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201208059 In the event of loss,Borrower shall give Lender immediate no[ice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lenderjoiutly.All or any part of the insurance proceeds may be applied by Lender,at its option, either(a)to the reduction oFthe indebtedness uoder the Note and t6is Security Instrument,fust to any delinquent amounts applied in the order in pazagraph 3,and then to prepayment of principal,or(b)to the restoration or repair of the damaged Property. Any application of the proceeds to the principal s6a11 not extend or postpone the due date oFthe monthly payments which aze referred 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 forecloswe of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness,all right,title and interest of Boaower in and to insurance policies in force shall pass to the pwchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;LeaseholdsBorrower shall occupy, establish, and use the Froperty as Borrower's principal residence within sixry days after the execution of this Security Iostrumeut(or within sixty days of a later sale or traasfer of the Property)a¢d shall continue to occupy the Property as Bonower's principal residence for at least one yeaz after the date of occupancy,unless Lender detennines that requirement witl caase undue hardslup for Borrower,or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any exteuuating circumstances. Borrower shall not commit waste or deshoy, damage or substantially change the Property or allow the Property to deteriorate,reasonable wear 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 actiou to protect and preseroe such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or ivaccurate information or statements to Lender(or failed to provide Lender with auy material information)in connection with the loan evidenced by the Note, including,but not limited to,representations conceming Borrower's occupancy of the Property as a pnncipal residence. If this Securiry Instrument is ou a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property,the leasehold and fee title shall uot be merged unless Lender agees to the merger in writing. 6. Condemnation.The proceeds of any awazd or claim for damages, direct or consequential, in connection wi[h any condemnation or other taking of any pazt of the Property, or for conveyance in place of condemnation, aze hereby assigned and shall be paid to Lender to the exteut of the full amount of the indebtedness that remains unpaid under the Note and this SecuriTy Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note aud this Security 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 a¢amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Chargesto Bomowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all govemmental or municipal charges, £mes and impositions that aze not included in paragraph 2. Borrower shall pay these obligatioas on time directly to the e¢tity which is owed the payme¢t. If failure to pay would adversely affect Leuder's interest in the Property, upon Lender's request Bonower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragrap6 2,or fails to perforcn any other covenants and ageements contained in this Security Instrument,or there is a legal proceeding t6at may FWl Morigage WITN MERS-NE Reviaed 4H8 VMP� VMP6N(NEl(1109).00 woMersKluwerFinazialservicea q03309004900 0233 373 0410 Vage4of10 �� i G��