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�0120�97� LAT'E CHARCiE: At Lender's option, Borrower will pay a"late charge" not exceecling four per centum (4°io) of the overdue payment when paid more than fif"teen ( I S) days aiter the due date thereof to cover the extra expense involved in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness securul hereby, unless such procec�ls are sufficient to discharge the entire indebtedness and al] proper costs and expenses securecl hereby. GUARANI'Y: Shauld the Department of Veterans Affairs fail or refuse to isstte its guaranty in full amount within 60 days from the date that this loan would nornially become e(igible t��r such guarant,y committr:d uhon by the Deparhnent c�f Veterans Affairs under thc provisions of Titic 38 of the LJ.S. Code "Veterans IIeneftts," the Mortgagee may declare the indebtedness hereby secured at once due. ancl payabtr. and may fare.close immediatelyor may exercise any othe.r rights hereunder or take any othcr proper actic�n as by taw� provided. T1tANSFER C}F THE PROPERTY: This loau tnay be declare�l imniediately due and payable upou trausfer of the property securing such loan to aiiy transferee, w�less the acceptability of the asswnption of the loan is established pursuant to Section 3714 of Chapter 37, Title 38, iJnited Siates Code. An authorized transfer ("as,umption"1 of the property shall also be subject to additional covenants and agrccmcnts as sct forth bclow: (a) ASS[JMPTIQN FiJNDING PF,E: A fee equal to one-half'of one pzrcent { 0.5 °,;,} �f the balance of this loan as of the date of transfer of the property shal I be payable at the time of transfer to the loan hoider or its authorized agent, �s tntstee for the Department of Veterans Affairs. lf the assumer fails to pay this fee at the time of kransfer, the fee shall constitirte an additiona] debt to that already secured by this insmunent, shall bear interest at the rate herein provided, and, at the aption of the payee of the indebtedness hereby secured or any transferee thereof, shall be immediately due and payable_ This fee is automatically waived if the assumer is e�cempt under the provisions of 38 tl.S.C. 3729 (c). (b) ASStIMI'TION PROCESSINU C.FIARGI:: Upon application far appr�val to allow assumption of this loan, a processing fee inay be charged by the loan holder or its aut.horired agent for detennining the creclitworthiness of the assnmer and subsequently revising the halder's ou��nership records when an approved tra.nsfer is compieted. The amount of this charge shall not e�,ceeci thc maxinmm established by lhe Department of Veleram Affairti feir a le�dn tti which �eclicm 3714 of ChaplcT 37, Tille :iR, TJnited Sl3leti Code applies. {c) ASSLJMP't'ION INDEMNITY LIABILITY: Ii'this obligation is assumed, tl�en tl�c assurner hereby agrees ta assume a11 of the obligations of the veteran und�,�r the tc�c•ms of rhe instrumcnts creating and securing the loan. "I'he assumer fitrthcr agrecs ta indcmnify the Departmcnt of Veterans Aflairs to Yhe cxtcnt of any clai�n paynl��nt arising from thc guaranty or insurancc ai' thc indcbtcdncss crcatcd by this iastniment. initials: �-538R (0310) Page 2 of 3 � / �±�