HomeMy WebLinkAbout0016 VA ASSUMPTION POLICY RYDER
NOTICE: THIS LOAN IS NOT ~SSUMABL~ WITHOUT THE APPRO~AL
OF THE VETERANS ADMINISTRATION OR ITS AUTH4RIZED AGENT.
THIS ASSU~IPTION POI_tCY KiDER is made this 19T1i ~ay' JANllARY ~ 19 90 ~
and is incorporated into and shall be deemed to amend and supplement the f~9ortgage, Deed of Trust, or Deed to Secure
I~ebt ("Instrument") of the same date here~vith, given by~ the undersigned ("Mortgagor") to secure thc hlortgapor's
Note ("Note") of the same date to
A~IERIFIRST MORTGAGE CORPORATION
its successors and assigns
("Rtortgagee") and rovering the property~ described in the Instrument and iocated at:
1313 S.t~'. HUNNICUT AVENUE, PORT ST. LUCIE, FLORIDA 34953
(Propert~ Address)
Notwithstanding anything to the rontrary set forth in the Instrument, i~lortgagee and Mortgagor hereby acknowledges
and agrees to the follaw~ing:
GUARANTY: Should the Veterans Administration fail or refuse to issue its guaranty in full amount within 60 days
from the date that this loan v?~ould normally beceme eligible for such guaranty committed upon by the Veterans
Administration under the provisions of Title 38 of the U.S. Code "Veterans Benefits", the Martgagee may declare
the indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any other
rights hereunder or take any other proper action as by law provided.
TRANSFER OF' THE PROPERTY: If all or any part of the Property or any interest in it is sold or transferred, this
loan shall be immediately due and payable upon transfer ("assumption") of the property securing such loan to any
tsansferee ("assumer"), unless the acceptability of the assumption and transfer of this loan is established by the Veterans
Administration or its authorized agent pursuant to section 1817A of Chapter 37, Title 38, United States Code.
An authorized transfer ("assumpcion") of the property shalf also be subject to additional covenants and agreements
as set forth below:
(a) ASSUMPTION FUNDING FEE: A fee equal to one-half of 1 percent (.54%a) of the unpaid principal balance
of this toan as of the date of transfer of the property shall be payable at the time of transfer to the mortgagee or
' its authorized agent, as trustee for the Administrator of Veterans Aft'airs. If the assumer fails to pay this fee at the
~ time of transfer, the fee shall constitute an additional debt to that atready secured by this instrument, shall bear interest
~ at the rate herein provided, and, at the option of the mortgagee of the indebtedness hereby secured or any transferee
! thereof, shall be immediately due and payable. This fee is automaticaliy waived if the assumer is exempt under the
s provisions of 38 U.S.C. 1829 (b).
~
; (b) ASSUMPTIOIv PROCESSING CHARGE: Upon application for approval to allow assumption and transfer
of this loan, a processing fee may be charged by the mortgagee or its authorized agent for determining the creditworthiness
" of the assumer and subsequently revising the ho{der's ownership records when an approved transfer is completed. The
amount of this charge shali not exceed the maximum established by the Veterans Administration for a loan to which
~ section 1817A of Chapter 37, Title 38, United States Code applies.
(c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, [hen the assumer hereby agrees to
~r assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan, including
; the obligation of the veteran to indemnify the Veterans Administration to the extent of any ctaim payment arising
from the guaranty or insurance of the indebtedness created by this instrument.
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