Vacant land is an "unless" exemption. And the term is not "may", it's "will." And also "using the proceeds of the loan" and a lien is taken on the property.
(4) Vacant land. Any loan secured by vacant or unimproved property, unless within two years from the date of the settlement of the loan, a structure or a manufactured home will be constructed or placed on the real property using the loan proceeds. If a loan for a structure or manufactured home to be placed on vacant or unimproved property will be secured by a lien on that property, the transaction is covered by this part.
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The more you sweat in training, the less you bleed in battle.......