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2� 1 ��23� 1 <br /> LATE �HAR�E: At Lender's option, Borrower wil� pay a "late charge" not e�cceeding four per <br /> �entum �4°la� of the over�ue payrr�ent when �a�� more than �fteen �15} �ays afte� the �c�e <br /> �ate thereof ta co�er the extra expense in�olved in handling delinquent paymen#s, but such <br /> "late charge" shall not be pa�able �ut of the proceeds �f any sale made to satisfy the <br /> �ndebtedness secur�d hereb}�, �nl��� such p�race�ds are sufficient t� discharge the entir� <br /> Endebtedness and a�� prn�er costs and expenses secured her�by. <br /> GUARAN`1`Y; Shc�u�� the Department of Ve�erans Affairs fail �r �efuse to issue its guaranty in <br /> fu11 amvunt �►ithin �a �ays from the date tha� �his loan wauld normaliy become ��igible for <br /> . such guaranty committed upon by the pepartment of Veterans Aff�irs un�er �he prflvisions of <br /> Tit(e 38 Qf the U.S. �ode "Veterans Benefits," the Mortgagee may declare ��e �n�ebte�ness <br /> hereby secured at once due an� payable and rnay for�close immediately or may exercise any <br /> other right� hereunder or take any o�her prop�r ac�i�n as by �a�provided. <br /> TRAN�FERC7F THE PR�PERTY:This f�an ma� be dec�ar�d immediately du� and pay�bi� u�on <br /> �r�nsfer of the �rQ�er�y securing such loan to any �ransferee, un�ess �he accept�bili�y of the <br /> assumption �f the �oan is established �ursuant to Secti�n 3�14 of Chapter 37, Titfe 3$, <br /> lJn�ted �ta�es �ode. <br /> An authorized transfer 4"assum�ti�n"} of the �roperty shall also be sub�ect �o additi�nal <br /> covenan�s and agreements as se�forth belvw: <br /> �a�A�SIlMPTIQIV FU�tD����EE A fee �q�al to <br /> � �.5U°I�}of the balance of�his loan as of the dat�of transfer of the properky <br /> shall be payab�e a# the t�me of tran�fe� t� the foan h�lder or its au�horized agent, as tr�stee <br /> for the ��epartrn�n� flf Veterans Affairs. �f the �ssumer f�ils �o pay this f�� at the tirne of <br /> transfer, the fee shai� c�nstitute �n additi�nal debt to that alrea�y secure� by this instrument, <br /> shall bear �nterest at the rate herein pravided, and, at the option of the �ayee of the <br /> indebte�ness hereby secured vr any transferee ther�of, shall be immediately due and payable. <br /> This fee �s automatically waived if �he assumer is ex�mpt under the provis��ns of 38 U.S.�. <br /> ���� �i/�r <br /> �b} AS�UMPTI�N PR��E�SfN�_�HAR�E lJpon applic�tion for approval to all�w <br /> assumpt`ron af this loan, a pracessing fee may be charge� by the �oan holder or its au�horized <br /> agent for determining �he credi�wor�hine�s af the assumer and subsequentl� revisin� ��e <br /> holder's ownership re�ards when an approved t�ansfer is c�rn��eted. The am�unt of this <br /> charge shall not ex�eed the maximurn established �y the Depar�men� of V�terans Affairs for a <br /> �aan to wh�ch�e�tion 3714�f�hapter 3?', Title 38, United �tates�Qde a��lies. <br /> �c} A�SUIIt�PTI,C�[V �NDEMhIITY LIABILITY: lf this obligati�n i� assumed, then �he assumer <br /> h�reby agrees to as�urrtie all of the obli�ations of the �e�eran under #he terms of the <br /> i�str��en�s creating and s�c�ri�� the loan. Tne assumer further agrees to in�emnify the <br /> Department flf Veterans Aff�irs tfl �he extent flf any claim payment arising fram the guar�nty <br /> ar insuranc�of the indebte�ness crea�ed by this �nstrument. <br /> q43354�9D592 412 347 �203 <br /> Ini�ial ' �--��► <br /> VMP�-538R �Q��5}.�� �age 2 of 3 <br />