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201200339 be applied to restoration or repair of the Propetty, ifthe restoration or repair is economically teasible and Lender's securiry is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been complcted to Lender's satisfac[ion. provided that such inspection shall be undcrtaken prompdy. Lender may disburse proceeds for dic repairs and restoration in a single payment or in a series of progress payments as the work is completed. [Inless an agreetnent is madc in writing or Applicablc Law requires interest to be paid on such insurance proceeds,Lender shall not be reyuired to pay Borrower any interest or eamings on such procceds. Fees for public edjusters, or other third partics, retained by Rorrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. [f the restoration or repair is not economically feasible or Lender's securiry would be lessened,the insurance procceds shafl be applicd to the sums secured by this Security Instrument,whether or not then due, ��ith the excess, if any, paid to Rorrower. Such insurancc proceeds shall be applied in the order provided for in Section 2. If Borrower abandons thc Property, Lender may file, negotiate and scttic any available insurancc claim and related matters.If Borrowcr does not respond within 30 days co a notice Crom Lender that the insurancc carrier has offered to settle a claim, lhen Lender may negotiate and settle the claim.'fhe 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lendcr(a)Borrower's rights to a�ry insurance proceeds in an amount not to exceed the amounts mipaid under the Note or this Security Instrument, and (b)any other of Borrower's rights(other than the right to a��y refund of uncarned premiums paid by Borrower)under all insurxnce policies covering The Property, insofar as such rights are applicable to the coveragc of Ihe Property.Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Sec�rity Instrument,whether or not then due. 6. OCCUpancy. Borrower shall oceupy,establish,and usc[he Properry as Boirowcr's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Prope�2y as Burrower's principal residence for at least one year after the datc ofoccupancy,unless Lendcr othenvise agrees in writing,whieh consent shall not be unreasonably withheld,or unless extenuating circumstances exist which are beyond Borrowcrs control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrnwcr shall not destroy,damage or impair[he Property',allow thc Proper[y to deteriorate or commit waste on the Property. Whetlier or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property ftom deteriorating or decreasing in value due to its cnndition. Unless it is determined pursuant to Sec[ion 9 [haC repair or restoration is not economically feasible, Borrowcr shall prompdy repair the Property if damaged to avoid further deterioration or damage. If'insurance or condemnaLion proceeds are paid in connection with damage to, or the txking of,the Property,Borruwer shall be responsible for repairing or restoring the Properly only if Lender has relcased proceeds for such purposes. Lender may disburse proceeds for the repairs and resturation in a singie paymcnt or in a series of progress payments as the work is comple�ed. If the insurance or condemnation proceeds arc not su�cient lo repair or restore the Property. Borrower is not relieved of Borrower s obligation for the completion of such repair or restoracion. 195B66J5]9 NEeRA51Ca-Sngle Family-Fannie Mae�retldie Mac LIMFORM INSI RUMENT ��`� Porm 30281l01 VMP� 09Iip Wol\ersKluwerFnancialServ¢es 20�1121540�0400}J201ID209V Intlials� Page]Mt� I IIIII I IIIIII IIII IIII IIIII IIIII IIIII IIIII Illl��ll�i II��IIII IIIII II II IIIII IIII IIIIIIIIIIIIII