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VA ASSUMPTION POI.ICY RIDER ~834536PSL ~
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NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL ~
OF THE VE'TEItANS ADMINISTRATION OR ITS AUTHORIZED AGENT. ~
THlS ASSUMPTION AOLICY RIDER is made this 192I~1 day uf JAI~JARY 90 .
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Derd of Trwt, or Dred to Secure
Deb[ ("Instrument") of t6e same datt herewith, given by the undersigned ("~iortgagor") to secure tht Atortgagor's 4
IVote ("Note") of the same date to '
GUV FINANQAL ~RPORI4TION ,
A EZARIUA ~RP~RATION '
its successors and assigns
("Mortgagee") and covering the property described in the Instrument and located at:
515 N. E. 9CGILIA CIRQ,E, PORT ST. LUQE, FI, 34983
(Property Address)
Notwithstanding anything to the contrary set forth in the Instrument, f~lortgagee and I~fortgagor hereb~~ acknowledges
and agrees to the following:
GUARANTY: Should the Veterans Administration Cail or refuse to issue its guaranty in full amount w~ithin 60 days .
from the date that this loan would normally become eligible for such guaranty committed upon by the Veterans ~
Administration under the provisions of Title 38 of the U.S. Code "Veterans Benefits", the Morcgagee may- declare {
the indebtedness hereby secured at once due and papable and may foreclose immediately or may exercise any other ~
rights hereunder or take any othcr proper action as by law provided. ~
TRANSFER OF THE PROPERTY: !f all or any part of the Property ar any interest in it is sold or transferred, this ~
loan shall be immediateiy due and payable upon transler ("assumption") of the property securing such loan to any 3
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transferee ("assumer"), unless the acceptability of the assumption and transfer of this loan is established by the Veterans ~
Administration or its authorized agen[ pursuant to section 1817A of Chapter 37. Title 38, United States Code. ~
An authorized transfer ("assumption") of the property shall 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 (.SO~i'o) of the unpaid principal balance ~
j of this loan as of the date of transfer of the property shall be payable at the time of transfer to ~he mortgagee or
E its authorized agent, as trustee for the Administrator of Veterans Affairs. If the assumer fails to pa~~ this fee at the ~
time of transfer, the fee shall constitute an additional debe to that already secured by this ins[rument, shall bear interest ~
i at the rate herein provided, and, at the option oC the mortgagee of the indebtedness hereby securrd or any transferee
f thereof, shall be immediately due and payable. This fee is automaticall}~ waived if the assumrr i~ eaempt under the
~ provisions of 38 U.S.C. 1829 (b).
~ (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption and transfer
j of this loan, a processing fet may be chazged by the mortgagee or its authorized agent for determining the creciitw~orthiness
of the assumer and substquently revising the holder's ownership records when an approved transf~r is completed. The ?
amount of [his charge shall not exceed the maximum established by the Veterans Administration for a loan to v?~hirh
~ section 1817A of Chapter 37, Title 38, United States Code applies. `
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; (c) ASSUMPTION 1NDEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to a
~ assume all of the obligations of the veteran under the terms of the instruments crea[ing and securing the loan, including
` the obligation of the veceran to indemnify the Veterans Administration to the extent oi any claim payment arising ;
"s. from the guaranty or insurance of the indebtedness created by this instrument. ~
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~ IN WITNESS WHEREOF. Mortgagor(s) has executed this Assumption Policy Rider. ;
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