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��14��953 In the event of lass,Barrower sh�ll give Lender immediate�otice by mai�. Lender ma�make pro�f of loss if not made promptly by Borrower. Each insu�nce compar�y concerned is hereby author�zed and directed�o make payment for su�h l��s dire�tly to Lender, instead of to Borrower and to Lender j�intl�.A.II or any part of the insurance proceeds may b�app�ied by Lender,at its opti�n, either[a)�o the redu�tiaa of th� xnde�tedness under the Note and this Sec�ri��s�rument,f�s�to any delin�quent am�unts appl�ed in the order in paxagraph 3,and then to prepayment�f princ�pal,or(b}to the re�toration ar repair of the damag�d Propexty.Any applieation of the proceeds to the principal sha11 not�xtend or posfipone the due date of the month�y�ayments which are referred to in paragraph 2,or change th�amount of such payments.Any excess insurance pr�ceeds over an am�unt required to pay all outstanding intlebt�dness under the Nvte and this Security Ynstrument sha�l be paid to the entity tegall�entit�ed there�o. In the e�ent of foreclosure of this Security Instrument or other tra.nsfer of title to the Fro�ert�that extin�uishes the�ndebtedness,al�right,tit�e and int�rest of Bonower in and��insu�rance�olici�s in force sha�1 pass t��he purchaser. 5. �ccupancy, Preservation, Maintenance and Prr�tectivn of the Pr�operty; Bvrrvwer's Laan App��eation;Leaseholds.Borrower shall occupy, establish, and use the Praper�y as Borrower's principal residen�e within s�xty days after�t�he execu�ian of th�s�ecurity Instrument(or witl�in sixty da�s of a later sale or tran.sfer of the Property)and sha11 continue to�ccupy the Property as Borrower's principal res�dence for at least�ne year after the date af occupancy,unl�ss Lend�r det�rmi.nes that requirement wi��cause undue hardship for Borrawer,or untess extenuating cireumstances ex�st which are beyand Bonovver's c�ntrol. B�rrower sha11 n�t�fy Lend�r of any extenuat�ng cu-cumstances.Borro�ver shall n.ot comm�t waste�r destroy, damage or substan.tially chang�the Proper�y or a11ow the Property to deteriorate,reasonable wear and tear excepted.�.ender may�n�pect the Property�f the Property is vacant ar abandoned ar the laan�s�n default. Lender may take reasonable action ta protect and preserve such�acant�r aba�don�d Property. B�rrower shall also be in default if Borrower,during the Ioan applicatian proc�ss,gave materia��y false ar inaccurate information or statements to Lender(or failed to pr�vide Lender�vith any material�nformat�on)in connection�ith the laan evidenced by th�N�te, including,but not limit�d to,repr�sentations coa�erning Borrower's accupancy of the Proper�y as a principal re��denc�.If this S�curity Instrum�nt is on�leaseho�d, F�orrow�r sha11 comply with the pr�visions�f the lease. If�3orrawer acquires fee title to the Property,the leasehold and fee tit�e shal�not be merged ual.ess Lender agr��s ta the m�rger in�vriting. S� �ondemn�tivn.The proce�ds af any awarcl or claim for damages, direc�or consequential, in connecti�n �ith an��andemnation ar�ther taking of any pa.r�of the Praperty, or for conveyance in place of c�ndemn�tion, are h�reby ass�gned and sha11 be paid to Lend�ta the extent of the full amaunt of the indebtedness that remain.s unpaid under the 3�ote anc�this Security Instrument. �en�.er sha11 app�y suc�h pra�eeds to the reduction vf the�ndebtedness under the Note and this Security Instrument, fust to any del�nquent amounts applied in the vrder provid�d in paragraph 3,and then to pr�payment of prin�ipal.An� app�ication of�he proceeds to the principal shall n�t extend or postpan�the due date of the manthly payments,which are referred tv in paragraph 2,or change the amount of such paymen�s.Arly excess praceeds over an amaunt re�uired t�pay all outstanding indebtedness under�the Note and th�s Security in.strum�nt sh�ll be p�.id to t�he entity lega�ly entit�e�thereto. 7. �harges to B�r�rower and Prvtection vf Len�er's Rights i n th�Praperty.Borrower shall pay a11 gvvernrnentai or municipal charges, fYnes and impasiti�ns tha�are n�t inc�uded in paragraph 2. Borrower ; ; sha11 pay these obligations on t�me d�rect�y to the ent�ty which is o�ed the payment. If fai�ure to pay would advers��y affect L�nder's �nterest in the Property, upon Lender's request Borrower shall promptly furn�sh to L�nder receipts e�id�nc�ng these payrnen.ts. , ; , � If I3orrower faiis tv make these pa�ments ar th�gayments required by para�raph�,or fails to perform any oth�r cavenants and agreements c�ntain�d in this Security Instru.ment,or there is a Iega1 pr�c�eding�hat may FHA Mortgage WITH MERS-NE Re�ised 41� VMP� VMP4N[NE)[1302}.4� Wa�te�Kluwer Financia!Serv�ces Fage 4 of 4 Q q�3323i59�89 t3Z33 29? t�41�