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201008260
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Last modified
11/5/2010 4:30:17 PM
Creation date
11/5/2010 4:25:12 PM
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DEEDS
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201008260
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<br /> <br /> <br /> <br /> <br /> 201007985 <br /> <br /> RE-RECORDED <br /> <br /> 201008260 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount <br /> within 60 days from the date that this loan would normally become eligible for such guaranty committed <br /> upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans <br /> Benefits," the Mortgagee may declare the indebtedness hereby secured at once due and payable and may <br /> foreclose immediately or may exercise any other rights hereunder or take any other proper action as by law <br /> provided. <br /> TRANSFER OF THE PROPERTY: This loan may be declared immediately due and payable upon <br /> transfer of the property securing such loan to any transferee, unless the acceptability of the assumption of the <br /> loan is established pursuant to Section 3714 of Chapter 37, Title 38, United States Code. <br /> An authorized transfer ("assumption") of the property shall also be subject to additional covenants and <br /> agreements as set forth below: <br /> (a) A SSi IMPTION FUNDING_ EF.E: A fee equal to one-half of 1 percent (.50%) of the unpaid <br /> principal balance of this loan as of the date of transfer of the property shall be payable at the time of transfer <br /> to the loan holder or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer <br /> fails to pay this fee at the time of transfer, the fee shall constitute an additional debt to that already secured <br /> by this instrument, shall bear interest at the rate herein provided, and, at the option of the payee of the <br /> indebtedness hereby secured or any transferee thereof, shall be immediately due and payable. This fee is <br /> automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). <br /> (b) ASSUMPTION PROCESfiiNG CHARGE: Upon application for approval to allow assumption <br /> of this loan, a processing fee may be charged by the loan holder or its authorized agent for determining the <br /> creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved <br /> transfer is completed. The amount of this charge shall not exceed the maximum established by the <br /> Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United States Code <br /> applies. <br /> (c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer <br /> hereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and <br /> securing the loan. The assumer further agrees to indemnify the Department of Veterans Affairs to the extent <br /> of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. <br /> <br /> <br /> <br /> <br /> <br /> <br /> VA Guaranteed Loan & Assumption Policy Rider <br /> Page 2 of 3 <br /> X05, inc. BOI'1'OW@r(S) Initials V~ <br />
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