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201205460 monthly payments which are refened to in pazagraph 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 Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Se,curity Insnument 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, Preservafion, 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 this Security Instrument (or within sixty days of a later sale or transfer of the Property) and sha11 cantinue 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 hardship for Borrower, or unless extenuating circumstances elcist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall 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 Properiy if the Properiy is vacant or abandoned or the loan is in default. I.ender may take reasonable action Eo protect and preserve such vacant or abandoned Froperty. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information ar statements to Lender (or failed to provide Lender with any material information) in conne,ction with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occuparn,y of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower s�hall comply with the provisions of the lease. If Bonower acquires fee ritle to the Property, the leasehoid and f� title shall not be mergect unless Lender agre,es to the merger in writing. 6. Condemnation. TFie proceeds of any award or claim for damages, dir�t or consec}uenrial, in coffie,ction with any condemnation or other takiIIg of any part of the Praperty, or for conveyauce in place of condemIIatioa, are hereby assigned a�cd shall be p�id to Lender to the extent of the fu11 amount of the indebtedness that *�;?►� unpaid under the Note and tfiis Security Instrument. Lender shall apply such proceeds to the reducrion of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts appli� in the order provided in paragraph 3, and then to prepayment of principal. Any application of the groceeds to the principal shall not elctend or �stpone the due date of the monthly payments, wluch aze referred to in pazagraph 2, or change the amount of such payments. Any excess proceeds over au amount required to pay all outstanding indebtedness under the Nate and this Security Instniment sha11 hs paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower sha11 pay all governmental or municipal chazges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time dir�tly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly fiunish to Lender rec;eipts evidencing these payments. If Bonower fails to make these payments or the payments required 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 significandy aff�t Lender's rights in the Property (such as a proceeding in banlmiptcy, for condemnation or to enforce laws or regularions), then Lender may do and pay whatever is n�essary to prote,ct the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. FHA Deed of Trust-NE 4/96 VMP Q VMP4R(NE) (1109) Wolters Kluwer Financial Services Page 4 af 10