201008516 - Laserfiche WebLink

Browse

20f00851G LA"1'� CI�ARGE: At Lender's option, Borrower will pay a"late charge" not exceeding four per centum (4�) of the overdue payment when paid mc�re than fifteen (15) days aft�r the due date thereof to cover the extra expense involv�d in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale made to sakisfy lhe indebtedness sc;curwd hereby, unl�ss such proceeds are sufficient to discharge the entire indebtedness and all praper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount within 60 days from the date that this loan would normally become eligible for such guaranty committed upon by the Department c�f V�terans Affairs uud�r the provisiqns Uf Till� 38 r�f the U.S. Cod� "V�t�rans Benefits," the Mortga$�c may declare: the indebtcdness hereby secured at ancs duc and payabl� and may foreclose immediately ar may exercise any ather rights h�r�under or take any other proper action as by law providcd. TRANSFER OF TI3E PROPFRTY: This laan may l� declared immediately due and payable upan trar�sfer of the prnperty securing suc;h ladn ta any transf�r��, unless th� acc�ptability of the assumptipn p1' th� loan is established pursuanl to Scctic7n 3714 of Chaptcr 37, Title 38, United Statts Cad�. An aulhorized trans!'cr ("assumptian") of th� property shall also b� subj�ct ta additianal cav�nants and agreements as set forth bcic�w: (a) ASSUMPTION FUNDING FEE: A fee equal to one-half of ane percent ( 0.5 °�) af 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 authorized agent, as trustee for the bepartment 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. 3'�29 (c). (b) ASSUMPTTON PROCESSING CHARGE: Upon application for approval to allow assumption of this loan, a processing fee may be charged by the loan holder or its authorized agent for determining the creditworthiness of the assumer and subsequently revising the holder"s ownership records when an approved lransfer is cUnnplctt;d. Th� amaunt of this charge shall not exceed the maximum established by the Departnncnt of Vat�rans Affairs far a laan to which Section 3714 of Chapter 37, Title 38, United States Cad� applies. (c} ASSUMPTION INDEMIVITY L,IABILITY: If this obligation is assumed, then the assumer hereby agr�cs to assume all af the abligations of the veteran under the terms of the instruments creating and securing th� laan. The assumsr furih�ar agr�c:s lo indemnify the Department of Veterans Affairs to the �xt�nt of any claim payznent arising fr�m th�. guaranty or insurance of the indebtedness created by this instrument. �-538R (0310) Page 2 of 3 Initisls•