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201108354 abandoned Property. Borrower shall also be in default if Bonower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection 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, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fce title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequenrial, in connection with any condemnation or other taldng of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender sha11 apply such proceeds to the reduction of the indebtedness under the Note and this Sacurity Instrument, 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 �tend or postpone the due date of the monthly payments, which are referred to in pazagraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstaxiding indebtedness under the Note and this Security Instcvment 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 included 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 Lmder' s interest in the Property, upon Lender' s request Borrower shall promptly fiunish 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 agr�ments contained in this Se�urity Instrument, ar there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a procee�iing in bankruptcy, 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 tu�es, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this pazagraph shall become an additional debt of Borrower and be secured by this 5ecurity Instrument. These amounts shall bear inter�t from the date of disbursement, at the Note rate, and at the option of Lender sha11 be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument 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 faith the lien by, or defends against enforcement of the lien in, legal proceedings wluch in the Lender' s opinion 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 Instrument. If Lender determines that any part of the Property 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 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 Secretary. 9. Grounds for Acceleration of Deb� (a) Default. Lender may, except as limited by regulations issued by the Se�retary, in the case of payment defaults, require immediate 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 Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Garn St. Germa.in Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of a11 sums secured by this Security Instrument if 2200169888 � � `� ( ,g � D V4NNE �nibals:/ �- V + VMPC�-4N(NE'� Ioao�).o� PaQe a or s �`�.�. �