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201208584 In tE�e event of loss, Borrawer sh�tll give Lender immedizte notiGe hy mail. I,ender may make proof of loss if not made prompEly by Borrower_ Sacli insurance company concertted is ltereby authorized and directed to make payment For sucl� 3oss directly to Lender, instead af to Borro�ver and ta L.ender jointly. All or any part of kE�e insurance proceeds may 6e applied by Lender, at its ❑ption, eitE�er(a)to tfie reduction ai'tl�e inde�tedness under tlie Note�nc[ this Seci�rity tnstrument, frsk to any c�elinquent amnunts applied in the e7rder in �iaragraph 3, aiid t[ien to prepayment of pri��ci�al, or{h}to the restoration or repair of tEie damaged Property. Any applicaYion oF th� proceeds to ihe principal sEiall not e�tend or postpone the duc dt�Ye of the monthly paymcnts wliioli �ere referred to in p�r��r��h 2, or ciiange the amnunt a['sucF� p�yments. Any excess irEsurance proceeds ove�•an amount requi�•ed to pay ali outstandin� indebtedness under the t+lote and this Security Instrument sEiall be paid to tl�e entity legally antit[ed tl�ereto. In tEie event of foreclosure of tltis Security lnstrument or other transfer af title to the Property tliat extinguishes the indebtedness, all right, titic and intcrest of Borrotver in and to insurance pnlici�s in force sh�ll p3ss lo lhe purch�ser. 5. Occupancy, Preservation, Maintenance and Pratectian of the Praperty; Borrower's Loan Application; Leaseholds. f3urruwer skiall a��upy, estai�lisl�, and use tEie PraPerty as Sorrower's principal residence within sixty days after die execution af[liis Security InsErument(or within sixty days of� l�ter sale or trAnsfer of the Property) and sliall continue to occupy t11e Property �s f3urrower's principal residence For at leasc one year after tiie date of occupancy, unless Lender determines that requiremertt will cause unduc Eiardship for Borrawar, or unless extenuati��g circumstances exist which are beyond Borrower's conCrol. Sorruw�r shaii natify Lencfer of ac�y extenuatii�g circumstances. Borrower sliall na[commit waste or destroy, �[ama�e or suhstantially change the Property or allow tlte Property [a deteriorate, reasonabla wear and C�ar e�tcepted. I�eitder may inspect tlte Property if the Property is vacant or abandaned or the loan is in deF�tilt. E.e�der may Yake reasonable action to proCect nnd preserve sttclt v�cnnf. nr ahandnned Property. Barro�ver shall alsn 6� in �3ef3uIL if E3urruwer, du�•i�ig the loan appEication pracess, gave materially false or inaccuratc inForn�atian or statements to Lender (or faiE�d to provide Lender with any materiff[ information) in connection �vitEi the loan cvidenced 6y [hc NaEe, inc[uding, �irt not Eimited �n, rrpresen�ations cancerning Liorrower's accupancy ut'the Proper�y as a principal �•eside�zce. ]f tEiis Security Instrument is on a leaseilold, Borrower sltall campiy �vitl� Ylte provisians of the lease. If 13orrower ecqoires fce title to the properly, lE�G leasehald and fee tiEle shall not �ie merged unless Lender a�rees to th� rrcer�er in writing. 6. Condemnation. 'I�lie �E•oceeds of any awarc� or claim for damages, direct or consequentinl, in connection with any candemnation or otlaer taking of any part of the Property, or for conv�yance irt place of condernnation, are hereUy assi�ned and shall b� paid tu Lender lo tl�e extent of the fu[[ amount of the indebtedness tltat remains unpaid under tlte Nnte and tliis Security Instrument. [..ender sllall apply sucli proceeds to tlte reduction of tlle indeGtedness under t[�e Note and this Security [nstrumenY, first tn �tny delinc{uent amounts app[ied in tli�order provided in paragraph 3, and then to pre�aayment of principal. Any application of the proceeds to tl�e princi�nl shal l nnE exLend or postpoi3e the due date of the montl�ly payments, wt�irl� are refeE•red to in para,�raph 3, or change tl�e amount of such paymcnts. Any excess proceeds over a�� amount required to pay all outsianding inde�tedness imder the Noln and this Security Instrumcnt s3lall be paid to the entity legally entitl�d lharetu. 7. Charges to Borrower and Protection of L�nder's Rights in the Property. Borrower sEtall pay al] �overnmental or municipal charg�s, I[17CS ilf74j E111�]O5ILI0115 t�lr7�c7fC'{lpC included in para�raph 2. Borro�vcr sliall pay these o�ligations on time directly to the entiry wliicl� is o�ved the payment. If failirre In ��y wauld adversely affect Lender's inierest in the I'roperty, up�n Lender's request Burrower shall pro�tipCly Furnish to Lender rcccipts cvidencing these payments. [f Borrawer fails to mgke these payments or Ch� payments E•equired by para�raph 2, or fai{s to perform any oth�r covCnants and a�reen�e�its contained in tE�is Securiry InsErument, or there is a legal praceedin� ll�::tl rttay Z�S2-21292fi2 10��4975]001.'.O3•353J �4�� FHA Morlgage WITH MERS.NE Aevised A796 VMP[7 VMPANI��)(11091 Wolters ISluwer Fin;sncial3ervices 1�191201Z ?:SO 5'M PageA af to