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200207229 In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest Of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's [.can Application; Leusehulds. Borrower shall occupy, establish, and use the Property as Borrovera principal residence within sixty days after the execution of this Security instrument and shall continue to occupy the Property as Borato principal residence for at least one 'year after the date of occupancy, unless the Secretary determines this requirement will cause undue hardship for Borrowoq or unless extenuating Circumstances exist which are beyond Borrower's control. Borrower shall notify Lendcrs of any. extenuating dreamStdri Barrow shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and mar excepted. Lend «may inspe ct the Property it the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandonel Pmperty. 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 connection with the loan evidenced by the Nom, including, but col lithium m. representations concerning Bouncer' occupancy of the Property as a principal residence If this Security Insbument a on it leasehold, Borrower shall comply with all the provisions of the lease If Borower acquires fee title to the Property, the leasehold and f title shall nOtbc merged unless Lender agrees to the mmger in writing. 6. Condemnation, The pro eels of any award or claim for damages_ direct or consequential, in connection with any condemnation Frothier taking Of any part of the Property, or for conveyance in place of condemnation, arc hereby assigned and Shall be paid to Lcndcr to the extent of the full amount of the indebtedness that remains unpaid under the Nom and this Security Inutument Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Insuument, first m any delinquent amount applied in the order provided in paragraph 3, and [hen to prepayment of principal. Any application of the proceeds m the principal shall not extend or postpone the due dateeflhe 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 Noteand this Security Instrument shall he paid m theentity legally enfided thereto_ 7. Charges to Borrower and Protection of Lender's Rights in the Properly. Borrower shall pay all governmental or municipal charges, fines and Impositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly m the entity which is owed the payment, If failure to pay xvuld adversely affect Leader's Interest in the Progeny. open Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. 11 BOrrnwer falls to make these payments or Iha payments required by paragraph 2, Or fails to perform any other covenants and agreements contained in dais Security Instrument, or there is a legal proceeding that may significantly affect Lenders rights in the Property (such as a proceeding in bankruptcy, for condemnation to enforce laws or regulations), then Lender may F®r and pay whatever is necessary to protect the value of the property and Lenders rights in the Property, including payment of [axes, hazard insurance and other items mentioned In pa npr ph 2 Any amounts disbursed by Lender under this paragraph shall become an additional debt of Burrower and be .Secured by this Security instrument These amounts shall bear interest hour the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately our and payable . ri. pees. Lender may collect fees and chnrgea water ced by the Secretary. 9. Grounds for Acceleration of Debt. (a) Coolant, Lender may, except as limited by regulations ksned by the Secretary in the case of payment defer its. require Immediate payment in Cull of all sums secured by this Seem ity Instrument it G) Borrower defaults by failing in pay in full any monthly payment required by this Security instrument prior m or on the due date of The next monthly payment, or (it) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, it permitted by applicable law and with the prior approval of the Secretary, require immali ne payment in full of all stuns secured by this Security Instrument it (i) All or part of the Property, Ora beaeflcial interest in a cost owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent) by the Borrower, and (it) The Property is not recupicd by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his other credit has not been approved in accordance with the requirements of the Secretary . (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender door not require such payments Lends does not waive its rights warn respect to subsequent event. (d) Ragnlationa of HIM Secretary. In many circuuratunens regulations issued by due Secretary will limit Lenders righs in the case of payment defaults to require Immediate payment in full and foreclose if not paid. this Security Instrument does not audtodre acceleration or forecnsum if not permitted by regulations of the Secretary. Pro 3 tit 6