HomeMy WebLinkAbout0965 V~ ASSUMPTION POLICY RIDER
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hOTI~CE: THIS LOAN IS NOT ASSUMABLE W~THOUT THE APPROVAL ~
OF THE VETERANS ADMINISTRATION OR ITS AUTHORIZED AGF~1T. ~
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l HIS :~SSI'~if'TION POI.I('1' RIUER i~ :na~1r thi, ~ :la~ ~~f Au~r,ust , ly HK ,
an~! is inror~~rateJ intu and ~hall be drerned to amrnd and ~upplement the !~lurtgage. t)rrd of "Crust, ur Uecd tc~ Srrure
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ihbt ("Instrument") of ti~e same d~tr herr~itl~, givrn by the under~i~nrd ("~fortgage~r") io srriirc the ~lortg.agor's
tiuie 1"Nutr") of the tiame eiate to ~
CnN~'RESS ~iox~rc,A~.E t:~~RI'c~R:1TI!~N, ItiC, (~F F'AI.~! HF.~\CN Cr~l'tiT`i
it1 tiuc~e~wrs and ~,~ig:?s
1"~1~~rt~,agre") and ~o~ering the rm4~rrt~ Jcs~ribed in the Instrumcnt anJ lc~.•ated at:
S:: ("nc~?s<~a "I'c•rra~~•, P~rt St. I.ucie, Fl~ri~la 3;~1K'+
~f'r~,~~crt~ :Wdrc.,~
Nc~t~~ith,tan~iing anything to thr:~~ntrar~ ~et lurth in the Instrument. \tortgagre an~f ~lortgagor hereb~ aiknuwi~elgr~
and agrecs to the folbwing:
GI.~ARANTti': Should the ~'eter.tns ~ldministratiun fail or rrfu.e tu issue its guaranty in full amount N~thin da}~s
frum the aate that this luan ~~ould nurmally~ be~omc eligible fc~r wrh guaranty rommittcd upon by the Veterans
A~Jmini~trati~n undcr the nr~~ici~~nc ~f Ti~l~- 2R nf eh~~ I1 4 f'.,,i~ ~~v~,,.~•..,4 u`~,E.,,•, ~s~~..,,,a..~
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the indebtcdne.s herch} se~ured at on~e dur and ~a~•able and ma~~ fore~lu~e immediately~ r.r ma~~ rver~isc an~ other
richts hereunder or take any other proper action as b~~ law pro~ided.
TR:'~tiSFE:R OF THF PROPERTy': If alf or an} ~art of the Property or an~~ intcre,t in it is ~otd or tran~ferred, this
I~~an sha{1 be immr~iiatcl~ ~iue and pa~~able upon tramfrr ("assumpuon") of the pmperty ,e.uring ~uch luan to anp
transferee ("a~~~mer"), unles~ the acrep~abi~it}~ of the assumption and transfer of this loan i, c~tablished b}~ the ~'eteran~
Administration or its authoriied ag:nt pursuant to ~ection 1817A of Chaptrr 37, "Title 38, t`nitrd Statec C'ode.
:~n authori~.ed tran~l'er ~"a,;umption") of thr prupcrty shall alsa br ~ubjert to additional co~enants and agrrements
ati .ct forth below:
1~) ASSU_~1F'11ON`FUNDING Ff=E:_ A fee eyual to one-half uf f G~er~ent 1.5~°•b) of the unpaid principal balance
of ~tiis loan as of thr ciate of transfer of the propc:rt~~ Shall be payable at the time of transfer to the mortgagee or
itti autharired agent, as trustee for the ;ldministrator of Yeterans Affair~. (f the assumer fails to pay~ this fee at the
nme uf tran~fer, the fee shall constitutr an additional debt to that already~ secured b~• this instrumrnt, shall bear interest
at thr rate herein pro~i~led. anci, at the option of thc mortgagec of the in~iebtedness hereby ~ccured or any~ transferee
thereoi~, tihall t~e imnzediatef} clue and pa~able. This fee is autamaticall~ +~ai~cd if the a~~umer is erempt under tl~e
~ru~ i~iun~ vf 38 U.S.C. 1829 (b!.
~ (h1 ~~S5U~1_PTION f'Rn~'ESSENC~_C'HAR(;F.; Upon applicatiun ft~s appro~al to allow a~sunzpt~un and :ran~fer
' uf th~s loan, a prckessing fee ma~~ he ~hargecf b}~ the mortgagee or its authorired agent for determining the rreciitKorthines~ ~
~ c~f the a,tiumer and tiub~eyurntl}~ re~i,ing the hotder's ownenhip re~orcis ~hen an appro~ed trantifer is completed. Th:
; amr.unt uf this rt;arge ~hall not erceed the ma~irnum e~tabGtihed by the ~`etcrans Admi~ii~tration fc~r a luan to Hhi~h ~
,c~tion I81'A of Chaptrr 37, Title 3R, United States Cocie applies. ~
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k f~) .•1SSUti1PTlON INDE~1tiIT~' l,l_!~BILIT~Y: If this ohligatior, a~sumed, then the a~sumcr hereb~ agrees to
~ a"ume all o( the ot~ligations of the .~eteran under the terms ai the instrumrnt~ rreating a~d ~ecuring the loan, including ~
~ thc obligatien of the ~etcran to indcmnif~~ thc Veteran5 Administration to thc ertcnt e~i :~m rlairn pa~~ment arising ~
trum tt~e guarant~ or insuran~e ~~f the inclebtrdnetis crratcd by this inurument. ~
F I~ ~tlTtiE=_~S N'HE=Rf~OF. ~tortgagortsl h~, r~e~uteei thi~ A~,umptiun Poli~~ Ri:ier.
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