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2oioossii I.,AT� CHARGE: At Lender's option, Borrower will pay a"late charge'" not excccding faixr per centum (4%) af the overdue payment when paid more than fifteen (15) days after the dus date thereof ta caver the extra expense involved in handling delinqucnt payments, but such "late charge" shall not be payable out of the proceeds of any sale mads ta satisfy the indebtedness secured hereby, unless such proceeds are suffiGient ta discharge the entire indebtedness and all proper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail ar refuse ta issue its guaranty in full amount within 60 days from the date that this loan would normally become eligible far such guaranty cammitted uppn by the Department of Veterans Affairs under the provisions of Title 3� c�f the U.S. Cade "V�terans Ben�fits," the Mattgagee may declare the indebtedness hereby secured at once due and payable and may foreclass ixnmediately or may exercise any other rights hereunder or take any other proper action as by law provided. TRANSF�R OF THE PROPERTY: 'I�is loan ruay be declared immediately due and payable upon transfer c�f Gh� praperty 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 ("assumption") of lhe praperiy shall also be subjec:t to add'rtianal cavenants and agreements as set forth below: (a) ASSUMPTION FUNDING FBE: A fee equal tp one-half af one percent ( 0.5 �) of the balance of this loan ati of the date of Cransf�r af the �rUp�riy shall be payable ak the time af transfer to the loan holder or its autharizsd agent, as trustee far the Department af Veterans Affairs. If the assumer fails to pay this fee at the time af transfcr, the Fe� shall c�nsti[ute an additional dCbt tp that alr�ady securcd by this instrument, shall bear interest at the rate herein provided, and, at the aption af the payee of the indebtedness hereby secured or any transferee thereof, shall be irnrnediately due and payable. This fee is automatically waived if the assumer is exempt under the pravisians af 38 U.5.C. 3729 (c). (b) A35UMPTION PRUCESSTNG CHARG�: Upon application for approval to allow assumption of th'rs loan, a processing fee may be charged by the loan holder or its authorized agent for determining 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 maximum established by the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United States Code applies. (c) ASSiTMPTTON TNDEMNTTY T,TABT�,TTY: Tf 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. 17ie assuiner further agrees to indemnify the Department of Veterans Affairs ta the extent of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. ��. Initial �K �-538R (0310) Page 2 of 3 f