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<br /> VA GLJARANTEED LOAN AND ASSUMPTION POLICY RIDER . .`�;ti�� �,<��.-
<br /> :�a.
<br /> LoAN NO.10-1226 ..���.��'�:�f`�
<br /> NOTICE: THIS L(�AN IS NOT ASSUMABLE WITHOUT ��_.���:*�:
<br /> THE APPR RV TS AUTHOER ZED AGENTT OF VETERANS � .::��:��_�=---
<br /> AFFAIRS O ���"�---
<br /> THIS VA GUARANTEED IAAN AND ASSUMPTION P�LICY RIDER is made this 12th day of ti;�
<br /> February , 1998 ,and is incorporated into and shall be deemed to amend and supplement the
<br /> Mortgage, Deed of Trust a Deed to Secure Debt(herein "Securiry Instrument") dated of even date herewith, •����,��`�.--'�,
<br /> given by the undersigned(harein'Bonower")to secure Borrowcr's Note to ;`,
<br /> Ma�or Mortgage, A Wyoming Corporation :.Y�;},���
<br /> (herein"Lender") .
<br /> , and covering the Property described in the Security Instrument and located at .�., .�T,
<br /> ���,
<br /> 3130 N. North Road,Grand Island,NE 68803 '��:.
<br /> �• "���` -
<br /> (Property Address) .+;i�C,;:
<br /> . VA GUARANTEED LOAN COVENANT: In addition to thc covenants and agreements made in the Securiry �' �'f�'�''
<br /> �, �' `=
<br /> Instrument,Borrowcr and Lender further covenant and agree as folbws;
<br /> If the indebtedness secured hereby be guaranteed or insured under Title 38, United States Code, such Title and ��� <<
<br /> ° � Regulations issued thereunder and in cffci:t uri the datt hcrcof �hatl govem the riohts, d��t�ec and liabilities of . �_
<br /> _ � Bonower and l.ender.My prov'ssions of the Securi Instrurnent or other instruments executed in coiu►ection with [-1 _
<br /> :.�y said indebtedness which are inconsistent with sa�d Title or Regulations, including, but not limited to, the e=.�,�_--
<br /> • `�; provision for payment of any sum in connection with pmpayment of the secured indebtedness and the provision :�,�..-- °
<br /> - ��
<br /> f that the Lender may accekrate payment of the secured indebtedness pursuant to Covenant 17 of the Securtty �
<br /> �f" Instrument, aze hereby arnended or negated to the extent necessary to conform such Instrumeats to said Title or
<br /> �� Regulattons. �4
<br /> �••, LATE CHARGE: At Lender's option, Borrower will pay a "late charge" not exceeding four per centum (4�) of __
<br /> �`� the overdue payment wlien paid more than fifteen(15) days after the due date thereof to cover the extra expense
<br /> ++3 involved in handling delinquent payments,but such "late charge"shall not be payable out of the proceeds of any
<br /> :;; sale made to sa[isfy the indebtedness secured hereby, unless such proceeds are sufficient to discherge the entire _
<br /> �� indebtedness and all propercosts and expenses secured hereby.
<br /> F �,
<br /> �•. GUARANTY:Should the Department of Veterans Affairs fail or refuse to issue its guazanty in full amount within
<br /> � . 60 days from the date thatchis loan would normally becorne eligible for such guaranty committed upon by the �.,,
<br /> ,,. Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefits,' the � ..
<br /> � Mortgagee may declare the indebtedness hereby secured at once due and payable and may foteclose immediately
<br /> e or may exercise any other rights hereunder or take any other proper action as by law provided. �
<br /> TRANSFER OF TI�E PROPERTY:This loan may be declared immediately duc and payable upon transferof the :'�
<br /> a• property securing such loan to any transferee,unless the acceptability of the assumption of the loan is established _
<br />= pursuant to Section 3714 of Chapter 37,Title 38,United States Code. _
<br /> An authorized cransfer("assurnption")of the propcny shall also be subject to additional covenants and agreements _ _
<br />�- as set forth below: " __- —
<br />- (a) ASSTJMP'I'ION FUNDING EEE: A fee equal to one-halt af 1 percent(.50�)of the balance of this loan ;,�'�
<br /> as of the date of transfer of the property shall be payable at the t ime of transfer to the loan holder or its authorized �' =:
<br />= agent,as trustee for the D�partment of Veterans Affairs.If the assumcr faiis to pay this fee at the time of transfer, �_���,__'
<br /> - the fee shall constitute an�dditional debt to that aiready secured by this itistrument, shall bear interest at the rate • *��
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<br /> herein provided,and,at thc c,ption of the payee of the indebtedness hcrcby secured or any transferee thereof,shall ..,. =�^� :
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<br /> VA OUARANTEED LOAN AND ASSUMPTION POUCY RIDER '`'��"'" ' �
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