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201�09515
<br />In the event of fore�losure of Uris Security Instnm�ent or othea hansfer of tiUe to the Ptoperiy that extingtrishes the
<br />indebtedness, all right, title and interest of Bortower in and to insivance policies in force shall pass to the purc�.
<br />5. Occapancy, Preservatlon, Maintenance and Protection of the Property; Borrower' e Loan Application;
<br />Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower' s principal residence wiflvn sixty
<br />days after the execution of Uvs Security Insttument (or wiUun sixty days of a later sale or transfer of the Properry)
<br />and shall continue to occupy the Ptoperiy as Borrower's principal residence for at least one year after the date of
<br />occupancy, unless Lender detecmines tUat requirement will cause undue hatdship for Borrower, or unl�s extenuating
<br />circumstances exist wlrich are beyond Bonower's control. Borrower shall notify Lender of any extenuating
<br />circumstances. Bottower shall not commit waste or d�troy, damage or substantially change the Property or allow
<br />the Property to deteriorate, reasonable wear and tear excepted Lender may inspect the Property if the Property is
<br />vacant or abandoned or the loan is in default Lender may take reasonable action to protect and preserve such vacant
<br />or abandoned Property. Borrower shall aLso be in dei'ault if Borrower, during the loan application process, gave
<br />materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material
<br />information) in connection with the loan evidenced by the Note, including, but not limited to, representations
<br />concerning Borrower' s occupancy of the Properiy as a principal residence. If this Security Instrument is on a
<br />leasehold, Bonower shall comply with the provisions of the lease. If Borrower acquires fes title to the Property, the
<br />leasehold and fe,e title shall not be merged unless Lender agees to the merger in writittg.
<br />6. Condemnafloa The proceeds of any award or claim for damages, direcf or consequential, in connection
<br />with any condemnation or other ta�ng of any part of the Property, or for conveyance in place of condemnation, are
<br />hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid
<br />under the Note and Uvs Security Instrumen� Lender shall apply such praceeds to the reduction of the indebtedness
<br />undet the Note and this Security Instrument, firat to any delinquent amoimt� applied in the order provided in
<br />pazagraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend
<br />or postpone the due date ofthe monthly payments, wirich aze re€enedto in paragraph 2, or change the amoimt of such
<br />payments. .4ny excess proceeds over an amoimt required to pay all outstanding indebtedness under the Note and this
<br />Security Instnmient shall be paid to the entity legally entitled thereto.
<br />7. Charges to Borrower and Protecdon of I.ender's liights in t6e Property. Borrower shall pay all
<br />governmental or municipal charges, fines and impositions that aze not included in paragraph 2. Bortower shall pay
<br />these obligations on time directly to the entity wlrich is owed the payment If failure to pay would adversely affect
<br />Lender's interest in the Properry, upon Lender's request Borrower shall prompdy fumish to Lender receipts
<br />evidencing these payments.
<br />If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other
<br />covenants and agreements contained in ttris Security Instrument, or there is a legal proceeding that may significanfly
<br />affect Lender's rights in the Property (such as a proceeding in banlQUptcy, for condemnation ot to enforce laws or
<br />regulations), then Lender may do and pay whatever is necessary to prot�t the value of the Property and Lender's
<br />rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2.
<br />Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be
<br />secured by this Secutity Instrument. These amounts shall beat interest from the date of disbursement at the Note rate,
<br />and at the option of Lender shall be immediately due and payable.
<br />Borrower shall promptly discharge any lien wirich hes priority over this Security Instrument unless Bonower:
<br />(a) agrees in writing to the payment of the obligation sec�ued by the lien in a manner acceptable to Lender; (b) contests
<br />in good faith the lien by, or defends against enforcement of the lien uy legal proceedings which in the Lender's
<br />opinion operate to prevent the enforcement of the lien; or (c) sec�es from the holder of the lien an agreement
<br />satisfactory W Lender subordinating the lien to Uvs Sec�mty Instrument If Lender determines thai any part of the
<br />Property is subject to a lien wlrich may attain priority over this Security Instrument, Lender may give Bonower a
<br />notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above within
<br />10 days of the giving of nodce.
<br />8. Fe�. Lender may collect fees and charges suthorized by the Secretary.
<br />9. Gronnds for AcceleraHon of Debt
<br />(a) Defanit Lender may, except as limited by regulations issued by the Secretary in the case of payment
<br />defaults, require immediate payment in full of all sums secwed by tUis Security Instrument if:
<br />(i) Bonower defaults by failing to pay in full any monthly payment required by this Sectttity
<br />Inslrument prior to ot on the due date of the next monthly payment, or
<br />(ri) Borrower defaults by failing, for a period of tlrirty days, to perform any other obligations
<br />contained in this Security Inshument
<br />(b) Sale Without Credit ApprovaL Lender shall, if permitted by applicable law (including section 341(�
<br />of the Garn-S� Germaia Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
<br />approval of the S�retary, ra4�rire immediate PaY�rent in full ot' all sums sec�a�ed by this Seaaity Instrument iF
<br />(i) All or part of the Property, or a beneficial inter�t in a trust owning all or part of the Property, ia
<br />sold or otherwise transfened (other than by,devise or descent), aad
<br />(ri) 'I'he Property is not occupied by the purchaser or grantee as his or her principal residence; or the
<br />purchaser ar grantee dces so occupy the Property, but his or her credit has not been approved in
<br />accordance with the requirements of the Secretary.
<br />(c) No Waiver. If circumstances occur t6at would permit Lender to require immediate payment in full,
<br />but Lender does not require such payments, I.�dea does �t waive its rights with respect to sulvseque� ev�is.
<br />(� Regala8ons of HUD Secretary. In many circumstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not
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