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��i��s29� Tn the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made PromPt1Y bY Boirower. E�h insurance company concernad is hereby autha�rized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proc�ds may ba applied by Lender, at ita option, either (a) to the reduction of the indebtech�ess under the Note and this Security Instrument, first to any delinquent amounts appliad in the order in paragraph 3, and then to prepayment of principal, ar(b) to the restoration or repair of the damaged Property. Any application of the procceds to the principal sha11 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 excee4ss insurance proce�s over an amount required to pay all outstanding indebte�ess under the Note and this Security Instrument shall Ue 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 extinguiahes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force sha11 pass to the purchaser. 5. Occupancy, Prseservation, Malrrtenance and Protectlon of the PrcPertY; Borrower's Loan Applicatlon; Leaseholds. Bonower shall occupy, establish, and use the Properiy as Borrower' s principal residence within sixty days after the execution of tlus Se�u�ity Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Properiy as Borrower' s principal residence for at least one year after the date of occupancy, unless Lender detezmines that requirement will cause undue hardship far Borrower, ar unless extenuating circumstances exist wluch are beyond Borrower' s control. Borrower shall notify Lender of any extenuating circumstainces. Borrower shall not commit waste or �oy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear axcepted. Lender may inspect the Property if tha Properiy is vacant ar abandoned or the loan is in default. Lender may take 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 failefl to provida Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, reprasentations conceming Borrower' s accupancy of the Properiy as a principal residence. If this Security Inslrument is on a leasehold, Hoaower sha11 comply with the provisions of the lease. If Bonower acquires fea title to the Property, the leasehold and f� title shall not be merged unless Lender agr�s to the merger in writing. 6. Condemnatlon. The proc�eds of any award ar claim for damages, dire�t or consequential, in conne�tion with any condemnation or other taking of any part of the Prope�ty, or for conveyance in place of condenmation, are hereby assigned and shall be paid to Lender to the extent of the fu11 amount of the indebtedness that remains unpaid under the Note and this Sec�mty Ins�nt. Lender shall apply such praceeds to the reducrion of the indebtedness under the Note and this Security Inslr�ment, first to any delinquent �unts applied in the arder provided in paragraph 3, and then to prepayment of principal. Any application of the prac�eds to the principal shall not extend or postpone the due date of the monthly payments, which are refened to in paragra.ph 2, or change the amount of such payments. Any excess proceeds over an amount reqwired to pay all outstanding indebtedness und�r the Note and this Sacurity Inshvment sl�all be paid to the entity legally entitled thereto. 7. Charg� to Borrower and Prot�tlon of Lenders Rtghts In the Property. Borrower shall pay all govein�ntal or mimicipal charges, fines and impositions that are not included in paragraph 2. Borrower shall 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 Property, ugon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Bonower fails to make these payments or the payments required bY P�Ph 2, or fails to perform any other covenants and agreements contained in tlua Se�urity Instrument, or there is a legal proceeding that may 2200233183 D V4NNE FHA Mortgage WfTFI MERS-NE Revlsed 4/98 Amended 7l04 VMP (ql VMP4N(NE) (1106) W�e K�wer F�w� S�rk� P�e 4 of 10 �� ��O'�