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201204254 or other third parties, retained by Bonower shall not be paid out of the insurance proceeds and shall be We sole obligation of Bonower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by Wis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Secflon 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 9nsurance carrler has offered to settle a claim, then Lender may negoflate and settle the claim. The 30-day period wlll begin when the notice is given. In either event, or if Lender acquires the Property under Sectlon 22 or otherwlse, Bonower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Securlty Inswment, and (b) any other of Borrower's rights (other than the dght to any refund of unearned premiums paid by Borrower) under all insurance pollcies covering the Property, lnsofar as such rights aze applicable to We coverage of the Property. Lender may use the insurance proceeds either to repair or restore We Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Ocxupancy. Borrower shall occupy, establish, and use the Property as Bonower's prlucipal residence within 60 days after the execution of this Securlty 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 otherw�se agrees in writing, which consent shall not be unreasonably withheld, or nnless extenuadng clrcumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and ProtecHon of the Proparty; Inspections. Borrower shall not destroy, damage or impair the Properly, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Bonower shall raaintain We Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detern�ned pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prompdy repair the Progerty if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid 9n connection with damage to, or the taking of, the Property, Bonower shall be responsible for repairing or restoriug the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration ln a single payment or in a series of progress payments as the work is completed. ff the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completlon of such repair or restoration. Lender or its agent may make reasonable entries upon and inspecflons of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prlor to such an lntedor inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan applicaflon process, Borrower or any persons or entitles acting at the directlon of Bonower or with Borrower's kaowledge or consent gave materially false, misleading, or inacc�rate information or statements to Lender (or failed to provide Lender with matedal information) 9n 1�BRA$K!� — Slagle Fam11y — Fmnia MadFroddie Mao UHIFORM IIVSfAUM6NT Farm 3078 1 f GCC - G3028-08 (09/Ol) (Page 8 ofi9) Initials: ��■��