdne payment when paid��re than fifteen(1S�days after the due date t�ereof to cover the extra �_
<br /> ; expense invoived in handling delir.c���paymenu, but such"la'-e charge"shall not be payable out of the
<br /> :� � procceds of anY sale raade r.o sa t i s f 5`;ht l a de b t e d ness s e c u r e d h�e b y,u n t e s s s u ct�procxeds are sufficieat to �. � ".
<br /> ��''' �:i s c i iarge s h e e n t i r e i a d c-���:e s s z=� a11 Pro per casts and expenses secured hereby. . �
<br /> ' �GUARANTY:Sho�ld tae 1�trpactr�e�t of Veterars�Afisirs faiD or refuse to i�uc its guaraniY ia full em��it '
<br />` �` within 60 days from the�..:e t�a;t�;s�aan would ns�z:ly become eligible fa�sucis guaranty committ�d�.p7a
<br /> �--
<br /> by thc DeDartment of Yeterans Affa:.-�smder We provisions of Tiue 36 of the U.S.Code"Veterans Beae�'rs," _
<br /> ;" the Mortgagee may declnre the indebtedness hereby secured at�nce due and payable and may fo.er?3se _
<br /> ir�mcdiately or may exerczse any oiher rights heieunder or taS�e any oiher proper action as by law pray%Aed. ` `
<br /> ' �..
<br /> TRANSEER OF TI�Pi�D1PER'f Y:If all or any parc of the Property or aay'�s�r¢st in ig is so2d or transferred,
<br /> � this loan may be dectared immedIately due and payable upon uansfer("a�sumpt�oa")of the property securin8
<br /> � such loan to any uansferee("assumer"),unless the acceptab�ity of the assumpdon aad tiransfer of this ioan
<br /> • - is established by the Bepartment of Veterans Affairs or its authorized agent purcuant ta Seaion 3714 of Chapter t-._
<br />' 37,Title 38,United 5tates Code.
<br /> �! An author3�ed transfea(�41assumptio�,")of the property shall also be sub;v�t�o addidonal wvenants a�1 _--.
<br /> "�;�, agr�ments as set forts 3aeiow:
<br /> .�: , �,rt �. � -A feeequal to ono-I�l;,r�1 t percent(.50%)of the unpaid princi�al =.-
<br /> • bala i�ce Qi+� �L���e� e date c��;r�sfer of the DroP�Y����g AaYagl�at the time of uensfer to the
<br /> a an
<br /> � mort g a gec er:�su�a�u��agrnt�as tr.ustee for the Deparane���f�'eiera�Affairs.lf the assumer fails to
<br /> pay this fee at rK:��`��'�-?sfer,the fee shall cca.=:itnte aa ad�i.�i�nal��n that a l rea dy secur e d by t t us
<br /> ' ' �, lnsuument,shalt bear�es>ra:,�e rate here3n pro�`+�:�:.and,at t�;�oDtion af i.h.�ortgagee of the indebted�ess
<br /> '..�.: hereby secc-�ci or any ua:sf�r:t�ereof�shall be im.�pdiatety d•.r���,9 payable.This fes is automad e a l l y waived � '
<br /> _ if the sssu�sr�s is exem�t under the gr�visions of 3II U.S.C.3'I`�@).
<br /> � (b) �5�"�,.TMpTi�J,f�f 1�OCESSING CHARGE:UDon appllcation for approval to allow assumption and �'�
<br /> tcansPer of thls.loaa,a��ces�in8 fee enay be char�by the mortgagee or its a■�thorized agent for detemaning �� .
<br /> ��, the creditworitilness a8«P�ce assumer aad subseyueatt}�r°vising the holder's ow¢��aship records when an approved
<br /> uansfer is�arnpl�ie�i.'Yhe amount of this charge shall not erccs,ed the lesser of the maxImu�e:tablished 6y �"�
<br /> the�Jegaptan�.t of Veterans Affairs for a toan to whIch Secti.u¢�7t4 of Chapter 37�TItIe 3:I�.('3rs.�.ted States _
<br /> : �`; Code agpli�s or any mnxlmum prescribed by applicabte State�;.��r. o _
<br /> (c) �1�S�lIt"Ti�'If�SSr ��1DEMNITY LIA�Ai I'I'Y:If this obligadon is a:�:..ed,then ti���:..�:�er L•�ure8y r� -
<br /> agrees ta assume alt af'tiTC oblfgation�of the veteran under the te�ms of t6.e t�.�aumenu crea;:u�a�d��^i�3
<br /> �• �� the loan,including the a�L3igation of thc veteran to indemnify clte LTeparcment cf Veterans�f'iau��ta-Uie extent =-
<br /> ': of any elaim�:ayaient arising from the guaranty or insuractce eC cli:indebtedness created li;�riis insuument. �• �-
<br /> � IN WI'�'NESS WII�EI2L�F,Borrower(s)has executed this V.A.Qu�ranteed Lean and Assu���tian Policy Rider. __---
<br /> ;:
<br /> , S ���+�� � ����P���N /G�''�' ��
<br /> .�� RANDALL L RENDALL -Borrotiver P�'1�A J ALL -Boaower �-� .
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<br />, , •Borrowcr -Bortower �i
<br /> V.A.QUARAMEED LOAN AND ASSUMRTfON POLtCV RI3JEF1 9182
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<br /> V1APIdORTOAGE FORtdS •1000152/•7I91 ���-
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