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201205311 In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each ins�uanca company conceaned is hereby authorized and dire�ted to make payment for such loss directly to Lender, instead of to Bonower and to Lender jointly. All or any part of the insurance procceds may be applied by Lender, at its option, either (a) to the reduction of tha indebtedness under the Note and this Se�►uity Instrument, first to any delinquent amounts appliad in the order in paragraph 3, and then to PrePaYment of PrinciPal, or �) to the restoration or repair of the damaged Property. Any application of the praceeds to the principal ahall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or change the aznount of such payments. Any excess ;n.a��+nc� proceeds over an anmunt requir� to pay all outstanding indebtedness under the Note and this Security Insb�v�ent ahall be paid to the entity legally entitled thereto. In the event of foreclosura of t�►is Security Inshvment or other transfer of titla to tha Properiy that extinguishes the indabtednass, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchas�. 5. Occupancy, Preservation, Malntenance and Protectlon of the Property; Borrowers Loan Application; Leaseholds. Bonower shall accupy, establish, and use the Properiy as Bonower' s principal residence within sixty days after the execution of this Security Instcument (or within sixty days of a later sale or transfer of the Properiy) and ahall continue to accupy the Property as Boaower' s principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue �dahip for Borrower, or unless extenuating circumstances exist which are beyond Borrower's contirol. Borrower shall notify I.ender of any extenuating circumstances. Borrower shall not commit wasta or destroy, damage or substantially changa the Property or allow tha Property to deteriorate, reasonable wear and tear excepted Lender may inspect the Property if tha 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 applic�tion process, gave materially false or ina�xurata information or statem�ents to Lender (or failad to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limitefl to, representations concerning Borrower' s occupancy of the Properiy as a principal residence. ff this Security �nstmm�ent is on a leasehold, Borrower shall comply with the provisions of the l�se. If Borrower �quires fea title to the Properiy, the leasehold and fce title aha11 not be merged unless Lender agr�s to the merger in writing. 6. Condemnatlon. The proceeds of any award or claim for damages, direct or consequantial, in conne�tion with any condemnation ar other taldng of any part of tha Properiy, or for convayanca in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of tha full amount of the indebtedness that remains unpaid under the Note and this Security Ins�nt. Lender shall apply such proceeds to the reduction of the indebte�esa under the Note and this Security Insl�imnent, fust to any delinquent a�unLg appli� in the arder provided in paragraph 3, and then to prepayment of principal. Any applic�tion of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, wluch aze referred to in paragraph 2, or change the amount of such paymeats. Any excess pra�ds over an amount required to pay a11 outstaading indebtedness under tha Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Changes to Borrower and Prot�:tlon of I.�nders Rights in the Properly. Borrower sha11 pay all govern�ntal ar municipal charges, fines and impositions that are not included in paragraph 2. Bonower shall pay these obligationa on time directly to the entity wluch is owed the payment. If failure to pay would adversely affect Lander's interest in the Properly, upon Lender's request Borrower shall promptly fittnish to Lender receipts evidencing these payments. If Bonower fails to make the.4e paymea�ts or tha payments required bY P�Ph 2, or fails to perform any other covenant� and agreements contained in this Security Inslrument, or there is a legal Proc�ing that maY 2200272718 D V4NNE � P M�ortga�ge WITH MQiS-NE Reviaed 4/88 Amanded 7/04 Wdt�a Kluwer � Services VMP4N� 4 oi 0 �' F / /