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201401367 LATE CHARGE: At Lender`s option, Borrower wiEl pay a "late charge'" not exceeding four per centum (4%) of the overdue payment when �aid more than fifteen (15) days after the due date t�ereof to caver the extra expense inwol�red in handling delinquen� payments, but such "late charge" shall not be payable out of the prviceeds of any sale made tfl satisfy the indebtedness secured hereby, unEess such proceeds are suf�cient to discharge the eretire indebtedness and all proper casts and expenses secured hereby. Gl1ARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount within 60 days frotn the date that this loan wauld narmafly become eligibfe for such guaranty committed upon by the Department of Veterans Affairs under the provisions of Title 38 of the L1.S. Code "Veterans Benefits," the Mortgage� may declare the indebtecfness hereby secured at ance due and payable and may foredose immediately or may exercise any other rights hereunder or take any other proper aetion as by law pra�ided. TRANSFER OF THE PROPERTY: This loan may be declared immediately due and payable upon transfer of the property securing such loan to any transferee, unless the acceptability of the assurnption of the loan is established pursuant ta 5ection 3714 of Chapter 37, Title 38, United States Code. An author�zed transfer {"assumption") of the property shall also be subject to additiona[ cpvenants and agreements as set farth below: (a� ASSUMPTION FUNaING FEE: A fee equal to onie-halfpercenit { .50 %) af the b�lance af this loan as of the date of Cransfer nf the property shall be payable at the tirne of transfer to the loan holder or its authorized agent, as trustee for the D�partment of Veterans Affairs. If th� ass�mer fails to pay this fee at the tirr�e of transfer, the f.ee shall constitute an additional debt to that already secured by this instrument, shall bear interes#. at the rate herein provided, and, at the option of the payee of the indebtedness hereby secured or any transferee thereof, shall be irnmediateiy d�se and payable. This fee is automatically waived if the as5umer is exempt under the provisians of 3$ U.S.C. 3729 (c}. (b} ASSUMPTION PROCESSING CHARGE: llpon application for approva! to allow assumption of this Ipan, a processing fee may be charged by the loan holder or its authorized agent for determining the crecfitwarthiness of the assumer and subsequently revising th� holtler's awnership records when an appro�ed tr�nsfer is compfeted. T�e amo�nt of this charge shall not exceed the maximum established by the Department of Veterans Af�airs for a toan to which 5ection 3714 of Chapter 37, Title 38, Llnited 5tates Code applies. (c) ASSUMPTION fNDEMNITY �IABILITY: If this obligation is assumed, then the assurr�er hereby agrees to ass�rne all of the abligations of �he veteran under the ter�ns of the instrt�ments creating and securing the loan. The assumer further agrees to indemnify the Department of Veterans Affairs to the extent af any claim payment arising frorn the guaranty or insurance of the indebtedness created by �his instrurr�ent. (3(f1123873783 Initials:�� VMP W�i38R(0405).01 Page 2 of 3 CiHbank 3.2.7911 V4