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20120391� monthly payments which aze referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this S�urity Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this 5ecurity Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Bonower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Bonower shall occupy, establish, and use the Property as Bonower's principal residence within sixty days after the execution of ttus S�urity Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Bonower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hazdship for Borrower, or unless extenuating circ»rr+�tances elcist which are beyond Borrower's control. Borrower shall norify Lender of any extenuating circumstances. Bonower sha11 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 Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonahle action to protect and preserve such vacant or abandaned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccura.te infor��ation or statements to Lender (or failed to provide Lender with any material informarion) in coun�tion with the Ioan evidenced by the Note, including, but not limited to, representations concerning �orrower's �pancy of the Property as a principal residence. If this Security Instnunent is on a leasehold, Borrowes sha�l comply with the provisions of the lease. If Bonower acquires fee ritle to the Property, the leasehold anc� fee tit�e slzati not be merged uccless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, dir�t or consequenrial, in conn�tion with any condernnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby as,signed and shal2 be paid to Lender to ttie extent of the full amount of the indebtedness that remains unpaid under the Note and this 5ecurity Instnunent. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amourns applied in the order provided in paragraph 3, ancY then to prepayment of principal. Any apgliration of th� proceeds to tfie principal s�hall not extend or postpone the due date of the monthly payments, whicSi are referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebt�iness 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. Bonower shall pay all governmental or municipal charges, fines and impositions that aze not included in paragraph 2. Bonower shall pay these obligations on time dir�tly to the entity which is owed the payment. If failure to pay would advers�ly affe,ct Lender's interest in the Property, upon Lender's request Bonower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments requirefl by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then I,ender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in pazagraph 2. FHA Deed of Trust-NE VMP � Wolters Kluwer Financial Services 4/96 VMP4R(NE) (11091 Page 4 of 10 g ^o 4 ! y ' °�(� bf' �� K� � r