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The second home rider over ride section 6 which stated "Borrower shall occupy, establish, and use the Property as Borrower's principal residencewithin 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating ircumstances exist which are beyond Borrower's control."Sound like the borrowers can change their mind once they occucied the house for mininum of one year. But the second home rider didn't have any timeframe.Is the "intention" is industry standard?
Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's second home.
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