201201995 - Laserfiche WebLink

Browse

� ��1��199:� iATE CHARGE: At Lender's option, 8orrower vuil� pay a"late charge" not excee�ing faur per centum (4°k} of ihe overdue payment when pa9d more than flfteen (3 6f days afCer t�e due da#e #hereof to cover the exrra expense involved in hancfling deiir�qusnt payments, but such "late charge" shal! not be payabla out of the proceeds of any sale made to satis#y the indabtedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness anc! e1t proper costs and expenses secured hereby. GtJARANTY: Shoufd the Department ofi Veterans Affairs fail or ra#�se to issue its gt�aranty in fu{J amount within 60 days from the date that this loan wou�d normatly become eiigibfe fior such guaranty eommitted upon hy the Departmant of Veterans Affairs under the provisions of Title 38 of the 11.S. Code "Vetarans Bene#its," the Mortgagee may declare the indebtedness hereby secured at once due and payable ar�d may for�ciose lmmediately or rrzay exercise any other �ig}�ts hereunder ar take any other proper action as by law provided. TRAIVSFER OF 'fHE PROFERTY: This loan may be declared imm�diately +iue ancf payable upon transfer of the praperty securing such loan to any transferae, unless the acceptabif'►ty of the assumption af the loan is established pursuant to Section 37'f 4 of Chapter 37� Title 38, United Staies Code. An authorized #ransfer �"assumption"} of the praperty shall also be subjec# tv additiona! covenants and agresn as set forth ba�ow: (a} ASSUMPTfO�V FtlNDI�lG FEE: A fee equal to ona-hal�' of 1 percent ( o. 50 °k) flf the balance of this taan as of the date of transfer ofi the property shalE be payable at the time of transter to the toan holder or its authorized agent, as #rustes for the Department of Veterans Affairs. If the assumer fails tn pay this fee af the time ofi transfer, the fee shal! constituta an edditiunal debt ta that afready securgd �y this instrument, shafl bear interest at the rate herein provided, ar�d, at the option of the payee of the indebtedness hereby securer! ar any transferee thereof, sf�atl be irr�mediateiy due and payabie. TF�is fee is autamatica(ly waived if the assumer is exempt under ihe provisions of 38 U.S.C. 3729 tc). {b} ASSUMPTiON F'ROCESS]NG CHARGE; Upan appJication for approval to aljaw assumption of this loan, a processing fee may be charged by the ioan holder or its authorized agent far determining the creditwarthiness of the assumer and subseq+uently revising ihe holder's ownership records when an approved trans#er is campleted. The amaurtt of this charge sha}I nat exceed t�e rr�aximum established by the Uepartment of Veterans Affairs for a laan ta which Seotion 3714 af Chapter 37, T(tle 38, United States Code appfies. (c} ASSUMPTtON INDENENlTY LIAB1l.ITY: ff ihis obligation is ass�med, then the assumer hersby agrees to assume aEl of the obligations of �ttte veteran under the terms of the instruments creating anci securing the loen. The assumer further agrees to indemnify the Departrrtar�t af Vaterans Affairs to the extent of any cla�m payrr�ent arising from tha guara�Ey or insurance of the indebtedness created by this instrument. lnitia • � VMP�-538R (0405?.07 Page 2 of 3