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200112568 ] -ATE CHARGE: At Lender's option, Borrower will pay a "late eharse" not exceWing four Per centum (4 %) of tte overdue p�lyincat wbun paid more than tifteett (15) days after the due date thereof to covur the extra expense involved in h:mdling delinquent payments, but such late charge shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharbe the entire indebtedness and all proper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full anwunt within 60 clays from the date that this loan would normally become eligible for such guaranty committed upon by the Department of Veterans Affairs tinder the provisions of Title 38 of the U.S. Code "Veterans Renefils," the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose inunudiately or may exercise any other rights hereunder or take any other Proper action as by law provided. TRANSFER Olt THE PROPERTY: This loan may be declared immediately due and payable upon trinsfcr of the property scouring such loan to any transferee, unless the acceptability of the assumption (if the loan is established pursuant to Section 3714 of Chapter 37, Title 38, United States Code. An outhorized transfer ("assumption ") of the property shall also be subject to additional covenants and agreements as set forth below: (a) ASSU 311TION FUNDING FEE: A fee equal to one -half of 1 percent (.50%) of thu balance of this loan as of Elie date of transfer of the property shall be payable at the time of transfer to the loan holder or its authorized agent, as trustee fur the Npartment of Veterans Affairs. If the issumer fails to pay this fee at the tine of trwisfer, the fee shall eonstitutc an additional debt to that already secured by this insuumunt, shall bear interest at the rate herein provided, and, at the option of the payee of the indebtedness hereby stvured or any transferee thereof, shall be inmtediately due and payable. This fee is automatically waived if the assutner is oxempt under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMPTION eROCFSSING CHARGE: Upon application for approval to allow assumption of this loan, a processing feu may be charged by the loan holder or its authorized agent for determining the creditworthiness of the assurner and subsequently revising the holder's ownership records when an approved transfer is completed. The amount of this charge shall not exceed the maximum established by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38. United States Code applies. (c) ASSU PTION INDEMNITY I.IABILI . If this obligation is assumed, then the assurner hereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and securing; tile loan. Trite assurner further agrees to indemnify the Department of Veterans Affairs to 1he extent of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. t -63t3R 199041.01 Page 2 of 3