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2� 1 ��7882 �,.ATE �HARGE: At Lender's vption, Borr�wer w��l pay a "I�te charg�" not exceeding four �er centum �4°I�� of t�e overdu� payment wh�n �aid more than fifteen ��5� day� affe� �h� du� date thereaf ta c�vQr th� ext�a ex�ense invalv�� in handling delinquent payments, but su�h "late charge" shall not be �ayable out of the proc�eds of �ny saie ma�e t� satisfy the indebtedne�s secur�d hereby, unless such ��oceed� are sufficier�t tv �ischarge the entire indeb�edness and ail proper costs and expens�s secure� hereby. GUARANTY: Shoul� the De�artment vf Veterans Affairs fail or refuse to �ssue its guara�ty in full a�nount wi#hin �� days from the date that this loan woul� normally become eiigi�le fo� such gua�anty �omrn�tte� ��r� by �he C3epartrnen� �f Ueterans Affa�rs unde� the provisions of Title 38 of the U.S. Cade "Veterans Benefits," the Mor�gagee may declare the ind�btedness hereby secured �t �nce due and payable and may for�eclnse imme�l�a��ly or may ex�rcise any other rights hereunder�r take any other�ro�er action as by iaw�rovid�d. TRANSFEF�C3F THE PR�F��RTY:This laan may be declared immedi�te�y �lu� an�l payable �pon transfer of the property securing such I��n �o any transferee, unless the acceptabi4�ty of the assumpti�n of the loan is established pur�uan� to �ectian ��14 of Cha�ter 37, Title 3$, U n ited �tates Cod e. An authorized transfe� �"assumption"} of the property shall also be sub�ect ta addi�iQnal cover�ants and agreements as set farth belov�►: �a}ASSUMPTIQN FUN�fN�FEE A fee equa� to � �.5�°Io}of�he balance�f th�s loan as of the�ate of transfer of the �rfl�er�y shal� be payab4e at the t�me of transfer t� the loan h�lder or its authvr��ed agent, as trustee fQr the Qe�artment of Veterar�s Affairs. �f the assumer fai�s to pay this fee at �he time of transfe�, the fee shall cons�itute an additivnal d�bt to that alrea�y secu�ed by this instrument, shall b�ar inte�est at #he rate her��r� �rQvided, and, a� the op#iQn of tn� payee of the indeb�edness hereby secured or any transfere� thereof, shall be imme��afi�fy �ue and payabl�. This fee is automatically waived if the assume� �� exempt und�r th� provis�on� of 38 U.�.C. 3��9 �c}. �b} A�SUM�Ti�N �RQ��i��,�MAF��_�; U�ar� �pplication for a�proVal tc� a�iov� as�umption of th�is loan, a processing fee m�y b� ch�rge� by �he i�an h�lder vr its authorized agent for determining �he credii�v�rthiness of t�e �ssumer and subsequently revis�ng the hvlder's �wnership records when an ap�roved transfer is completed. The amount of th�s charge shall not exceed the maximum �stablished by the Dep�r�men� nf Vefierans Affairs for a �o�n to which 5ection 3714 of�hapter 3�, T��e 38, United �tates �ode �pplies. �c} A�SSUMPTI�N iNDEMNITY LIABI�.ITY: if this �bligation is assum�d, �hen the assumer hereby agrees t� assume al! of the ��li+gati�ns �f the veteran under the terms of the instrum�nts c�eating and securing the loan, The assumer fur�her agrees ta ir�demnify the Department af U�te�ans Affai�s ta the ext�nf of any claim payment arising f�om the guaranty or insurance�f the indebtedness create� by this instrument. ��3364895414 O125 347 �2Q3 Initia�s' � VMP�-538R ��4�5}.�1 Page �taf 3