HomeMy WebLinkAbout2985 ASSUMPTION/TRANSFER ~F PROPERTY RIDER
TO DEED OF TRUST/MORTGAGE
Thla AssumpUayTransfer ot Property Rider ia made this 26th day of .lanuary 1990 end
amends the provisfons of the Deed oi Trust/MatgaQe, (the 'Security InsUumersY), of the same date, by and between
JERALD J. DRABEK AND LESSIE A. DRABEK
the Trustors/Mort9agws,
NATIONAL FlRST MORTGAGE CORP. OF PENNSYLVANIA
tha Bene~CCiarylMortgagee, as toNows:
ADDc THE FOLLOWING PROVISIONS:
1. AccCeleratlon. This loen ia irrXmedetey due and payabla upon transter ot the property securing such
ban to any Uansieree, unless the aa~ptaWity o4 the assumption of tt~a ban is estabished pursuant to section 1917A
oi chapter 37, titie 38, Un~ed States Code.
~ 2. Funding Fee. A fee equal to on~haM oi 1 percent oi the balance of this ban as of the date oi trans(er
of the property shal be payable at the time of Uansfer to the ban hoEder or fts author¢ed agent, as trustee tor the
Adrninistrator of Veterans Af(airs. N the assumer fa~s to pay this fee at the time ot transfer, the tee shal constftute
an add~tionai debt to that ekeaciy secured by thfa instrument, sha! bear hterest ac the rate nerein provided, and, at
j the option of the payee of the indebtedness hereby secured or any transteree thereof, shap be irm~ediate0y due
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~ and peyabfe. This tee is automaticaly waIved if the assumer ~ exempt under the provisions of U.S.C. 1828(b).
~ 3. ProCessing Charge. Upon eppication tor epprovel to alE~ow ass?lmption ot this ban, a processing tee may be
~ charged by the ban hokler or Rs authorizea agent for detertmin~ the aeditMrorthiness ot the assumer and
~ subsequently revising the holder's owmership records when an approved transter is completed, The amount of this charge
~ shaM not exceed the maxirtwm estabGshed by the Veterans Adr?~inistratbn for a ban to which section 1817A of chapter 37,
~ tiUe 38. United States Code appies.
~ 4. IndAmnffiCation. ff this ob~igation is assumed, then the assumer hereby agrees to assume aN ot
~ the obligations of the veteran under the tertns of the instruments aaeting and securing the ban, indudng the ob~igation
~ oi the veteran to indermily the Veterans Administration to the extent oi any Gaim payment arising from the guarany or
j insurance of the indebtednesa cxeeted by ihis hstrument.
M
IN WfTNESS WHEREOF, Trustor/Mortgagor has executed lhis Assumption/T~nsfer ot Property Rider.
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