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201303279 <br /> directed to make payment for such loss to Lender,instead of to Borrower and Lender jointly.Insurance <br /> proceeds shall be applied to restoration or repair of the damaged Property,if the restoration or repair is <br /> economically feasible and Lender's security is not lessened.If the restoration or repair is not <br /> economically feasible or Lender's security would be lessened,the insurance proceeds shall be applied <br /> first to the reduction of any indebtedness under the Second Note and this Security Instrument.Any <br /> excess insurance proceeds over an amount required to pay all outstanding indebtedness under the <br /> Second Note and this Security Instrument shall he paid to the entity legally entitled thereto. <br /> In the event of foreclosure of this Security Instrument or other transfer of title to the Property that <br /> extinguishes the indebtedness,all right,title and interest of Borrower in and to insurance policies in <br /> force shall pass to the purchaser. <br /> 4.Occupancy,Preservation,Maintenance and Protection of the Properly;Borrower's Loan <br /> Application;Leaseholds.Borrower shall occupy,establish,and use the Property as Borrower's <br /> principal residence atter the execution of this Security Instrument and Borrower(or at least one <br /> Borrower,if initially more than one person are Borrowers)and shall continue to occupy the Property as <br /> Borrower's principal residence for the term of the Security Instrument."Principal residence"shall have <br /> the same meaning as in the Loan Agreement. <br /> Borrower shall not commit waste or destroy,damage or substantially change the Property or allow the <br /> Property to deteriorate,reasonable wear and tear excepted.Borrower shall also be in default if <br /> Borrower,during the loan application process.gave materially false or inaccurate information or <br /> statements to Lender(or failed to provide Lender with any material information)in connection with the <br /> loan evidenced by the Note,including,but not limited to,representations concerning Borrower's <br /> occupancy of the Property as a principal residence.If this Security Instrument is on a leasehold, <br /> Borrower shall comply with the provisions of the lease.If Borrower acquires fee title to the Property, <br /> the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. <br /> 5.Charges to Borrower and Protection of Lender's Rights in the Property.Borrower shall pay all <br /> governmental or municipal charges,fines and impositions that are not included in Paragraph 2. <br /> Borrower shall pay these obligations un time directly to the entity which is owed the payment.If failure <br /> to pay would adversely affect Lender's interest in the Property,upon Lender's request Borrower shall <br /> promptly furnish to Lender receipts evidencing these payments.Borrower shall promptly discharge any <br /> lien which has priority over this Security Instrument in the manner provided in Paragraph 12(c). <br /> If Borrower fails to make these payments or the property charges required by Paragraph 2,or fails to <br /> perform any other covenants and agreements contained in this Security Instrument,or there is a legal <br /> proceeding that may significantly affect Lender's rights in the Property(such as a proceeding in <br /> bankruptcy,for condemnation or to enforce laws or regulations),then Lender may do and pay whatever <br /> is necessary to protect the value of the Property and Lender's rights in the Property,including payment <br /> of taxes,hazard insurance and other items mentioned in Paragraph 2. <br /> To protect Lender's security in the Property,Lender shall advance and charge to Borrower all amounts <br /> due to the Secretary for the Mortgage Insurance Premium a.s defined in the loan Agreement as well as <br /> all sums due no the loan servicer for servicing activities as defined in the Loan Agreement.Any amounts <br /> disbursed by Lender under this Paragraph shall become an additional debt of Borrower as provided for <br /> in the Loan Agreement and shall be secured by this Security Instrument. <br /> 6.Inspection.Lender or its agent may enter on,inspect or make appraisals of the Property in a <br /> reasonable manner and at reasonable times provided that Lender shall give the Borrower notice prior to <br /> Page 3 of la l:ECMI Seomd DecL Of T:.ul <br />