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2� 17� 1478 LATE �HARGE: At Lender's o�tion, Borrower w�l! pay a "late charge" not exceeding four per centum �4°Ia} af �he overdue paymen# when pa�d more than f�fteen �15} days after the due date thereof to cover the extra expense inva�ved in handling del�nquent �ayments, but such "late charge" shall not be �ayabie ou# of the procee�s of any safe made to satisfy the indebtedness secured hereby, unfess such proceeds are sufficient tn discharge the en�ire indebtedness and all pra�er costs an� expenses secured hereby. �UA�ANTY: Should the Depar#ment of Veterans Affairs fail or refuse ta issue its guaranty in full amount within 6� days from the date that this Ioan wfluld normally becorne eligible for such guaranty cQrnmitted u�on �y the Depa�tment of 1leterans Affa�rs un�er t#�e �r��fsions af Title 38 of the U.�. �ode "Veterans Bene�ts," the Mortgagee may declare the fndebtedness hereby s�cure� at �nce �ue and �ayable and may forec�ose immediately or may exerc�se any other rights hereunder or take any other proper action as by law provided. TRA�V�FER�F THE PR�PER�'Y:This foan may be declared �mmediately due and payab�e upon fransfer of the praperty secur�ng such Ioan tn any transferee, unEess the acceptability flf the assumption of the Ioan is estab�ished pursuant to Section 3714 of Chapter 3?, Title 38, United States Code. An authori�ed transfer �"assump�ion"} of the property shall alsa be subject to additiona! covenants and agreements as set forth below: �a�A�,�UMPTIQN FUNDING FEE A fee equal to � �.�0°Io�of the balance of this loan as of the da#e of transfer of the property sha�� be payable at the time of transfer to the I�an holder or its authorized agent, as trusfee for the Depa�tment of Veterans Affairs. If the assur�ner fails to �ay this fee at the time �f transfer, the fes shali c�nstitute an additional debt to that already secured by this instrument, shall bear interest at the rate herein �rovi�e�, and, at the option af the payee of the indeb#edness hereby se�ured or any #ransferee thereof, shafl be imrnediately due and �ayable. Thi� fee is autama�fca!!y w�ived if th� assumer is exempt under the provisions of 3$ U.S.C. 37�9 �c}. �b) A MP�� N PRa E SING HAR E U�on appiication for apprflval to allow assumption of #his Inan, a �rocessing fee may be charged by the loan holder or its authoriz�d agent for determining the cred�tworthiness of the assumer and subsequently revising the holder's ownershi� records when an apprflved transfer is completed. The amount of this charge shafl not exceed the maximum estabEished by the Depar�ment of Veterans Affairs for a Ioan to which Section 37�4 of Chapter 37, Title 38, U n ited States Code applies. �c} ASSU�I�N fNDE TY LlABILITY: If this obligation is assurned, �hen the assumer hereby agrees to assume al! of the ob[iga#i�ns nf the veteran under the terms Qf �he ins#ruments creating and securing the Ioan. The assumer fur#her agrees to indemnify the Departm�nt of Veterans Affairs to the extent of any cla��n payrnent a�ising from the guaran�y �r�nsurance of the Fndebtedness crea�ed by this �nstrument. ��3371327G37 �1z5 35g 02�3 �nitials: VMP�538R ��445}.fl1 Page �of 3