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201301902 In the event of loss, (iouower shall give I ender immediate notice by moil. Lender may make pt„ot of loss if not trade promptly by Borrower Each insurance company concerned is hereby authorized and directed to make payment tot such loss directly to Lender, lust:ad of to Borrower and to Lende' jointly. All of any patt of the insurance proceeds may be:tpploed by Lender, at its option either tail to the reduction of the indebtedness under the Noic and this Security Instruirent. Gist to ant' delinquent amounts applied in the order in paagraph 3, and then to prepayment of principal. of th; to the restoration or repair of the damaged Property. Any apptieatio❑ of the preeeedr to the principal shall not extend or postpone the due dare of the monthly Payinents which are Referred to in paragraph _, or change the anamot of such payments. Any excess insurance ptneeeds at CI an anvntnt required to pay all outstanding irrd:ntedness wider the Note and this Security listrnmctst she he paid to the entity legally entitled thereto In the ,:c4ni of hneelosur:of this Secutits Instrument or other transtet-of title to the Property that extinguishes the indebtedness- all right- title and niftiest of Boiruwer in and to insurance policies in tutee ,hall pass to the purchaser 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Appiication;Leaseholds.Borrowcr shall occupy. establish. and use the Property as Borrower's principal residence within sixty days attet the CV,CIA of this Security Instrument for within si sty days of a later sale or tisinsfer of the Property and shall continue to occupy the Property as Berrosser's principal n>tdenee tin a least one year atter the date of occupancy, unless Lender determines that tequu-entent will cause undue hardship for Ron-'tw,:r, or unless c.xt.nuahng cir:uinstanees CXist which are beyond Borrower's control Borrower shall n+tif y Lender of any:'.xtenuatitup eiretimwtanees Beti'Wee sisal! nor commit waste or destit'y, damage or substantially change the Praperty or allow the Propett.i to deteriorate, reasonable war and tear excepted. Lender may inspect the Property if the Prs crtc, is vacant or abandoned or the loan is in default. Lender may take reasonable action ire protect and present c such vacant or abandoned Ptoperty. Borrower shall also be in default if Bormtver, during the Ivan application process. gave materiallc fake of inaccurate information or statements to Lender(or faded to provide tender with any material informations in connection with the loan evidenced by the Note, including. but not limited to. repo csenlati,ni.s Lonecrinng tionowet s occupancy of the Property as a principal residence. If this Secnrit_/ II strnnielit is on a leasehold. Borrower shah comply with the provisions of the lease. It Borrower acquires tee title to the Property. the leasehold and lice title shall not he merited unies:s Lender apty'es to the merger in writing 6. Condernnation.Thc ptocecds of any award of claim Ms damages. dircel or c'insequenttal. in connection with any condemnation or other taking of any pact of the Property. or for eunveyannee in place of ew:deinnitwn. are her,hy assigned and shall he paid to Lender to the extent of the lull amount ot'the indebtedness that reimmlls unpaid under the Nt''te and ions Security Insh[ua,it. Lender shall apply such proceeds to the reduction of the indebtedness wider the Note and this Securi t_; 'Usti uinent. ti 1st to any dctingsieni amounts applied in the order pre t toed in paragraph 3. and then to prapa•:ment of principal Any application of the proceeds to the principal shall net extend a,r postpone the due date of the monthly payments. which sire referred to in paragraph or change the amount of such payments. Any excess proceeds rivet an amount iegnnrd to pay all outstanding. indebtedness tinder the Note and this Security Instrument shall be paid to the entity legally entitled thereto 7. Chargesto Borrowerand Protectionof Lender's Rights in the Property.Horitiwer shall pa: all governmental 01 municipal ch.n'ges. fines and impositions that are not included in paragraph 2 Borrower shall pay these obligation:on time diseetly to the entity which is owed the paym'ent. It Iatture itt pay would adversely affect Lender's interest in the Property. upon Landers request Borrower shall pioniptty hu'nish to Lender receipts evidencing these payments If Borrower tails to make these payments or the payments required by paragraph 2. or Mils to perform any other eovenaofs and agreements contained in this Security Ln..trtimall. or then_ is a legal proceeding that may Vtrsn r_ageFr . ^ Ill �l i1 1l11!l111 ai*142% i /vP.c;wR huv.ei raryw ll ll1l111 11111E111 il! . v�MP4uuNEI ,nNi 03317764472 0233 370 0410