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201009246 LA7� GHARGE: At Lender's option, Bnrrow�r will pay a" late charge" not exceeding four per centum (4°r6) of the averdue payment when paid mare than �fteen (15) days after Che due date thereof to cover the extra expense involved in handling delinquent paymenis, but such "late charge" shall not be payable out af the proceeds of any sale made to saCisfy the indebtedness secured hereby, unless such proceeds are suFFicient m discharge the entire ind�btedness and a!I proper costs and expenses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail or refuse ta issue its guaranty in fup amount within 6D days from the date that this loan would normally become eligible for such guaranty cammitted upon by the �epartment af Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefrts," the Mortgagee may declare the indebtedness nereby secured at once due and payable and may foreclase immediately or may exercise any ather rights hereunder ar take any other proper action as by law provided. TRANSFER OF THE PROPER7Y: This lo�n m�y be declared immediat�ly due and payable upon transfer of the property securing such laan ta any transferee, unless the acceptability of the assumptian af the laan is estabiished pursuant ta Sectian 3714 of Chapter 37, Title 38, United States Gacie. An authorized transfer ("assumptian") af the property shall alsa be subject to additional covenants and agreements as set farth below; (a) A55UMP710N FUNDING FEE: A fee equal to ano-halfprt�t (.SO %) nf the balance of this laan as of the date of transfer af the property shall be payable at the time af transfer to the loan holder or its authorized agent, as trustee for the De�artment Qf Veterans Affairs. If the assumer fails ta pay this fee at the time af 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 aption of the payee vf 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. 37�9 (c). {b) MP'f'ION PR CESSING CHARGE: tlpon applicatian �or appro�al ta allaw assumptlon of this loan, a pmceSSing fee may be charged by the ioan holder or its authorized agent far determining the creditworthiness af the as5urrrer �nd subsequently re�ising the holder's ownership records when �n �pproved transfer is completed. The amount of this charge shall nat exceed the maxlmum established by the Department of Veterans Affairs for a loan to which 5ection 377 4 of Chapter 37 Title 38 , United StateS Code applies. (c) ASSUMPTIaN INDEMNITY LIABILI7Y: If this obligation is assumed, then the assumer hereby agrees to assurr�e all of the obligations of tl�e veteran under the term5 of the in5truments creating and securing the loan. The assumer further agrees ta indemnify the Oepartment of Vet�rans Affairs ta the extent af any clafm payment arising fr�m the guaranty or insurance of the indebtedness created hy thi5 instrum�nt. 00112�289352 VMP�-538R (0405}.01 Page 2 of 3 Initial P CttlMoligage 3.2.42.07 V5