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2� 1 ��2��5 LATE �HAR�E; At Lend�r's opti�n, Borrower will pay a "late charge" na� exceeding four �er centum �4°I�} of the ove�due �a�ment when paid more t�an fif#een ��5} d�ys after the due �a�e thereof to cover the extra expense invalved in handiing delinquent payments, but such "late char�e" sh�ll not be pay�h�e ou� of tne proceeds of any sale made tv satisfy the ind�btedness secure� h�reby, un�ess such proceeds a�e suff��ient to discharge the entire �ndebte�ness and al� proper costs and ex�enses secured hereby. �UARAfVTY: Shauld the Department vf Veterans Affairs fail or refuse to issue �ts guaranty in full amount within �Q days from the da�e that this loan would norma�ly became eligib�e for such guaranty committed upon by the Department of Veteran� Affairs under the provisions of Tit�e 3$ vf the U.S. �ode "Veterans �enefits," the Mortgagee may declare the indebtedness hereby secured at once due and payable and rnay fareclose irnmediately or may exercise �ny other rights hereunder or��ke any other pro�er action as by �avv pr�vided. TR�4NSFER�F THE PR�PERTY:This loan may be deciared immediately �ue and payable upon transfer of the property securing such loan to any transferee, unless the acceptability of the assumptior� of the l�an is established �ursuant to Sec�ion 37�4 of �ha�ter 37, Title 38, L�nit�d S#ates CQd�, An autho�ized tr�nsfer �"assumptivn"} of �he pro�erty shall also be subject to additional covenants and agre�ments as set f��th b�iow: ��ASSUMPT'IqN �Ui�D�h��FEE r�t fee e�u�l to � �.5D�Io}of the balance of this ic�an as of the date of transfer�f the property sh�� be payable at the time of �ran�fer to the inan holder �r its authorized agent, as trustee for fhe Departmenf of Ve�erans Affa�rs. If the assumer fai�s to pa� th�s fee at the �ime of transfer, the fee sha�� constitu�e an additianal deb# t� that aiready secured by this �nstrument, sh�il bear interes# at the rate herein provided, and, at the option of the payee �f the ICI��b�@�C1B55 hereby secured or any transferee therenf, shal! be imm�di�teiy due and �ayabie. This fee is autorn�tically waived if the assum�r is exempt under the pro�isions of �8 U.S.�. 3�29 �c}. �b} ASSUMPTI�N PR��ESSlN� CHARCE Upon appl�cation fflr ap�ro�al to all�w assumption of this loan, a prvicessing fee may be charged by the Ioan holder or its autharized agent for �etermining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an �pproved transfer is cnmpleted. The amount of #h�s ch�rge shall nat exceed the maximurn estabiished by the Department of Veterans Affairs for a I�an ta�hic� 5ection ��4 of�ha�ter 37, Title 38, Ur��ted �tates Code a�plies. �c} ASSUMPTf�]N INDEMNITY L�ABILITY: If this �bligation is assumed, then the assumer hereby agrees to assume all Qf the obt�gations of the v�teran under the terrns af the instruments creating and securing the laan. The assumer further agrees to i��emnify the Department af Ve�erans Affairs ta the extent af any claim payment a��sing fr�m the guaranty or �nsurance af the indebte�ness created by�his instrument. . q�3353643283 Q125 3G9 ��03 � Initials: � VMP°-538R ��4�5}.�1 Page � of 3