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201200337 LATE CHARGE: At Lender's option, Borrower will pay a "late charge" not exceeding four per centum (4%) of the overdue payment when paid more than fiftcen (15) days after the due date thereof to cover the extra expense involved in handling delinquent paymenis, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the inde6tedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs 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 Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans 6enefits," the Mortgagee may dedare the inde6tedness hereby secured at once due and payable and may foredose immediately or may exercise any other rights hereunder or take any other proper action as by law providcd. TRANSFER OF THE PROPERTY: This ioan may be declared immediately due and payable upon transfer of the property securing such loan to any transferee, unless the acceptability of the assumption of the loan is established pursuant to Section 3714 of Chapter 37, Title 38, United States Code. An� authorized transfer ("assumption") of the property shall also be subject to additional covenants and agreements as set forth below: (a) ASSUMPTION FUN�ING FEE: A fee equal to one-half percent ( .50 %) of the balance of this loan as of the date of transfer of thc property shall be payable at the time of transfer to the loan holder or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee ai the time of transfer, the fee shall constitute an additional debt to that already secured by this insirumeni, shall bear interest at the rate herein provided, and, at the option of the payee of the indehtedness heredy secured or any transferee thereof, shall be immediately due and payable. This fee is automatically waived if the assumer is exempl under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption of this loan, a processing fee may be charged by thc loan holder or its authorized � agent for determining the creditworthiness of the assumer and subsequently revising thc holder's ownership records when an approved transfer is completed. The amount of this charge shall not exceed the maximum established by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United States Code applies. (c) ASSUMPTION INDEMNITY LiABILITY: If this obligation is assumed, then the assumcr , hereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan. The assumer further agrees to indemnify the Departmeni of Veterans Affairs to the extent of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. 001122820409 � Initials��1.�'� VMP"'-538R(0405).01 Page 2 of 3 Ciiibnnk 3.L.53.12 V3