Quote:
Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within 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 circumstances exist which are beyond Borrower’s control.
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Is the date of occupancy on a refinance a) the closing date of the refinance, b) the closing date of the initial purchase, or c) some other date? Does the bolded part of the above quote mean a) that the borrower needs to live in the residence for one full year after the date of occupancy and then is free to reside elsewhere, b) that the borrower needs to live in the residence for six months and one day after the date of occupancy and then is free to reside elsewhere, or c) is there some other interpretation? Thanks.