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��o�� In the event of loss, Borrower shall give I,ender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concemed is hereby authorized and d'uected to make payment for such loss direcdy to Lender, instead of to Borrower and to Lender joindy. All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment of principal, or (b) tc� the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amounl reyuired lo pay all uutstanding indebledness under the Note and this Security Instrumen[ shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrumenl or other transfer of tiUe to the Properiy lhal extinguishes the indebtedness, all right, tide and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservatlon, Malntenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Inscrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless I,ender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances e�cist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Progerty if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but no[ limited to, representations wncerning Borrower's occupancy of We Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnatlon. The proceeds of any awazd or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Properly, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time direcdy to the entity which is owed the payment. If failure to pay would adversely affect L,ender's interest in the Property, upon L,ender's request Borrower shall prompdy furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding lhal may FHA Mortgage WITH MERS-NE VMP � QI I�IIIIII I� IIIIII Il�llqll I III II III IIIII III 4 Revised 4/98 Amandad 7/04 VMP4NINE) (7106�.00 �� PeBa 4 of 10 �