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201201294 In the event of loss, Borrower shall gi��c Lendcr immediatc i�otice by mail. Lcndcr may makc proof of loss if not madc promptly by Bonowcr. Each insurance coinpany coixcracd is hereby authorized aitd directcd to ruake paymcnt for such loss directly to Lender, iusteud of to Borro�vcr and to Lender joi��tly. All or any part of thc insurance procccds may bc applicd by Lcndcr, �t its option, cilher(a) to thc reduction of the indebtcdness under the Note and this Sccurity Instrument, first to any dcLinyucnt amounts applicd in thc order in paragraph 3, and thcn to prepaymant of principal, or (b)to the restoration ur repair of the dama�ai Property. Any application of the procecds tu thc principal shall not cxtend or postpone the due date of the monthly payments tvhich are referred to in paragraph 2, ur change fhe amouni oi such p�yments. Any excess insurancc proceeds over an amount requircd to pay alI outstanding indebtcdncss uuder the Notc and this Secuxity Instmment shall bc paid to the entily Icgally ei�titicd thereto. l�i the cvent of foredosuru of this Security lnstrumeut or othcr fransfer of title to the Prope+ty that extinguishcs thc indebted��ess,xll right, title and intcrest of Borro�ver in and to insurance policies in foree shall pass to the purchascr. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;leaseholds.F3orrower shall occupy, establish, and use the Propedy as Borrowcrs principal residence rvi[hin sisty days after the execution of this Security Instrument(or within sisty days of a later salc or trunsfet of thc Properly) and shall continuc to occupy thc Propcity as Borrowcr'S principal reside��ce for at Ic�st o��c year aftcr the date oFoccupancy, anless Lcnder determines that requiremeut will cuusc unduc. hacdship Y'or Borzower, or uulass extenuatiug oircumctances esist which arc beyonJ Borrower's conVol, Borrowcr shall notify Lcndcr of any cxicnuating circumstanccs. Borrowcr shal I not comtnit w�stc or destroy, damagc or substantially chaiige ihc Property or allo�v thc Prope�ty to detcriorate, reascmable wear ssnd tear esecpted. Leuder may inspect the Property if the Propedy is vacaut or abandoned or the loan is in dcfault. Lendcr may take reason�ble action to protcc[and prescrve such vmcant or abaudoncd Property. Borro�vcr shall also be in dcfatdt if Borrower, during the loan application process, gave materially false or inaccuratc information or statements to Lcndcr(or failcd to provide Lendcr with any matcrial inti�rmationj in connectioi� with thc loan cvidenccd by thc Note, induding,but not limited to, represcntations conecming Rorrowcr's occupancy of the Property as a principal resideuce. If Chis Security Instrument is on a leasohold, Borrowcr shalf comply with thc provisions of the Icase. It Boirower acyuires fee tiNe to Che Property, 8ic leasehold and fee title shall not bc merged unlcss Lender agrecs to the merger in wri[ing. 6. COndemnatlon.The procccds of any award or claim for damagcs, dirca[or conscyucntial, in conncction with any condemnation or other taking oY any pad of the Property, or for conveyance in place of condcmnation, are hereby assigned a�d shall be paid to Lender to the exteiit of the fidl amoui�t of the indebtcdness that remains unpaid uuder the Note and this Securiry InstnimenL Lender shall apply such procceds to the reduction of the indebtedness under the Note and tliis Secu�ity Iustmmeut, tirst to any delinyaent amounts applied in fhe order provided in paragraph 3, and [hen to prcp�ymen[of principal. Any application of the proceeds to Ihe principal shall nut e.eteud or postponc the dnc datc of Chc monthly payments, �vhich arc rcferred to in paragraph 2,or changc the amounf of s'uch payments. Any cxcess procccds o��er an amount requixcd to pay all outstaoding indebtedness nndcr the Note and this Security L�shl�ment shall be paid ro thc cntiry legally cntitled thcreto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Bonowcr shall pay all govcrnmcntal or municipal charges, tincs aud impositions that are not included in paragraph 2. Borrowcr shall pay these obligatio�s on time direcNy to the entity which is owed the payment. If failure to pay would advc�sely affect Lcnder's interest in the Property, npon Lendc�'s rcyuest Borrowcr shall promplly furnish to Lei�der receipts evidencing ihese payments. lf Borrower fails to make these paymeu[s or thc payments reyuircd by paragraph 2,or fails to perform airy other covenunts a��d a�reements containcd in lhis Sccuriry lnshumcnt,or there is a lcgal proceeding that may FHAMOtlgageWITHMERSNE � -K��'� (/f� Revisetl4196Amentletl?IM VMPO^ � VMP4NMEJ(110�00 WoltarsKluwerFlnancial5ervlcPS � Page4of10 III Illllllllllllfflllllllllllllllllllllllllllllll q03302515371 0233 624 0410