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201209876 In the event of loss,Boaower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance wmpauy concerned is hereby authorized and directed to make payment for such loss directly to Lender, iastead of to Borrower and to Lenderjointly.All or any part of the insurance proceeds may be applied by Lender, at its option,either(a)to the reduction of the indebtedness under t6e Note and this Security Instrument, first to aay delinquent amouuts applied in the order in paragraph 3, and then to prepayment of principal, or(b)to the restoration or repa'v of the damaged Ptoperty.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 insurance proceeds over an amount required to pay all outstanding indebtedness under the Note aud this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument o�other transfer of title to the Property that extinguishes the indebtedness,all right,title and interest of Borrower iu aud to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Applicatlon;Leaseholds.Borrower s6a11 occupy, establish, and use the Property as Boaower's principal residence withiu sisty days after the execution of this Security Iustrument(or witfun sixty days of a later sale or transfer of the Property)and shall continue to occupy the Property as Borrower's principal residence for at least oue year after the date of occupancy,unless Lender detem�ines that requirement will cause undue 6ardship for Borrower,or unless extenuating c'ucumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenua6ng cuwmstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate,reasonable weaz 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 action to protect and preserve such vacant or abandoned Property.Borrower shall also be in default if Boirower, during the loan applicatiou process,gave materially false or inaccurate information or statements to Lender(or failed to provide Lender with any material information)in connection with the loan evidenced by the Note, including,but not limited to,represe¢tations concerning Borrower's occupancy of the Property as a principal reside¢ce.If this Security Instnunent is on a leasehold, Bocrower shall comply with the provisions of the lease. If Borrower acquires fee title W 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 connection with any condemnation or ot6er taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned a¢d shall be paid to Lender to the extent of the full amount of the i¢debtedness that remains unpaid under the Note and this Security Instrument, Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Inshvment, fust 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,whic6 aze refened 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 eutity legally entitled thereto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all govemmental or municipal chazges, fines and impositions that aze¢ot included in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails W make these payments or the payments required by paragraph 2,or fails to perform any other covenants and agreements contained in t6is Security Instrument, or there is a legal proceeding that may P rs KluwerFlrienWalServk� III IIIII'III II III'llll I II'lllll IIII'II III IIII I III VMP4NMERj(1�109 0 8 q03312381356 0233 Z92 0410 Pegebo}10 �S �