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201oos9oi 5. Occupancy, Preservation, Maintenance and Protection of the Property; 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 sixty days of a later sale or transfer of the Property) and shall continue ta occupy the Property as Borrower's principal residence for at least one yeaz' after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyand Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not cammit 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 ox Che loan is in default. I.,ender may take reasonable acCion to protect and preserve such vacant ar abandoned Froperty. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to I,ender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, repres�ntations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall connply with the provisions of the lease. If Borrower acquires -fee title to the Property, the leasehold and fee title shall not be rnerged unless Lender agrees to the mez'ger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation ar other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and sha11 be paid ta Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note a�nd this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrur►�ent, first to any delinquent arnounts applied in the order provided in Paragraph 3, and then to prepayment of principal. Any application of the proceeds ta the principal shall not extend or postpone tlae due date of the monthly payments, which are referred to izi 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 entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Praperty. 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 direcdy to the entiry which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's xequest Borrower shall prompCly furnish to Lender receipts evidencing these payments. If $orrower fails to make these payments or the payments required by Paragz'aph 2, or fails to perfozm any oCher covenants and agreezxxents cantained in this Securiry Instrument, or there is a legal proceeding that may significandy affect Lender's rights in the Praperty (such as a proceeding in bankxuptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever 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 disbuxsed by Lender under this Paragraph shall become an additional debt of $orrower and be secured by this Security Instrument. These arnounts shall bear interest from the date of disbursement at tl�e Nate rate, and at the option of L.ender shall be immediately due and payable. Borrower shall prompdy discharge any lien which has priority over this Sacurity Inst�rurnent unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faitl� the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opi.nion 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 Instrunnent. If I.ender determines that any part of the Property is subject to a lien which may attain priority aver 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 10 days of the giving of notice. 8. Fces. I.ender may collect fees and charges authorized by the Secretary. 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