HomeMy WebLinkAbout1570 a
VA ASSUMPTION POLICY RIDER `
~
~
. ~
NOTICE. THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL ~
OF THE VETERA~IS ADMINISTRATION OR ITS AUTHORIZED AGENT. ~
~
TN1S ASSU~IPTION POI.ICY RIDER is made this 26TH day of JANUARY , 19 90 ,
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ~f Trust, or Deed to Secure
Debt ("Instrument") ot the same date herr~vith, gi~~en b~• the undersigned ("Mortgagor") to secure the 1~lortgagor's
Note ("Note") of the same date to
RESIDENTIAL MORTGAGE SERVICES, INC.
its successors and assigns
(";~tortgagee") and co~ering the property described in the Instrument and located at:
'181 N.W. HEATHER STREET, PORT ST. LUCIE, FLORIDA 34983 ~
(Pro~rt~~ Address) }
Notw~ithstanding anything to the contrary set forth in the lnstrument, 1-tortgagee and Mortgagor hereby acknowledges
and agrees to the following:
GUARANTY: Should the Veterans Administration fail or refuse to issue its guaranty in full amount within 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 Benetits", the A9ortgagee 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 pro~~ided.
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
transferee ("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 (817A of Chapter 37, Title 38, United States Cude.
An authorized transfer ("assumption"} of the property~ shall also be subject to additional covenants and agreements
as set forth be(ow: g
(a) ASSU!~1PTION FUNDING FEE: A fee equal to one-half of 1 percent (.50~''0) of the unpaid principal balance ~
of this loan 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 o? Veterans Affairs. If thc assumer fails to pay this fee at the
, time of transfer, the fee shail constitute an additional debt to that already 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 automatically waived if the assumer is exempt under the
pro~~isions of 38 U.S.C. 1829 (b). ~
(b) ASSUh1PTION PROCESSING CHARGE: Upon application for approval to aliow assumption and transfer y
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 holder's ownership records when an approved transfer is completed. The -
am~u~t of this charge shall not exceed the maximum established by the Veterans Administration for a loan to which ~
section 1817A of Chapter 37, Title 38, Uni[ed States Code applies.
4 (c) ASSUh-fPTION INDEMNITY L[ABILITY: If th~s abligation is assumed, then the assumer hereby agrees to ~
! assume a!1 of the obligations of the veteran under the terms of the instruments creating and securing the loan, including ~
the obligatiun of the veteran to indemnify the Veterans Administration to the extent of any claim payment arising ~
from the guaranty or insurance of the indebtedness created by this instrument.
!N ~~'ITNESS WHEREOF, hlortgagor(s) has executed this Assumption Policy Rider. ~
~ ~
~ ~ l ~ - ~ ` , - ~
~L,~C-L , ic-cz~~-~-u-z, (Seai) ~ ~ ~ r- c > (Seal)
i NICHOLAS MALAR IS Mortgagor YIRGT,~ IA MALAXONIS Mortgagor ~
~
_ (Seal) (Seal}
;~tortgagor h4ortgagor
~J26 ~P.~03 VMG MORTGAGE FOR~15 • ~3t3;293 8100 • t800i521 7291 i
~90 JAN 31 A 9 :11 ~ '
VA N0: 814133 102z~ 3,~
F1Lf ' ,h ~
~ ~O,
J~.;`''` C' ~ ~h
. S1. : t;~; - ~ ~ 1N' . .
~
e
eooK675 PAGE1570
,
~
~
f ~a-.
r~ 5 ~'s1' :sSG•~!' :kP 2t4 - -