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20120546� monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess inswance 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 Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Applic8tion;Leaseholds�orrower shall occupy, establish, and use the Property as Borrower'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 shall continue to occupy the Properiy as Bortower's principal residence for at le,ast one year after the date of occupancy, unless Lender detetmines that requirement will cause undue hardship for Bortower, or unless extenuating circumstances exist which are beyond Borrower's control. Bonower 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 we,ar and tear excepted. Lender may inspect the Property if the 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 application process, gave materially false or inaccuiate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Bonower's occupancy of the Property as a principal residence. If this Security Instn�ment is on a leasehold, Bonower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation.The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amouat of the indebtedness that remains unpaid under the Note and this Security Inshvment. Lender ahall apply such proceeds to the reduction of the indebtedness under the Note and this Secutity Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess 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. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all governmental or municipal charges, Snes and impositions that are not included in paragaph 2. Bonower shall pay these obligations on time directly to the entity which is owed the payment. If failute to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower 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 sigui6cantly affect Lender's rights in the Property (such as a proceeding in banlauptcy, for condemnation or to enforce laws or regulations), then Lender 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, hazatd insurance and other items mentioned in paragraph 2. FHA Deed of Trust-NE VMP � Wolte�a Kluwer Fl�nclal Servicea a�ss VMP4R(NE) (11Q5).00 Page 4 of 10 �� ��