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201105411
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Last modified
9/14/2011 12:29:41 PM
Creation date
7/25/2011 8:57:21 AM
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DEEDS
Inst Number
201105411
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20�i054�� <br />8. OBLJGATIONS OF PERSONS UNDER THIS NOTE <br />If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises <br />made in ttus Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or <br />endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including <br />the obligations of a guarantor, surety or endorser of ttus Note, is also obligated to keep all of the promises made in <br />ttus Note. The Note Holder may enforce its rights under tlus Note against each person individually or against all of <br />us together. This means that any one of us may be required to pay all of the amounts owed under tlus Note. <br />s. waiv�s <br />I and any other person who has obligations under this Note waive the rights of Presentment and Notice of <br />Dishonor. "Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice <br />of Dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not <br />been paid. <br />10. UNIFORM SECURED NOTE <br />This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections <br />given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument"), <br />dated the same daxe as this Note, protects the Note Holder from possible losses which might result if I do not keep <br />the promises which I make in this Note. That Security Instrument describes how and under what conditions I may <br />be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are <br />described as follows: <br />Transfer of the Property; Acceleration; Assumption. This loan may be declared immediately due <br />and payable upon transfer of the property securing such loan to any transferee, unless the <br />acceptability of the assumption of the loan is established pursuant to Section 3714 of Chapter 37, <br />Title 38, United States Code. The acceptability of any assumption shall also be subject to the <br />following additional provisions: <br />(a) Funding Fee: A fee equal to one-half of 1 percent of the balance of this loan as of <br />the date of transfer of the property shall be payable at the time of transfer to the loan holder <br />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 <br />already secured by this instrument, shall bear interest at the rate herein provided, and at the <br />option of the payee of the indebtedness hereby secured or any transferee thereof, sha11 be <br />immediately due and payable. Tlus fee is automatically waived if the assumer is egempt <br />under the provisions of 38 U.S.C. 3729(c). (Note: The funding fee for loans assumed <br />between 12/13/02 and 09/30/03 will be 1 percent) <br />(b) Processing Charge: Upon application for approval to allow assumption of this loan, <br />a processing fee may be charged by the loan holder or its authorized agent for determining <br />the creditwort}uness of the assumer and subsequently revising the holder's ownerslup records <br />when an approved transfer is completed. The amouat of this charge shall not ezceed the <br />maximum established by the Deparlment of Veterans Affairs for a loan to wluch Section <br />3714 of Chapter 37, Title 38, United States Code applies. <br />(c) Indemnity Liability Assumption: 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 <br />instruments creating and securing the loan. The assumer further agrees to indemnify the <br />Department of Veterans Affairs to the eatent of any claim payment arising from the <br />guaranty or insurance of the indebtedness created by tlus instrument. <br />If the acceptability of the assumption of this loan is not established for any reason, and Lender <br />exercises its option to declare all sums secured by this Security Instrument immediately due and <br />payable, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not <br />MULTISTATE FIXm RATE NOTE—Single Family � � <br />MODIFIm INSTRUMENT FOR DEPARTMENT OF VEfERANS AFFAIRS www.docmagic.com <br />USFN.VA (Rev. 1/01) Page 3 of 4 <br />
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