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201100302 abandoned Yroperty. Bc�rrower shall also be in default if T3c�rrawer, during the loan applicatic�n pracess, gave materially false �r inaccurate information or statemcnts tc> I.,�:nder (or failed to provide I.,cnd�r with any material information) in connection with the loan cvidenced by the Note, including, but nnt lirnited to, representations concerning Bcirrower's occupancy of thc Prc�perty as a principal residence. Tf this Security Instrument is on a leasehold, Barrc�wer shall comply with thc prc'�visions of the lease. lf Borrower acquires fee title to the Property, the leasehold and fcc title shall not be merged unle:ss I.ender agrees to the inerger in writing. 6. Cond�mnatiun. The proceeds of any award c�r claim for damages, direct or consequenkial, in cannect"ron with any condemnation or c�ther taking of any part of thc Prc�perty, or for conveyance in place of cc�ndcmnatipn, are hereby assigned and shall be paid to Lender to the extent of thu full amannt of the indebtedness lhat remains unpaid uiider the Note and lhis Security Instrument. Lender 5hall apply such praceeds to the reduction of khe indchtcdncs5 under the Nate and this 5ecurity Instrunic:nt, first to any delinquent amounts applied in kh� order prov'rded in paragraph 3, and then to prepayment of principal. Any application of the proceeds Lo the principal shall not extend or postpone the due date of the manthly payrnents, which are referred to in paragraph 2, or change the amount of such payments. Any excess proc;eeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall hc paid to the entity legally entitled thereto. 7. Charges to Borrc�wer and Protection of Lender's Ri�;hts in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay thes� abligations on time directly [o th� entity which is owed the payment. If failure to pay wauld adversely affect I_ender's interest in the Property, upan Lender's request Borrower shall promptly furnish tU I,cnder nceipCs evidcnc;ing these payments. If Borrower fails to make khcsa payments or the payments required by paragraph 2, or fails to perform any c�ther covenants and agreements conkainc:d in this Security Instrurnent, or there is a legal proceeding thak may significantly affect L.ender's rights in fhe Property (such as a proceeding in bankruptcy, for c:c�ndemnation or to enforce laws or regulations), then I.,cndcr may do and pay whatever is necessary t� prnteck lhc value �f the Property and Lender's rights in the Property, including payment of taxes, hacard insuranc� and ather items mentioned in paragraph 2. Any amounts disbur5ed by Lender under this paragraph shall hecamc an additional debt of 13orrower and be secured by this Security Instrument. T7iese amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of T.ender, shall be irnmediately due and payable. Borrower shall prompCly discharge any lien which has priority over this Sec:uriky Instrurnent unless Borrower: (a) agrees in writing tn the payment of the obligation secured by thc lien in a rnaruYer acceptable to Lender; (b) contests in good failh tha lien by, or defends against enforcement of thc licn in, legal proceedings which in the T.ender's opinion operake: to prevent the enforcement of lhe lien; c�r (c) sec:ures from the holder of the lien an agreement satisfactary ta L.ender subordinating the lien to this Security Inslrument. If Lender determines that any part of the Property is subjcct to a lien which may attain priority over lhis Securily Instrument, Lender rnay give Borrower a notice identifying thc lic:n. Borrower shall satisfy the lien or take one or more c�f lhG actians set forth above within 10 days of thc giving of nc�tice. 8. Fees. T.cndcr may collect fees and charges authorized by the Secrcfary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issucd by lhe Secretary, in the case of payment defaults, rcyuire irnrnediate payment in tull of all sums secured by khi5 Security Instrument if: (i) Borrower def"aults by failing to pay in full any mantk�ly payment required by this Security Instrument prior to or on the due date of the ncxt monkhly paymcni, c�r (ii) Borrower defaults by failing, for a period of lhirty days, t�� perforrn any other obligations contained in this Security Tnslrumcnt. (b) Sale Without Credit Approval. Lendcr shall, if permitCed by applicable law (including Section 341(d) of the Garn-St. Germain Depository Institukions Acl oF 19�32, 12 [.J.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums sGCUrc:d by this Security Instrument if: ��) 198Q11 � Page 4 af 8 Initia . ��