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2oioos�4o <br />circurnstances. Borrower shall not commit waste or destroy, damage or substantially change the Property ar allow the <br />Property to deteriorate, reasonable wear and tear exCepted. Lender may inspcct the Praperty if the Property is vacant <br />or abandaned or the loan is in default. I.ender may take reasonable action to protect and preserve such vacant or <br />abandaned Property. Borrower shall also be in default if Borrower, during the loan application process, gave <br />rnaterially false or inaccuratc information or statements to Lender (or failed to provide L.ender with any material <br />infprmation) in connection with the loan evidenced by the NoCe, including, but not limited to, representations <br />concez�ning Borrower's occupancy of the Property as a principal residence. If this Security Instrurnent is on a <br />leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, th� <br />leasehold and fee title shall not be rnerged unless Lender agrees to the merger in writing. <br />6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in cannection wiCh <br />any condemnation or other taking of any part of the Property, or for canveyance in place of candemnation, are <br />hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid <br />under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness <br />under the Note and this Security Tnstrument, first to any delinquent amaunts applied in the order provided in <br />paragraph 3, and then to prepayment of principal. Any application nf the proceeds to the principal shall nat extend or <br />postpone the due date af the monthly payments, which are referred to in paragraph 2, or change the amount of such <br />payments. Any excess proceeds aver a,a� araaount required to pay all outstanding indebtedness under the Note and this <br />Security Instrument shall be paid to the entity legally entitled thereto. <br />7. Charges to Borrowear aud Protection of Lender's Rights in the Property. Borrower shall pay all <br />govern�mental or municipal charges, fines and impositions that are not included in paragraph 2. Bonower shall pay <br />these abligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect <br />Lendcr's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts <br />evidencing these payments. <br />If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any ather <br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly <br />affect Lender's rights in thc Property (such as a proceeding in banlcruptcy, for condemnation or to enforce laws or <br />regulations), then Lendear may do 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 rnentioned in paragraph 2. <br />Any arnounts disbursed by L.ender under this paragraph sha11 become an additional debt of Borrower and be <br />secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note <br />rate, and at the option of I..ender, sha11 be immediately due and payable. <br />Borrower shall pronnptly discharge any lien which has priority over this Security Instrument unless Borrower: <br />(a) agrees in writing to the payment of the obligation secured by the lien in a rnanner acceptable to Lender; (b) <br />contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the <br />I..ender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an <br />agreement satisfactory to Lender subordinating the lien to this 5ecurity Instrument. If I.ender determines that any part <br />of the Property is subject to a lien which may attain priority over this Security Instrument, L.ender may give <br />Borrower a notice identifying the lien. Borrower sha11 satisfy the lien or take one or more of the actions set forth <br />above within 10 days of the giving of notice. <br />$. Fee.s. Lender may collect fees and charges authori�ed by the Secretary. <br />9. Grounds for Acceleration of Debt. <br />(a) Default. Lender may, except as limited by regulations issu�d by the Secretary, in the case of payment <br />defaults, require irnmediate 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 Instrument <br />prior to or on the due date of the next rnonthly payment, or <br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained <br />in this Security Instrument. <br />FHA D88d aT TYU8t-NE � �-' 4/96 <br />VMP � ' � � VMP4RINE) (0809) <br />Wolters Kluwer FinanCial 5ervicba 1�.:. � Page 4 of 9 <br />�� <br />k � � �t <br />