HomeMy WebLinkAbout1882 ~A ASSUMPTION POLICY RIDER
NOTICE: THIS LOAN IS ~10T ASSUMABLE WITHOUT THE APPROVAL OF
THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT.
THIS :1SSU\1PTION POLtCl' RIDER is made this 26th January ~~y 9U •
and is incorporated into and shall be deemed to amend and supplement the ~lortgage, Deed oi Trust, or Deed to Se.ure
Debt ("Instrument") of the same date here~~ith, giren b~~ the undersigned ("1lortgagor") to secure the ~tortgagor's
No~e ("Note") of the same date to
RESOURCE AMERICA MORTGAGE, INC. its surcessor, and as;igns
~"~tortgagee") and co~~ering the propert~~ described in the Instrument and lo~ated at:
329 N.E. FLORESTA DRIVE
~ Port St. Lucie, Florida 34983
lPro~xrt~ Addrr,s?
Not«~ithstanding an~•thing to the contrar~~ set forth in the Instrument, tilortgagee and l~tortgagor hereb~~ ackno~~lydges
and agrees to the follo~ti•ing:
GUARANTI': Should the Department of Veterans Affairs fail or refuse to issue its guaranty in i~ull amount within
60 day~s from the dare tfiat this loan would normally become eligible for such guaranty committed upon by the Department
of Veterans Affairs under the provisions of Titte 38 of the U_S. Code "Veterans Benefits", the Mortgagee 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 IaH~ pro~~ided.
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' TRANSFER OF THE PROPERTY: if all or an~~ part of the Property or an}~ interest in it is sold or transferred, this
loan shall be immediately due and payabie upon transfer ("assumption") of the property securing such loan to an~~
transferee ("assumer"), unless the acceptabilit~~ of the assumption and transfer of this loan is established b}~ the
Department of Veterans Affairs or its authorized ag~nt pursuant to section 1817A of Chapter 37, Title 38, United
States Code.
An authorized transfer ("assumption") of the property shal! also be sub~ect to additional covenants and agreements
as set forth below~:
~ (a) ASSUI~IPTION FUtiDING FEE: rt fee equal to one-half of i percent (.50%) of the unpaid principal balance
i 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 Secretary of Veterans Affairs. If the assumer fails ro pay this fee at the time
i of transfer, the fee shail constitute an additional debt to that already secured by this instrument, shall bear interest
f at the rate herein pro~~ided, and, at the option of the mortgagee of the indebtedness hereby secured or an~~ transferee
~ thereof, shall be immediatel~~ due and pa}•able. This fee is automatically wai~~ed if the assumer is exempt under the
~ prorisions of 38 U.S.C. 1829 (b).
' (b) ASSUMPTION PROCESSING CHARGE: Upon application for appro~~al to allo~~~ assumption and transfer
of this loan, a~rocessing fee may be charged by the mortgagee or its authorized agent for determining the credit~~~orthiness
~ of'the assumer and subsequently revising the holder's o~~~nership records H~hen an appro~~ed transfer is completed. The
g amount of this charge shall not exceed the maximum established by the Department of ~eterans Affairs for a loan
~ to which section 1817A of Chapter 37, Title 38, United States Code applies.
~ (c) ASSUMPTION INDEMNITY LIABILITY: If this obGgation is assumed, then the assumer hereby aerees to
~ assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan, in:,luding
; the obligation of the veteran to indemnify the Department of Veterans Affairs to the extent of any claim payment
~ arising from the g~aranty or insurance of the indebtedness created by this instrument.
~ IN ~~'ITNESS WHEREOF, 1lortgagor(s) has executed this Assumption Policy Rider.
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