Need Advice on Closing SNAFU - Occupancy for 12 months required?!

[Sean Sullivan]

Hi All, I completed a cash-out refinance of my primary residence 2-unit on Friday, but may have to cancel it due to some specific language. I have until tomorrow night at midnight to cancel - so I am seeking your help.  Has anyone else heard of this? Thanks in advance for any advice or thoughts.

Briefly - this is my primary residence, and we are doing cash-out refi to remove PMI as the initial loan was FHA-backed. We landed at 75% LTV for this new loan - a traditional 30-yr fixed rate, cash out re-fi. The lender is United Wholesale Mortgage - which came through my mortgage broker. However, we are considering/ buying another property in the next 6 months due to some family changes, and so some language obligating us to occupy for 12 months worries me.

The issue is that while the mortgage container boilerplate language regarding occupancy, there is an additional single-page document which contradicts this language. Both of those sections are pasted below. 

My question is: Is the Loan Quality Initiative document MORE enforceable than they mortgage docs? If I decide to move before this term is over, due to job change, family change...etc. will the Loan Quality Initiative language be enforceable over Mortgage sect. 6? 

Mortgage Section 6, "Occupancy, I will occupy the property and use the property within 60 days after I sign this Security Instrument. I will continue to occupy the property and use the property as my principal residence for at least one year. The one year period will begin when I first occupy the property. However, I will not have to occupy the property and use the property as my principal residence within the time frames set forth above if Lender agrees in writing that I do not have to do so. Lender may not refuse to agree unless the refusal is reasonable. I also will not have to occupy the property and use the property as my principal residence within the time frames set forth above if extenuating circumstances exist which are beyond my control."

VS.

Loan Quality Initiative Disclosure "Primary Residence - I understand that I must occupy the property within the 60 days of closing and maintain said occupancy for a minimum of 12 months."