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201209630 In the event af lass, f3orro�ti-er shall�ivc Lender immcdiate notice by rreaiL Lender may malcc prnof'of'loss iI' nat made prompE]y by Borro�ver. Gach insur;�nec compa�iy c�ncerned is hereby authorized and direcled to make payment lor such]nss direclly lu Lendcr, instea�of to Dorro�ver and to Lender jQ�ntly.All or any par( of the ins�rance prneceds may be�pplied b��I,�nder,at its optiun,eiLher(a)tn 1he reduction nf tE�c indeb[cdness tmder the Nu(e nnd this Securify lnstrument, [irst to any delinqucnt amounls applied in t�c order in para�raph 3,and then to prnpaymeni oF principal,or(b)lo the restoratinn or repair of the tlnmaged Properly.A�ty app�(cation ol'[he proceeds to lhe principal sha11 not extend or postpone Lh�cluc date ol'ttEe manl�tfy poyments tiihich orc referred lo in paragraph?,or chunge the�maunt oi'such paynients.qny excess insurance pracee�S avcr an amounE required to pny a!l a¢tslanding indebledncss undcr the Nate and ihis Securiiy Instrument shal]be paid to the entily lagally en[itled[hereto. '. In tE�e event ot'iamclosurc of El�is Securi€y[nsYrumenl or oti�er trm�sl:er oCti[!e[a the Property that exlioguishes the indcbtedness,alI right, title ai3d interest oi'l3orrower in and tn insurance policies in iorce shall pass tn the parchaser, 5• Occupancy, Preservation, Mainfenartce and Protection of the Property;$orrowers Loan AppljCatio�; LegsBholds.Borro��er sh�ll occupy,establish,and use the Properly 35 Bon•o�ver's principa� residence wilhin sixYy days a!'tei�[he execution pf this Securiiy lnslrume�t(or tvithin sixty da}�s nf n]ater sale or transfcr of fhe Property}�nd shall contintt�tn occupy tl�e Proper€y as Horrower's principn]residence fnr at Icast one ycar aRer the dn[c of occup:�ncy, unless Lender determines lhal requirement tivi]i cause¢nduc hardsliip Por�prru�ver,or unless exie�uating circumstances exist 1j�hicE��re 6cyond BorroH�er's oontrol. Dorrotver shall notii_v Ler�der of any e�tenuating circumslances.Dorro�ver sE�all not cummit waste or destroy, daqiuge nr subslantiully chanec LE�e Property or allnta the Praper(y to dcteriorate,reu�onabfe wear and tcar excentcd. Lender may inspect the property if'the Property is vncant or a6andnned or the laan is in default. l,cnder ma_y��e reasonablc ac�ion to pmtect and preserve such vacati[or n6nndoned Properry. Oorrotver shall alsa be in defau![if E3orron�er,durin�the]oan upp]ication prncess;ga�-e n�aleriatly False or[n�ceurate inlurmolion or stalements lo Lender(or 1'ailed tn provide I,ender with any m�teriol informaliun)in connectian tvilh ihe loan evidenced by the Nate, inclucEing,6ut nat Gmited to,mprescntations cancerning [3orrower's occupancy of the Property as a prinripal residence, fl'(his Security InsLrument is t�n�leaseliolc3, l�urratver shall comply�vitli ttte provisions uf the�casc.Zf Barro�vcr acquires Pee tiE�e io[I�e Property, the leasehold anc!Fee iitle shall not 6e mcrged¢nlcss Lender sgrecs to tlte itlergeC it1 tivrliing. 6. Coredemnation.TE�e praceecis of any award or claim for dnmages,direc[or consequenlial, in cortnection tvitE�any condemnution or other taking of any pa�t uf ihc Properly,or for cnnveyunce in place nl' candemnation,are hereby assigned and shall be pnid to Lender io thc exteni uf the f'u]!amnunt of the indebtedncss[hat remains unpnid under the Note and lhis Security Inst�v��nt.Lender shall apply such praceeds to ihe redu�tinn of the indebicdness under tlia Nate and this Seouri[y[nsirument,first tn nny delinquanl ampunls npp�fed in If�e nrdcr provided in para�rapl�3,and lhen in prepaymen�of'�rincipal.Any �pplication pf fhe proceeds lu flie principa[sha[I nol estend ur postpone the due datc of fhe manlhly payments,which are referred ta in paragraph?,or cltan�e the amnnnt�Fsuch payments. Any excess �roceeds over an amnunt required to pay a[I outstanding indebtedrtess under fi�c Note and lhis Sccurity �nstrument shqll be paid lu the crttily�e�ally en[iHed thereta. 7• Charges to Borrawer and Protection�f Lender's Rights in the Property. [3orro��er shal!pay all governmertt�l or municiPn!charees,finec�t��imposilions that are tiot included in��ragraph 2.Darrocver shal3 p��-diese abligntions on timn dircctly to the entity�vhich is owed the payment. If f'ailure tn pay tivoul�l adverscly al'fect Lender's interest in the Pruperty, upon Lender's requcst Harrot4�er shall prompt[y fur�iish to Lcnder receipls evidenuina thcse pa}•+nents. If Bnrro�ver fails tn m�ke these payments or lhe paymcnts requircd by para�raph 2, or fails Io perform any nthar covenantti nnd agreeitients nonEained in lhis Sacurity Inslrument,or there is a�egal prnoceding thal may -a�2.zo9ea2t FHA IAortga4eN/�TH M�g-�.�E 100o4p7�do1Z057226 '� VMP� ^355 'Nol;a�q�er FnanG�15ervires RrriseA 4/9fi �' 11/4/2012 11:33 AM VMRLNfNF,7[ii�9 � PaSe 9 0!1� '��.