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SECTION 17 - MORTGAGE
ASSUMPTION
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When
a previously insured mortgage is assumed by a successor in title
to the owner of the fee or leasehold estate named in the original
policy, and none of the terms of the mortgage are being modified
except the assumption of the mortgage by the new owner, the charge
for an endorsement or policy reflecting the assumption shall be
thirty percent (30%) of the loan rate based on the outstanding principal
balance of the loan.
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