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201208502 In the event of loss, Borrower shall give Lender immediate notice by maiL Lender may make proof of loss if not made promptly by Borrower. Each iusurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instoad of to Borrower and to Lenderjointly.All or auy part oFthe insurance proceeds may be applied by Lender, at its optiou, either(a)to the reduction of the indebtedness under the Note and this Securiry Instrument, first to any delinquent amounts applied in the order in pazagraph 3,and then to prepayment of principal,or(b)to the resWration or repair of the damaged Property. A¢y 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 insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Securiry Instrument shall be paid to the entity legalty 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 Application;Leaseholds.Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instntment(or within sixty days of a later sale or haasfer of the Froperty)and shall continue to occupy the Property as Borrower'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 Borrower's control. Borrower shall notify Lender of any extenuating circumstauces. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate,reasonable weaz and teaz excepted.Lender may inspect the Property if the Property is vacant or abaudoned 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 infocmation or statements to Lender(or failed to provide I,ender with any 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 principal residence. If this Secwity Instrument is on 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 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 coonection with any condemnation or other talcing of aoy part of the Property, or for couveyance in place of condemnation, aze hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds W the reduction of the indebtedness under the Note and this Security Instrnment, first to any delinquent amounts applied ia the order provided in paragraph 3,and tLen 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 aze 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. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all govemmental or municipal c6arges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time d'uectly to the entiry which is owed the payment. If failure to pay would adversely affect Lender's interest in t6e Property, upon Lender's request Borrower shall promptty fumish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by pazagraph 2,or fails to perform any other covenanu and ageements contained in this Security Insuvmeut,or there is a legal proceeding that may W�aKgu�F'�Ma ServE� III IIIII�IIIIII II IIIIIII IIIIIII IIIIIIIIIIII III III VMP�,N�;;,a�� q033 01378 0233 289 0410 n l �!�/�v