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201005931 LATE CHARGE: At Lender's option, Borrower wdl pay a "late cb~arge" nit exceeding four per centum (4%) of the overdue payment whar paid more than fiftear (15) days aftex the due date thee+eof to cover the extra expense involved in handling delinquent payments, but such "]ate charge" shall not be payable out of the procards of any sale made to satisfy the indebtedness socured heracby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses securod hereby. GUARANTY: Should the Deprutme~ of Veterans Affairs fail or refuse to issue its gttatanty in full amount withua 60 days from the date that this loan would normally become eligible fur such gaarauaty committer upon by the T)epa~lmeat of Veterans Affairs under the provisions of Title 38 of the U.S. Cade "Veterans Benefits," the Mortgagee may declare rho indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any otbea rights hereunder or talcs a~- other propcx action as by law provided. TRANSFER OF THE PRQPERTY: This loan maybe declared immediately due and payable upon transfer of the property' securing each loan to any transferee, unless the acceptability of the assumnption of the loan is established pursuant to Section 3714 of Chapter 37, Title 38, United States Cale. An authorized transfer ("assumption") of the property shall also be subject to additionml covenants and agreements as set forth below: (a) ASSUMPTION FUI+TDING FEE: A fee equal, td ono-half of one percart ( 0.5 %) of the balrurcd of this loan as of the date of transfer of the property shall be payable at the time of transfer to the loan holder ar its authorized agent, as trusted for the Deparhnart of Veterans Affairs. If the assumer tails to pay this fee at the time of transfer, the few shall constitute an additional debt to that altexdy secured by this inshvnrart, shall bear interest at the rate herein provided, and, at the option of the payde of the indebtedness hereby secured or a~+ transfered thereof, shall be immediately due and payable. This fee is automatically waived if the asnutner is exempt under the provisions of 38 U.S.C. 3719 (c). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to aUaw asautnption of this loan, a processing fee may be charged by the luau holder or its authorized agent for determining the creditworthiness of the assumer and subsequently revising the holder's ownership records when an apptavod transfer is completed. The amo~mt of this charge shall' not exceed the maximum established by the Department of Veterans Affairs far a loan to which Suction 3714 of Chapter 37, Title 38, United Stator Code applies. (c) ASSUMP'TTON INDEMNITY LIABILITY: If this obligation is assumed, than 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 rho Department of Veterans Affairs to the extant of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. Inideds: ~~311R (0310) Page 2 of $