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<br /> V�� 92-1U1780
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<br /> ���� °"�'� � VA ASSUMPTION POLICY RIDER --�
<br /> : , ,.� .,r� ,
<br /> � � �� NOTICE:THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF _
<br /> ; � �.
<br /> � . �: '���_ -- � THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZEU AGENT. ��"_`:.�-�
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<br /> �� � ' THIS ASSUMPTION POLICY RIDER is made this 5TH day af MARCH � �g 92 � �rt:_------
<br /> • and is incorporated into and shall be deemed to amend and supplement the Mongage, Decd of Trust,or Deed to Secure ��°-�•_== _____
<br /> c " Debt("lnstrument")of the same date herewith.given by the undersiQned("Mort�agor")tu secura the Mon�or's �1°'•'�"-""-
<br /> .. r. as�'
<br /> ° ' Note("Note")of the samc date to -----
<br /> , Overland National Bank e_
<br /> , �a• .,:��. ��;�'.: ---
<br /> - �� its successors and assi�ns - -_-
<br /> ' ,�{ �"�121g6gW.'John�St.�arand rIslaid.�NE 68801e Instrument and located at: � �___—
<br /> ' �-�. . _�
<br /> • lProperty Addressl —�
<br /> . Notwithstanding anything ro the contrary set forth in the Instrument,Monga�ee aad Mortgagor hereby acknowkdQes z.—��
<br /> . and agrees to thc following:
<br /> , �x°.:a:
<br /> , CIUARANTY:Should the Department of Veterans Affairs iail or refuse to Issue its guaranty in full amount within
<br /> 60 days Prom the date that this loan wauld normally bccome eligible far such euaranty committed upon by the Department
<br /> ' of Yttcrans At'Pnir�under�he provisions of Tide 38 of the U.S.Code"Veterans Bene�ts".the Mortgagee may deciare
<br /> � the indebtedness hereby secured at once due and payable and may Poreclose immediately or may exercise any other ��4,,`
<br /> ., • rights hereunder or take any other praper action As by law provided. ��^_�
<br /> " TRANSFER OF THE PROPERTY: IP all or any part of the Property or any ir.terest in it is sold or transferred,this --
<br /> loan shall be immediately due ond payable upon transfer("ussumption")of the property securing such loan to any =�---=
<br /> • transferee ("ussumer"). unless[he acceptubility of the assumptian and transfer of this laan is established by the ����
<br /> Dcpartment of Veterans AfPairs or its authorized agent pursuant to section 1817A of Chapter 37. Tide 38, United __'���°���
<br /> �'.,�.�_�
<br /> , Statts Code. �"��'':=`
<br /> An authorized trnnsfer(•'assumption")af the property shall also be subject t�additional covenants and agreements _�fE'
<br /> as se� forth bel4w: ��'�_'��:
<br /> ' (a) ASSUMPTION FUNDING FEE:A fee equal to one-hnlf'of'1 percent(.SO°lo)af the unpaid principal balance ' �= '�, �:� �
<br /> ' of this loan As of ihe dptc of trunsfcr of the property shall bc payAble at the time of transfcr to the mortgpgee or ',1.�.,�.:'.�, -_
<br /> its authorind agent,as trustcc I'or�he Secretary of Veterans Affairs. If Ihe ussumer fnils to pny this fee at the time - ... � `_
<br /> • of transfer. the fee shall cons�iwte an additional debt to thnt already sccurrd by this instrument, shall bear interest ;' �.;
<br /> At the ratc herein providcd,und, at thc aption aY the mortgagec�f thc indebtcdncss hereby secured or uny trunsferee :•v;ti,�__ _
<br /> thsrcof.shull bc immedie�cly duc And payable. This fee is automutically wuivcd ii' thc ussumcr is exempt under the �'`+�.,
<br /> •• provisions of 38 U.S.C. 1829(b). __
<br /> � �b) ASSUMPTION PROCESSING CHARoE:Upon application t'or uppro�•al to allow assumption and trantifcr � �:�r:., s=
<br /> • of this loun,a processing fee may lu charged by the mortgagre or us authurized agent i'or de[ermining the creditwonhiness � :. � —
<br /> • oP the assumer and subsequently rr�•ising thc holdcr'�owncrship recurds whrn an appruvrd transfer is complcted.The � �-
<br /> '���'' � amount af this charge shull not excecd the maximum cstablished by thr Drpurtment ot' VeterAns Affairs for a loan • . � _
<br /> •� ' ro which section 1817A at Chupter 37, T�Ue 38. Uni�ed Statcs Codc applie�. �� ; • �-_
<br /> (c) ASSUMPTION�VDEMNI_TY_I.IAHILITY3 11'this obligation iti a.r.umed, thcn the a+sumen c�rrby agrees to
<br /> '1 � assumc all oi'thc obligutions of Uic v�tcrun undcr thc tcrms ut'thc ins�rununts rrcating and securing thc luan,including �
<br /> the obligation of thc veteran tu indrmnify thr I)epartment of Vctrran,AI'laiiti a� the r�tent oi'any claim payment
<br /> , � ari.r•ing from thc guaranty or insurancc of thr indcbtrdncti�crratrd by �hi+in�trumrm.
<br /> IN WITNESS WHEREOF, Mortgagorlsl lia. cxc�utcd this A+cump�ion F'olicy Ridcr,
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<br /> � " --'.��•-�-t-[C1 lSrall ":�``, ` �• "-`--�_' �_ ..< <�. . .<<_ _ ISraq . . .
<br /> Lple R. Van Cleve �tor�gagor N3ina M. Van Cleve Mor�gugor
<br /> --- - -- - _. _ .. . . _ Itirah . -- ----- —-- lScall
<br /> • Alortuauor Murlgugur
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