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201000594 5. Occupanry, Preservation, Maintenance and Protection of the Prnperty; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixiy days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence far at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circulnstances exist which are beyond Borrower's control. Harrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or 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 connection with the loan evidenced by the Note, including, but not limited to, representations concerning 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 the Property, the leasehold and fee tide shall oat be merged unless Lender agrees to the merger in writing. 8. Condemnation. The proceeds of any award ar claim for damages, 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 We indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the No#e and this Security Instrument, l"irst #a 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 aver an amount required to pay all outstanding indebtedness under the Nate and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Proteciian of Lender's Rights in the Property. Borrower shall pay all governmental ar municipal charges, pines and impositions that are not included in paragraph 2, Borrower shall pay these obligations on time duectly to the entii which is owed the payment. Tf failure to gay wruld adversely affect Lender's interest in the Froperty, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in tllis 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), then Lender may da and pay whatevex 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 amounts dfsbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. $orrower shall promptly discharge any lien which has priority aver this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) cautests in good faith the lien by, qr defends against enforcement of the lien iu, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 111 days of the giving of notice, 8. Fees. Lender may collect fees and charges authorized by the Secretary. 321-2'734948-7Q3 M142t~4$ -4N(NE~ ~oao~ rage a or e Inluela;,_. WVVW.DOCSDI1tECT.COM 01/22/201D 12:06 PM NEW LOAN