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201208107 In the event of loss, Bonower shall give Lender immediate uotice by maiL Lender may make proof of bss if not msde promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment ft�r such loss directly to Lcnder, instead oti to Borrower and to Lenderjointly. All or any part of the insurancc proceeds may be applicd by Lender,at its option, either(a)w the reduction of the indebtedness under the Notc and this Security Instrumcnt, first to any dclinyuent amounts applied in the order in paragraph 3,and thcn to prepayment of principsl,or(b)to thc restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not cxtend or postpone the due date of the monthly payments which are referred to in paragraph 2,or change the amount of such paymcnts. Pary excess insurance proceeds over an amount required to pay all outstanding indebteduess under thc Note and this Securiry Iustrument shall be paid to the entity legally entitled thereto. In t6e event of fo�eclosuie of this Secuiity Instrumcnt oL other aansfcr of titic to the Pzopecty that extinguishcs 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 Application;Leaseholds.Borrower 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 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 exist which are beyond Bonower's control. Borrower shall notify Lender of any extcnua[ing circumstances. Boaower shall not commit waste or desttoy, damage or subs[antially change the Property or allo�v the Property to deteriorate, reasonable wear aud tear excepted. Lender may inspec[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 inaccurate infortnation or statements to Lender(or failed to provide Lendei with any matetial information) in connection with the loan evidenced by the Note, including, but not limited to,representations concemi�g Borrower's occupancy of the Property as a principal residence. If this Security Instrumen[is on a leasehold, Borrowcr shall comply with the provisions of the lease. If Rorrower acquires fee tifle [o the Property,the leasehold and fee titic shal I not be mcrgcd unless Lcndcr agrees to the mcrgcr in writing. 6. Condemnatlon.Tfie proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation 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 estent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instniment. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and 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 ovcr an 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 Borrowerand Protectionof Lender'sRightsin the Property.Rorrowcr shall pay all governmental or municipal chxrgcs, fiues and impositions that are not included in paragraph 2. Borrowcr shall pay these obligations on time directly to the entity which is owed the paymcnt If failure[o pay would adversely affect Lendcr's interest in thc Property, upon Lender's rcyucst Borrower shall promptly furnish to Lender rcceipts evidcncing these pxyments. If Borrower fails to make these payments or t6e payments rcquired by paragraph 2,or fails[o perform any other covenants and ageements coutained i��this Security Insm�meut, or there is a legal proceeding that may WPrs�KguwerFnanclalServces IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII VMP4NMPeg�e49ofW q03309003832 0233 373 0410