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201205173 In tha event of loss, Borrower sha11 give Lender immadiate notice by mail. Lender may make pr�f of loss if not mada promptly by Borrow�. Each insurance company concerned is hereby authorizad and diracted to make payment for such loss directly to Lender, instead of to Borrower and to Lende� jointly. All or any part of the insurance pra�s may be applied by Lender, at its option, either (a) to tha reduction of tha indebtedness under the Note and thia Se�urity Instrument, first to any delinquent amounts applied in the arder in paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the damaged Property. Any application of the pracceds to the principal sha11 not extend or postpone the due date of the vmnthly paya�ents which are referred to in paragraph 2, or change the amount of such payments. Any exc�ss insurance procads over an a�unt r�uired to pay all outstanding indebte�ess under the Note �d this Security Instrument ahall be paid to the entity legally entitled thereto. In tha event of fore�losure of this Security Instrument ar other transfer of titla to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to tha putchaser. 5. Occupancy, Pr�ervatlon, Matntenance and Protectton of the Property; Borrower's Loan Application; Leaseholds. Borrower sha11 occupy, establish, and use the Properly as Borrower's principal residence within sixty days after the e�cecution of this Sacurity Instrument (or within si�.y days of a later sale or transfer of the Pro�rty) and aha11 continue to occupy the Property as Bonower' s principal residence for at least one yeaz after tha date of uccuPancY, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist wluch aze beyond Borrower' s c�ntrol. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially changa the Property or a11ow the Properiy to deteriorate, reasonable wear and tear excepted. Lender may inspect tha Property if the Propariy is vacant ar abandoned or the loan is in default. I.ender may taka reasonable action to protect and preserve such vacant or abandoned Property. Borrower sha11 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 Lend� with any material information) in c�nnection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower sha11 comply with the provisions of the lease. If Bonower acquir� fee title to the Properiy, the l�sehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnatlon. The proc�ds of any award or claim for damages, direct or consequential, in connaction with any condemnation ar other taking of aay p�rt of tha Properiy, ar for conveyance in place of condemnation, are hereby assignefl and shall be paid to I.ender to the extent of the full amount of the indebtedness that remains unpaid imdsr the Note and this Security Insl�ment. Lender shall apply such proceeds to the reduction of the indabte,dness under tha Note and this Sacurity Instrument, first to any delinquent a�imts applied in the arder provided in paragraph 3, and then to prepayment of principal. Any application of the prac�eds to the principal sha11 not extend or postpone the due date of the amnthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proc�s over an a�unt renuired to pay all outstanding indebtedness under the Note and this Se�urity �ns�ment shall be paid to the entity legally entitled thereto. 7. Charg� to Borrower and Pr�tection of Lender's Rights In the Property. Borrowar ahall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower sha11 pay these obligations on time directly to the entity wluch is owed the payment. If failure to pay would adversely affect Lender's interest in the Properiy, upon Lender's request Borrower sba11 promptly furnish to I.ender receipts evid�ncing these paymenta. If Borrower fails to make these payments or the payments required bY Pazagraph 2, or fails to perform any other covmants and agr�t� contained in this Se�urity Instrument, or there is a legal procading that may 2200264660 D V4NNE FHA Mortgege WITH MEtR4-NE M Revised 4/8B Amended 7/04 VMP4N(NE►11105) Way� p��y� � g� Page 4 of 1 �