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201008337 LA'T'� CHARGE: At Lender's option, Borrower will pay a"late charge" not exceeding four per centum (4%) af the overdue payrnent when paid more thazx fifteen (15) days after the due date thereof to cover the extra expense involved in handling delinquent paynnents, but such "late charge" shall not be payable out of the praceeds of any sale made to satisfy the indebtedn�ss secured hereby, uriless such proceeds are sufficie�t to discharge the entire indebtedness and all prop�r costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount wittun 60 days fram the date that this loan would normally become eligible for such guaranty comxnitted upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans $ene�ts," the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose unmediately or may exercise any other righis h�reunder or take any other proper action as by law pravided. TRANS�'�R OF THE PROPERTY: 'Chis loazt may be declared immediately due ar►d 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 38, United States Code. An authorized transfer ("assurnption") 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 percent (1 %) of the balance of this loan as of the date of transfer of the property shall be payable at the time of transfer to the loan holder or its auchorized agent, as trustee for the Department of Veterans Affairs. Tf 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) ASSUMPTION PROCESSING CHARGE Upan application for approval to allow assumption of this loan, a processing fee may be charged by the loan holder or its authorized agent for deternuning the creditwarthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amount of this charge shall not exceed the znaximum �stablished by the Department of Veteraans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United States Code applies. (c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer hereby agrees to assume all of the obligatians 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 from the guaranty or insurance of the indebtedness created by this inscrument. �-538R (D301) Page 2 of 3 � Initials: , ; a . �: . .� ,+ ,,' �; • �- �,�'�"