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99 112214 abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in comiection with the loan evidenced by the Note, including, but not linuted to, representations conceriung Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to die Property, die leasehold and fee title shall not be merged unless Lender agrees to die merger in writing. 6. Condemnation. The proceeds of any award or claim for dan►ages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and diis Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under die Note and this Securiry Instrument, tlrst to any delinquent amounts applied in the order provided in paragraph 3, and dien to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone die due date of die monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and diis Security Ii�strument shall be paid to the enrity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all govermuental or muiucipal charges, tines and impositions that are not included in paragraph 2. Borrower shall pay diese obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shail promptly furtush to Lender receipts evidencing these payments. If Borrower fails to uiake these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Leuder's rights in the Property (such as a proceeding in bankruptcy, for condenu�ation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property> including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any amouuts disbursed by Lender under diis paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from die date of disbursement, at die Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has prioriry over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opiiuon operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreeuient satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deternunes that any part of die Property is subject to a lien which may attain priority over this Securiry Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy die lien or take one or more of the actions set forth above within 10 days of die giving of notice. 8. Fees. L,ender may collect fees and charges authorized by die Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by die Secretary, in the case of payment defaults, require inmiediate payment in full of all sums secured by diis Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next mondily payment, or (ii) Borrower defaults by failing, for a period of diirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of die Secretary, require immediate payment in full of all sums secured by this Security Instrument �r: �-4R(NE) �ssoal oi Page 4 ot s Initial��7'_'?'� 0