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2oioo2sil LATE CHARGE: At Lender's option, Harrower will pay a "late charge" not exceeding four per centum 14%) of the overdue payment when paid mare than fifteen (15- days after the due date thereof to cover the extra expense involved in handling 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 discharge 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 amaunt within BO days from the date that this Iaan would normally become eligible far such guaranty committed upon by the Department at Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefits," the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any other rights hereunder or take any other proper action as by law provided. TRANSFER OF THE PROPERTY: This Iaan may be declared immediately due and payable upon transfer of the property securing such Iaan to any transferee, unless the acceptability of the assumption of the Iaan is established pursuant to Section 3714 of Chapter 37, Title 38, 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 F E: A fee equal to ( 0. 50%) of the balance of this loan as of the date of transfer of the property shalt be payable at the time of transfer to the Iaan 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 shall 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 or any transferee thereof, shall be immediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). (b) A~~UMPTlON , PROCESSING CHARGE: Upon application far approval to allow assumption at this Iaan, a processing fee may be charged by the Iaan holder or its authorized agent for determining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amaunt 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 Cade applies. (c) ASSUMPTIDN INDEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan. The assumer further agrees to indemnify the Department of Veterans Affairs to the extent of any claim payment arising fram the guaranty or insurance of the indebtedness created by this instrument. II II~III~NI~IItI~11111~N1 803373096015 01]5 356 0403 Initials: VMP°~-53~8R (04Q5-.01 Page 2 of 3