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2 Q�200912• LATE CFIARGE: At Lender's option, Borrower will pa�+ a"late chazge" not exceeding four per centum (4°fo) of the overdue payment when paid more thau fifteen (15) days after the due date thereof to cover the extra expense involved in haudling delinquent payments, but snch "late charge" shall not be payable out o£ the pzoceeds o£ any sale made to sarisfy the indebt�dness securcd hereby, uuless suoh proceeds aze sufficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. GUARANI"Y: Should the Department of Veterans Affairs £ail or refuse to issue its guaranty iu full arnount witliin 60 days from the date that this loan wouId aormally becnm� etigible £or such guaxanty committed upon by the Depariment of Veterans Af£airs uuder the provisions of Title 38 of tbie U.S. Code "Veterans Ben�fits," the Mortgagee may declare fhe ind�btedness hereby seaured at once due and payable and may foreclose immediately or may exercise any other rights hereeinder or take any other proper action as by law provided. TRANSF'ER OF THE PROPERTY: Tliis loan may be declared immediately due and payable upon transfer of the praper�y securing such loan to any transferee, twless the acceptability of the assumption of the Ioan is establislaed pursuant to Secrian 3714 of Chapter 37, Title 38, United States Code. An authorized transfer ("assumption°) of the praperiy shall alsa be subject to additional coveaants and agreements as seY farth below: (a) ASSUMPTION FUNDING FEE: A fee equal to on�-half of 1 percent (.50°/a) of the balance of tkus loan as of the date of ftansfer of the property shall be payable at the time of transfer to the lnan holder or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer fai3s to pay this fee at the time of transfer, the fee shall constitute an additional debt to that already se�ured by this instnunent, shall bear interest at the rate hetein provided, and, at fhe option of the paqee of the indebtedness hexeby secured or any transferee thereof, shall be immediately due and payable. This fee is automatically waived if the assumer is exempt 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 the loan hotder or its authorized agent for determining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amount of this charge sliall not exceed the maximum established by the Departm�n.t of Veterans A�ffa.irs for a loan to which Section 3714 of Chapter 37, Title 38, United States Code applies. {c} ASSUMPTION INDEMNITY LTABTLTTY: If this obligation is assumed, then ihe assumer hereby agr� to assume all of the obligations of the veteran under the ternis of the ins(xuments creating and securing the loan. The assumer fvrther agrees to indemnify the Degartment of Veterans Affairs to the extent of any claim payment arising from the guarauty or insurance af the indebtedness created by this instru.ment. �� lnitials: %�� �-538R (9904).Q1 Page 2 of 3