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200207114 LATE CHARGE: At Lender's option, Borrower will pay a 'late charge' not exceeding four per cenmm (4 %) of the overdue payment when paid more than IiReeu (15) days after the due dam thereof to cover the extra expense involved in handling delinquent payments, bill 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 discharge the entire indebtdness and all proper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail or refuse M issue its guaranty in full amount within 60 days [mm the date that this loan would untimely become eligible for such guaranty colmnined upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Rrnefits,' the Mortgagee may declare the indebtedness hereby secured at once due laid payable and may foreclose immediately or may exercise any other rights hereunder or take any otter proper action as by law provided. TRANSFER OF THE PROPERTY: This loan may be declared inunediaely due Laid payable upon transfer of the property securing such loan to any trmuferee, unless the acceptability of me assumption of the loan is established pursuant to Seemed 3914 of Chapter 37,'1 ttle 38, United States Code. An amhorlmd transfer ('assumption') of the property shall also be subject to additional covenants and ,agreements as set forth below: (a) ASSUMPTION FUNDING FIT: A fen equal to one halt of 1 percent (50 %) of the balance of this loan as of 0le date of transfer of the property shall be payable at the time of transfer to the loon holder or its audg riled agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall centime an additional debt to that already accrued by this instrument, shall bear interest at the ram herein provided, and, at the option of the payee of the indebtedness hereby secured or any transferee thereof, shall be inninal due and payable. 'I1nis fee is aommatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMPTION PROCESSING CHARGP: Upon application for approval to :d1ow dsrmpaion of this loan, a processing fee may be charged by the loan holder or its authorized agent for determining the creditwonhiness of the assumer and subsequently revising the bolder s ownership records when an approved transfer is compleinl The amount of this added shall not exceed the maximum established by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37,'1'tile 38, United States Code applies_ (c) ASSUMPTION INDEMNITY LIA RILITY: If this obligation Is assumed, then the crsnmer hereby agrees to assume all of the obligations of Nc veteran order the terns of Nc instruments creating and securing (lie loan, Free assurriver further agrees to indemnify the Department of Veterans Affairs to the exam of any claim payndm arising from the guaranty or insurance of the indebtedness crated by this astringent. nralkik w) 10i33SR 19904101 Page 2 013 N 11th