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200305403 abandoned Property- Borrower shall also be in default if Borrower, during the loan application process, gave uutterially false or inaccurate information or statements to Lender (or failed to provide Lender with any material ntnrmalion) in connection with the loan evidenced by the Now, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a Icasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Properly, the Icaschold and fee tide shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with wry condemnation or othef taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid w Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness mater the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the 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 this Security Instrument shall he paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all soverrunental or municipal charges, tines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time dinxaly 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 shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails m make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained iu this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), [lien Lender net) do and pay whatever is necessary to protect the value of the Property and Lender's I ights in the Property, including pn) men[ of taxes, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secumd by this Security Instlmnenl. These amounts shall bear interest from the date of disbursement, at the Note rata, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: 1a) 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 lion by, ur defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (e) secures from the holder of the lien an agrccment satisfacmry to lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject le a lien which may attain priority over this Security Instrument, lender may give Borrower a notice identifying the Gen. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may aillee fees and charges authorized by die Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment (Icfaults, require iunucdiatc payment in full of all suns; secured by this Security Instrument if (i) Borrower defaults by tailing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security lnslmmcnt. (b) Sale Without Cs 'edit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Gaol-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j -3(d)) and with the prior approval of rho Set rotary, require innntadiate payment in full of all sums secured by this Security Instrument it �4RINEI ISUUn rae�a ode 11111111 �