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'��.��.3�� i 1111058045 other instruments executed in connection with said indebtedness which are inconsistent with said Title or Regulations, including, but not limited to, the provision for payinent of any sum in connection with prepayment of the secured indebtedness and the provision that the Lender may accelerate payment of the secured indebtedness pursuant• to Covenant 18 of the Security Instrument, are hereby amended or negated to the extent necessary to conform such instruments to said Title or Regulations. . LATE CIIARGE: At Lender's option, Borrower will pay a"Iate chazge" not exceeding four percent (4%) of the overdue payment when paid moxe than fifteen (15} days after the due date thereof to cover the .extra expense involved in handling delinquent payments, but such "late charge" s1aa11 not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds aze sufficient to discharge the entire in.debtedness and all proper costs and expenses secured hereby. • GUARANTY: Should the Deparlment of Veterans Affairs fail or refuse to issue its guaranty in full amount within 60 days from the date that this loan would normally became eligible for such guaranty com�nitted upon by the Department of Veterans Affairs under the provisions of Title 38 of the U.S. Code "Veterans Benefits," the Mortgagee may declare the indebtedness hereby secured at once due an.d payable and may foreclose immediately or may exercise any other rights hereunder or take any other proper action as by law provided. TRANSFER OF THE PROPERTY: This loan may be declared immediately due and payable upon transfer of the property securing such loan ta any transferee, unless the acceptability of the asswnption of the loan is established pursuant to Section 3714 of Chapter 37, Title 38, United Sta.te Code. An authorized transfer ("assumption") of the property shall also be subject to additional covenants and agreements as set forth below: � (a) ASSUMPTION FUNDING FEE: A fee equal to one half of one percent (0.50%) of tlne balance of this loan as of the date of transfer of the property slaall be payable at the time of transfer to the loan holder or its authorize.d agent, as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the tune of transfer, the fee sha.11 constitute an additaonal debt to that already secured by this inshument, shall bear interest at the rate herein provided, and at the option of the payee of the indebtedness hereby secured or any transferee thereof, sha.11 be immediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMPTION PROCESSING CHARGE: Upon applicatian for approval to allow assumption and tra.nsfer of this loan, a processing fee may be charged by the loan holder or its authorized agent for determ;,,;ng the creditworthiness of the assumer and subsequently revising the holder's ownership records when an approved transfer is completed. The amaunt 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) ASSUMPTION TNDEIVINITY LIABILITY: If this obligation as assu�med, then the assumer hereby agrees to assume all of the obligations of the veteran under the terms of the VA GUARANTEED LOAN AND ASSUMPTION POLTCY RIDER '� 53.9 Page 2 0£ 3