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~oioo5440 L..ATI3 CHARGE: At Lender's option, Borrower will pay a "late charge" not exceeding four per centum (4~h~) of the overdue payment when paid more than fifteetr (15) days after the due dale 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 sut'ficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. C~[.JARANTY: Should the Departmetxt of Veterans Affairs fail or refuse to issue its guaranty in full amount within 6Q days tram the date that this loan would normally became eligible for such guaranty committed upon by the Department of Veterans Affairs under the provisions of Title 38 of the [I.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. `1'RANST~ER OI~ THl PROPC;R'T'Y: This loan tnay be declared immediately due and payable upon transfer of the property securing such loan to any transl"eree, unless the acceptability of the assumption of the loan is established pursuant to Section 3714 of Chapter 37, Title 38, United States Cade. Aii authorized transfer ("assurxrption") of the property sYtall also be subject to additional covenants and agreements as set forth below: (a) A55UMP`l'lON FUNDING 1~EE: A fee equal to one-half of one percent ( 0.5 ~) of the balance of this loan as of the date of transfer of the property shall be payable at the tune of transfer to the loan holder or its authorized agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay t1Yis fee at the time of transfer, the fee shall constitute an additional debt to that already secured by this itxstrunient, shall bear interest at the rate herein provided, and, at the option of the payee of the indebtedness hereby secured or arty transferee thereof, shall be immediately duo and payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 [J.S.C. 3729 (c). (b') A55UMP1'ION PROCESSING CHARGE: Upon application far approval to allow assumption of this loan, a processing fee may be charged by the loan holder or its authorized agenC for determining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed. `1'he amount cal' this charge shall not exceed the maximum established by tlic Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, rl'itle 38, [7nited States Code applies. (c) ASS[IMPTION INDIMNI'I"Y LIABILITY: lt' this obligation is assumed, tliett the assumer hereby agrees to assume all of the obligations cat the veteran under the terms of the instrurnents creating and securing the loan. The assumer further agrees to indemnify the Department of Veterans Affairs to the extent of arry claim paymerrt arising from the guaranty or insurance of the indebtediicss created by this rnstrurnent. -538R (0310) Page 2 of 3 C]