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201002490 LATE CHARGE: At Lender's option, 13arrpwer will pay a "late charge" not exceeding four per centum (496) of the overdue payment when paid mare than fifteen (7 5} days after the due date thereof to cover the extra expense involved in handling delrnquent payments, but such "late charge" shall net be payable out of the proceeds of any sale made to satisfy the indebtedress secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. GUARANTY; Should the Department of Veterans Affairs fail or refuse tv issue its guaranty in full amount within 60 days from the date that this Ivan would normally become eligible far such guaranty committed upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans t3enefits," the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose irrtmediately or may exercise any other rights hereunder or take any ether proper action as by law provided. TRANSFER OF THE PROPERTY: This town may be declared immediately due and payable upon transfer of the property securing such loan to any transferee, unless the acceptability of the assumption of the loan is established pursuant to Section 3714 of Chapter 37, Title 3$, United States Code. An authorized transfer ("assumption") of the property shall also be subject to additional covenants and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal to one-riair o~ ~, percent ( 0.50 %) of the balance of this Ivan a9 of the date of transfer of the property shall be payable at the time of transfer to the loan holder or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shat) constitute an additional debt to that already secured by this instrument, shall bear interest at the rate herein provided, and, at the option of the payee of the indebtedness hereby secured ar any transferee thereof, shall be immediately due and payable. This fee is autornatieally waived if the assumer is exempt under the provisions of 38 U.Q.C. 3729 (c): (b) AS U PTI. N: PRgCE8a1NG CHARGE: Upon application for approval to allow assumption of this loan, a processing fee rrray be charged by the loan holder ar its auttrbrized agent for determining the oreditworthiness of the assumer and subsequently revising the holder's ownership .records when an approved .transfer is completed. The amount pf this charge shall not exceed the maximum ®stabiished by the Department of Veterans Affairs fvr a foan to which Section 3714 of Chapter 37, Title 3.13, United States Cade applies. (c) ASSUMPTION INDEMNITY LIABILITY: If this abligatian is assumed, than the assumer hereby agrees to assume all of the abtigatians of the veteran under the terms of the instruments creating and securing the foan. The assumer further agrees to indemnify the Department of Veterans Affairs to the extent of any claim payment arising from the guaranty or insurance of the Indebtedness created by this instrument. Initials:~~_ VMP®-6388 (0405).01 Page 2 of 3