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2olooss3� LATE CMARGE: At Lender's option, Borrower will pay a"lata charge" not exceeding four per c�ntum (4%) of the overdue payment when paid more 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 indebt�adness s�cured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper casts and expenses secured hereby. GUARAN7Y: Should the Department of Veterans Affairs fail or refuse to issue its guaranty in full amount within EO days from the date that this loan would narmally become eligible for such guaranty committed upon by the Department of Ve#erans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefits," tha Martgagee may declare the indebtedness hereby secured at once due and payable and may foreclosa immediately or may exercise any other rights hereunder or take any other proper action as by law provided. TRANSFER OF THE PROPERTY: 7his loan may be declared immediately due and payable upon transfer of the property securing such laan to any transferee, unless the acceptability of the assumption of the loan is established pursuant to Sectinn 37'14 of Chapter 37', Title 3$, United States Code. An authorized transfer ("assumption") of the property shall also be subject to additianal covenants and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal to one half a� one percent ( 0.50 %) of the balance of this laan as of the date of transfer of tha property shall be payable at the time of transfer to the I�an 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 addi#ional deb# to that already secured by this ins#rument, 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 immadiately due and payable. This fee is automatically waived if the assumer is exempt under the prnvisions of 38 IJ.S.C. 3729 (c►. (b) ASSUMPTIQN PRQCESSING CHARGE: Upon application for approval to allow assumption of this laan, 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 halder's ownership records when an approved transfer is completed. 7he amount of this charge shall not exceed the maximum established by the Departmen# of Vaterans Affairs for a loan ta which Sectipn 3714 of Chapter 37, Title 38, United States Code applies. (c) ASSUMP7IQN 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 paymen# arising from #he guaranty or insurance of the indebtedness created by this instrument. Initials: �� VMP�"�-538R (D4051.�1 Page 2 of 3