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201008098 5. Occupancy, Presec~vation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Barrower shall occupy, establish, and use the Property as Borrawer's principal residence within sixty days after the execution of this Securiry Instrument (or within sixty days of a later sale or transfer of the Property) and shall cantinue to occupy the Property as Borrower's principal residence far at laast ane year after the date of occupancy, unless Lender determi.nes that requirement will cause undue hardship for Borrower, ar unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall noufy Lender of any extenuating circumstances. Borrower shall not comrnit waste ox destroy, damage or substantially change the Property ar allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if th� 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 iu�accurate information or statements to Lender (or failed to pravide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited ta, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with che provisions of the lease. If Borrower acquires fee tit�e to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for dart�ages, direct or consequential, in connection with any condernnatian or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid Co Lender to the extent of the full amount of the indebtedness that remai.t�s unpaid under the Note and this Security lnstrument. I.ender shall apply such proceeds to the reduction of the indebt�dness under the Note and this Security Instrurnent, first to any delinquent amounts applied in the order provided in Pazagraph 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 be paid to the entiry legal.ly entitled thereta. 7. Charges to Sorrower and �rotection of Lender's Rights in the Property. Barrower shall pay all governrnental or municipal chaxges, fines and impositions that are not included in Paragraph 2. Borrower shal] pay these obligations on time directly to the entity which is awed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish ta 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 this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Froperty (such as a proceeding in bankruptcy, for condernnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property azzd I.,ender's rights in the Properly, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall becozne an addiCional 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. Borrovver shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatian secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of t1�e lien in, legal proceedings which in the Lender's opinion operate to prevent the enforceznent of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating tl�e lien to this Security Instrument. Tf Lender determines that any part of the Property is subject to a lien which may attain priarity over this Security Instrument, Lender ix►ay give Borrower a notice identifying the lien. 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 collect fees and charges authorized by the Secxetary. 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