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201104204 LATE CHARGE: At I,ender's option, Borrower will pay a"late charge" not ex�.��ding four per centum (4%) of the overdue paymenl whcn paid more than fifteen (15) days after the du�: dat� 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 madt; tp satisfy the indebtedness secured hereby, urale�s such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expens�s 5ecured hereby. GUARAN 1 Y: Should ihs Departrnent of Veterans Affairs f"ail or refuse to issue its guaranty in full amount within 60 days from the date thak this loan would normally become eligible f��r such guaranty committed upon by the Department of Veterans Affairs under the provisions of Title 38 af the U.S. Code "Veterans Benefits," the Martgagee may declare the indebtedness herek�y s�cured at once due and payable and may forcclose immediately or inay exercise any othe:r righls hc:reunder or take any other proper actic�n as hy law providud. TRANSFER OF TH� PTtOPERTY: 'I'his loan rnay be declared immediately due and payable upvn transfer c�f Ihc property securing such loan to any transferee, unless the acceptability of the assumptian of khe; laan is established pursuant to Section 3714 af Chapter 37, Title 38, United States Code. An authorized transfer ("assumption") of iha prup�rty shall also be subject to additional covenants and agreernents as set forth below: (a) ASSUMPTTON FC7NDING I'�E: A fee equal to one-half of one percenl ( 0.5 °k) of the balance of this loan as of khe date of transfer of the property shall be payabl� at the time af transfer to the loan holder or its authorized agent, as trustee for the Department of VeCcrans Affairs. If the assurner fails to pay this fee at thc kime of kransfer, the fee shall constitute an additional debl to that alrcady sccured by this instrument, shall bear interest at the rate herein provided, and, at thc option of the payee of the indebtedness hereby secured or any transf�ree thereof, shall be irnmediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 3�3 U.S.C. 3729 (�). (b) ASSUMPTTON PRC)CFSSING CI3ARGE: Upon application for approval to allow assum�tion c�f this loan, a processing fee may be charged by the loan holder or its authorized agent for determining the creditworthiness of lhe assumer and subsequently revising the holder's owncrship records when dn approved transfer is cornpleted. The amount of this charge shall not exceed itac maximurn established by ihc Dcpartment of Veterans Affairs for a loan to which Sectian 3714 of Chapter 37, Title 38, United States C�de applies. (c) ASSUMP"rION IND�MTTITY LIABIIIITY: If this obligation is assumed, then the assumer hereby agrees to assume all of the obligations of the veteran under the terrns of the instruments creating and sec�xring the loan. The assumer further agrees fo indemnify the Department of Veterans Affairs to the extent of any claim payment arising fr�m lhc guaranty c�r insurance of the indebtedness created by this in.5trurnent. Initials:rn� �-538R (0310) Page 2 of 3 �