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201201254 LATE CHARGE: At Lender's option, Borrower will pay a '7ate charge" not exceeding fow per centwn (4%) of the overdue payment when paid more than fifteen (I S) days aftcr the due date thereof to cover t6e extra expense involved in handling delinquent payments,but suc6 "late charge" shall not 6e payable out of the proceeds of any sale made to satisfy the indebtedneas secuted hereby, unless such proceede are sufficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fai]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 t6e Department of Veterans Affairs under the provisions of Tide 38 of the U.5. Code "Veterans Benefits," the Mortgagee may declare the indebtedness hereby securad at unce due and payableand may foreclose immediately or may exercise any ot6er rig6ts hereunder ot take any other proper action as by law provided. TRANSFER OF THE PROPERI']': Thia loan may be declared immediataly due and payable upon transfer of the prnperty securing such loan to any transferee, unlesa the accepta6ility of the assumption of the loan is establisLed pursuant to Section 3714 of Chapter 37,Title 38,United States Code. An authorized ttansfer ("assumption") of the property sball also be subject to additional covenants and agreements as set forth below: (a)ASSUMPI'ION FCTNDING FEE: A fee eqiull to one-half of onepercent ( 0.5 %) of the balance of this loan aa of the date of transfer of the property shall be payable at the time of transfer to the loan 6older or its authorized agent, as trustee For the Deparhnent of Veterans Affairs If the asswner fails tu pay t6is fee at the time of transfer, the fee shall constitute an additional debt to that already secured by this instrument, shall bear interest at We rate herein provided, and, at the option of tLe payee oF the indebtedness hereby aeaured or any tiansferee thereof, shall 6e 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) ASSUMP"CION PROCESSING CHARGE: Upon application for approval to allow assumption of this loan; a processing fee may be chazged by tUe loan holder or its authorized agent for determining the creditwortkiness of the assumer and subsequenily revising tLe holder's ownership records when an approved transfer ia completed. The amount of this charge shall not exceed the maximum establisLed by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United States Code applies. (c) ASSUMPTION INDEMNIII' LIABILITY: If this obligation is assumed, then t6e assumer heteby agreea to assume all of the obligations of the veteran under tLe terms of the instruments creating and securing the loan. The assumer fiuther agrees to indemnify the Department of Veteraus Affaire to the extent of any claim payment arising &om the guaranty or insurance of the indebtedness createcfi by this instnunent � � . Initials:� .` � ' ` .. . � �-538R (0310) � � �Page 2 of 3 . � �