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20 1203�6� work has been completed to Lender:s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceefls. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the +n�,��nce proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or L�nder's security would be lessened, the insurance pracceds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bonower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 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 Lender (a) Borrower's rights to any insuraace procceds in an amount not to excced the amounts iuipaid under the Note or this Security Insmiment, and (b) any other of Bonower's rights (other than the right to any refund of unearned premiums paid by Bonower) under all insurance policies covering the Property, insofaz as such rights aze applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Bonower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of ttus Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrces in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which aze beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Bonower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detemunefl pursuant to Secrion 5 that repair or restoration is not economically feasible, Bonower shall promptly repair the Property if damaged to avoid further deteriorarion or damage. If insurance or condemnation proceeds aze paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Properiy, Bonower is not relieved of Bonower's obligation for the completion of such repair or restoration. Lender or its agent auay make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may insp�t the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspecrion specifying such reasonable cause. 8. Borrow�'s Laan Application. Bonower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Bonower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material informarion) in conn�tion with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. Inftials: �-6G(NE) t000s).oi Page 7 of 15 Form 3028 1/01 �