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200906461
<br />and Shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of
<br />occupancy, unless Lender determines that requirement will cause uaadue hardship (or Borrower, or unless extenuating
<br />circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating
<br />cixcwnstances..Bprrower shall not eomrrait waste ox destroy, damage nr substantially change the Property or allow
<br />the Property to deteriorate, reasonable wear and tear excepted. Lender nraay inspect the Property if the Property is
<br />vacant or abandoned ox the loan is ire default- Leander may take reasonable action to protect and preserve such vacant
<br />or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave
<br />materially false or inaccurate informatinn or statements to Lender (vr failed to provide Lender with any material
<br />information) in connection with the lean evidenced by the Nate, including, but not limited ta, representations
<br />concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is an a
<br />leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the
<br />Leasehold and fee ritie shall not be merged unless Lender agrees to the merger in writing.
<br />6. Gondemnation. The proceeds of any award ar claim far damages, direct or consequential, iin connection
<br />with any condemnatinn or other taking of any part of the Property, or for conveyance in place of coradeznuation, are
<br />hereby assigned and shall be paid tv Lender to the extent of the full amount of the indebtedness that remains unpaid
<br />under the Note and this Security Instrunraent. Lender shalM apply such proceeds to the reduction of the indebtedness
<br />under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in
<br />paragraph 3, and then to prepayment pf principal. Any application pf the proceeds to the principal shall not extend
<br />or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amount of such
<br />payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this
<br />Security Instnuent shall be paid to the entity legally entitled thereto.
<br />7. Charges to Borrower and Protection of Lender's Rights In the Property. Harrower shall pay all
<br />governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay
<br />these obligations vn time directly to the entity which is owed the payment. If failure tv pay would adversely affect
<br />Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lander receipts
<br />evidencing these payments.
<br />If Borrower fails to make these payments or the payments required by paragraph 2, ox fails to perform Gray ether
<br />covenants and agreements epntained in this Security Instrument, ox there is a legal proceeding that may significantly
<br />affect Lender's rights in the Property (such as a proceeding in bankruptcy, far condemnation or tv enforce laws or
<br />regulations), then Lender may da and pay whatever is necessary to protect 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 Security Instrument. 'These amounts shall bear interest from the date of disburseanent at the Note rate,
<br />and at the option of Lender shall be immediately due and payable.
<br />Harrower shall promptly discharge any lien which has priority over this Security Instrument uriless Borrower:
<br />(a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests
<br />in good faith the lien by, pr defends against enforcement of the lien in, legal proceedings which in the Lender's
<br />opixrian operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement
<br />satisfactory to Lender subordinating the lien to this Security Instrument. Tf Lender determines that any part of the
<br />Property is subject tv a lien which may attain priority over this Security Irsstnunent, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the Tien ox take one or mare of the actions set forth above within
<br />10 days of the giving of nonce.
<br />$. Fees. Lender may collect fees and charges authorized by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a} Default. 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 secured by this Security Instrument if:
<br />(i) Borrower defaults by failing to pay in full any monthly payment required by this Security
<br />Instrument prior tv or on the due date of the next monthly payment, ar
<br />(ii) Borrower defaults by failing, far a period of thirty days, tv pexfoxrn any other obligations
<br />contained in this Security Instrument.
<br />(b) Sale Without Credit Approval. Lender shall, if peraxl:itted by applicable law (including section 341(d)
<br />of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
<br />approval of the Secretary, require immediate paytraeru in full of all sums sewed by this Security Instrument if:
<br />(i) Al] ar part of the Property, or a beneficial interest in a trust owning all or part of the Property, is
<br />sold or otherwise transferred (other than by devise or descent), and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the
<br />purchaser or grantee does so occupy the Property, but his ax her credit has nit been approved in
<br />accordance with the requirements of the Secretary.
<br />(c) No 'Waiver. If circumstances aacur that would permit Lender to require immediate payment in full,
<br />but Lander does not require such payments, Lender dies not waive its rights with respect to subsequent events.
<br />(d) Regulations 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
<br />paid. This Security Instrument does not authorize acceleration ox faxeclnsuxe if not perxniited by regulations
<br />of the Secretary.
<br />(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not
<br />determined to be eligible for insurance under the National Housing Act within 5 0 DAYS
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