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201104693 abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate informarion or statements to Lender (or failed to provide Lender with any material informarion) in conn�tion 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, Bonower shall comply with the provisions of the lease. If Borrower acquires fce title 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 damag�, dir�t 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 assign� and sha11 be paid to Lender to the eactent of the full amount of the indebtedness that re*+��+ns unpaid under the Note and this S�urity Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to 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 over an amount required to pay all outstanding indebtedness under the Note and this Security Instivment shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not includ� in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender' s interest in the Property, upon Lender' s request Bonower 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 this Security Instrument, or there is a legal praceeding 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 do and pay whatever is n�essary to prot�t the value of the Property and Lender's rights in the Property, including payment of taaces, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Bonower and be se�ured by this S�urity Insttument. These amounts sha11 bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over ttus Security Instrument unless Borrower: (a) agr�s in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proccedings 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 sarisfactory to Lender subordinating the lien to this Se�urity Instrument. If Lender determines that any part of the Properiy 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 talce one or more of the actions set forth above within 10 days of the giving of notice. S. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Deb� (a) Default Lender may, except as limited by regulations issued by the S�retary, in the case of payment defaults, require imm�iiate payment in full of all sums secured by this Security Instrument if (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Insirument. (b) Sale Without Cr�it Approval. Lender shall, if permitted by applicable law (including S�tion 341(d) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Se�retary, require immediate payment in full of all sums s�ure,ci by this Se�urity Instrument if: 1 - -00 0 Initi • � �,( � �-4N(IVE) (0407) Page4 of 8 � � �