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VA ASSUIVIPTIQN POLICY RIDER
NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL
OF THE VETERANS ADMI~IISTRATION OR ITS AUTHORIZED AGENT.
THIS ASSUMPTION POLICY RIDER is made this 30th day of January , 19 90 ,
and is incorporated into and shall be dcemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure
Debt ("Instrument") of the same date herewith, given by the undersigned ("Mortgagor") to secure the Mortgagor's
Note ("Note") of the same date to
FIRST ATLr1NTIC MORTGAGE CORPORATION
its successors and assigns
(";~1ortgagee") and covering the property described in the Instrument aod located at:
4271 S.W. Hagaplan Street, Port St. Lucie, Florida 34953
(Propcrty Address)
Notwithstanding anything to the contrary set forth in the Instrument, Mortgagee and Mortgagor hereby acknowledges
and agrees to the following:
GUARANTY: Should the Veterans Administration fail or ret'use to issue its guaranty in full amount within 60 days
from the date that this loan would normally become eligible for such guaranty cornmitted upon by ihe Veterans
Administration under the provisions of Title 38 of the U.S. Code "Veterans Bene~ts", 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 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
trans~eree ("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 ("assumption") of the property shal[ also be subject to additional cavenants and agreements
; as set forth below:
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i (a) ASSUMPTION FUNDING FEE: A fee equal to one-half of t percent (.50%) 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 the mortgagee or
~ its authorized agent, as trustee for the Administrator of Veterans Affairs. If the assumer fails to pay this fee at the
~ time of transfer, the fee shall 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 LJ.S.C. 1829 (b).
4
~ (b) ASSUMPTION 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 assurrier and subsequently revising the holder's ownership records when an approved transfer is campleted. The
E amount 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, United States Code applies.
(c) ASSUMPTION INDEMNII~Y LIABILITY: If this obligation is assumed, then the assumer hereby agrees to
~ assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan, including
`t the obligation of the veteran to indemnify the Yeterans Administration to the extent of any claim payment arising
~ from the guaranty or insurance of the indebtedness created by this instrument.
~ IN W[TNESS WHEREOF, Mortgagor(s) has executed this Assumption Policy Rider.
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4 (Seal) 4 (Seal)
CHARLES T. WELCH Mortgagor g~g~p L. WELCH Mortgagor
s
- (Seal) (Sea!)
Mortgagor Morigagor
rJ26 aac•7~ YMV MOATGAGE FORMS • i313~293 81p0 • i.800„71 7291 1~ 2 310 G
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