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201211096 montl�ly payments which are referred to in paragraph 2,or change the amount of such payments. Any exCess insurance procecds over an amount required to pay all outstanding indebtedness under the Note and this Security Instmment shall bc paid to the entilv legally entitled thereto. In the cvent of foreciosure of this Sewrity Ins[rument or other transfer of tille to the ProperR�that extinguishes the indebtedness. all rigM, [itle and imerest of Borcower in and to insnr�nce policies in force shall passto the purchascr. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Applieation;LeaseholdsBorrower shall occupy, establish, and use the Property as Borrower's principal residence wilhin siaty days after the execution of this Security Instrumcnl(or wi[hin si�ctp days of a later sale or transfer of the Pmperiy)and shall coniinuc to occupy the Propem� as Borrower's principal residence for at least one year afrer the date of occupancy; wiless Lender de[eanines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which arc bcyond Borrowcr's control. Borrower shall notify Lender of am'ex[enuating circumstances. Borrower shall not conmiit waste or destroy, damage or substantially ctiange the Property or allow the Proper[y to deteriorate, reasonable wear and tear excepted. Lender may inspect thc Property if the Propeny is vacant or abandoncd or thc loan is in defautt. Lender may take reasonable acrion 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 information or statements to Lende�(or failed to pxovide Lender with any matsrial information)in connecrion with the loan cvidenced by the Notc, including but not limited to,represecrtations conceming Borrower's occupancy of the Propert�� as a principal residence. If this Securit� Instrumem is on a leasehold, Borrower shall comply with lhc provisions of the lease. If Borrower acquires fce titic to thc Propert}-, thc leasehold and fce litle sttall not be merged unless Lender agrees to[he merger in writing. 6. Condemnation.The proceeds of any award or claim for damages, direct or consequeirtial, in coimecuon wi[h any condemnalion or other taking of any part of[he Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lcndcr to thc exicnt of thc futl amount of Ihc indebtedness that remains unpaid under lhc Note and[his Secudty Instrument. Lender sliall apph•such proceeds to the reduclion of the indeb[edness under the Notc and this Security Instrumcnt, first to any delinquen[amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of thc proceeds to the principal stiall not extend or postpone the due date of Lhc mon[hly payments,which are referred to in paragraph 2, or change the amount of such papments. Any excess proceeds over au amoum required to pav all outstanding indebtedness under the rote and this Sewriry Inshument sttall bc paid to the entity legally entitled thcrcto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower sl�all pay all govemmcntal or muiucipal cltarges, fincs and impositions that are not included in paragraph 2. Borrowcr shall pay these obliga[ions on time direcfly to the entih-which is owed the pa�-ment. If failure to pay would adverscly affect Lender's interest in the Properly, upon Lender's request Boiro«�er sYiall promp[ly fumish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Securit�•Ins[nament, or there is a legal procccding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy,for condem�ation or to enforce laws or regula[ions),then Lender may do and pay wha[ever is necessary to protect the value of the Pmperty and Lender's rights in the Property,including payment of taxes, Lazard insurance and olhcr items mentioned in paragraph 2. FHF Deed oi TmsLNE 4196 YMP� VMP4R(Nc�ry105).00 Kblters Kluwer Financial Services Page 4 of 10