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��14��55 In the event of 1�ss,Barrow�r shal�give Lender immediate notice by mai1. Lender m�y mal�e proaf of loss if not made prnmptly by Borrower. Each insurance cornpany concerned is hereby authorized and directed to make payment for such�oss duectly to Lender,instead of to Borra�ver and to Lender j�intly.A�1 or any part af the insurance proceeds may be a�aplied by Lender,at its op�ion, either(a)to the reductian of the �ndeb�edness�nd�r the N�te anc�thYs Secur�t�In�trum�nt, first to any de��nqu�nt amounts app��ed in��e order in paragraph 3,and then to prepayment of prineipal,or(b�t�the re�tora�ion or repair of the damaged Property.Any applicat��n of the proceeds to the pr�ncipal sha11 no�extend or postp�ne the due date af the monthly payments which are referred to in paragraph 2,or change the amount of such payments.Any excess insurance proceed�a�er an amount required ta pay a11 out�tanding indebtedness und�r the No�e and this S�curity�nstrument sha11 be paid to the entity legally entitled�hereto. In the event of foreclosure of this�e�uri�y'Instrument or ather transf�r of title to the Property that �xtinguishes the indebtedness,a11 right,title and interest of Borro�ver in and ta in�urance policies in force shall pass to the purchaser. 5. C�ccupancy, Preservation, IlAaintenance and Protection Qf the Proper#y; Barrower's Loan Ap p I i cati o n;Leas�h o I ds 13orrower shall occupy, establi�h, and use the F'roper�y as Borrawer's principal residence within six�r days after the execu�ion of this Security Instrument tor withi�.six�y days of a later sale or transfer of the Property}and sha11 can�inue�o accupy the Property as Borrower's principal residen�e for at least one year after the date of occupancy,unless Lender determines that requirem�nt tivi11 cause undue hardship for Borro�ver,or un�ess extenuating circumstances exist which are bey�nd Borrower's control, Borrawer sha11 notify Lender of any extenuating circumsta.nces, Borrower sha11 not Gommi��aste or destray, damage ar substantially change the Property or a11ow the Property ta deteriorate,reasonab�e wear and teax ex�epted. Lend�r rnay inspect the Property if the Proper�y is vacant or aband�ned�r the loan is in default, Lender may�ake reasonable ac�ion to pratect and preser�e such�acant or abandoned Froperty, Borro�ver shall also be in default if�3orrower, d�.�ring the�oan application praeess,gave materially false or inaceurate information or statements to Lender�or fai�ed ta provide Lender with any mater�al information}in connection with the loan evidenced by the�Tote, including,but not�imited to,representa.tions concerning Borrawer's occupancy of the Proper�y as a principal residence. If this S�curity Instrum�nt is on a leasehold, Borrow�r sha11 comp�y�vith the prov�sions of�he Iease. If Borrawer acquires fee title to the Property,the leasehald and fee tit�e shall not be merged un�ess Lender agr�es to the merger in writing. �. ��ndemr�ation.The proceeds of any award or claim for damages, direct or consequential, in cannection �v�th any condemnation or o�her ta.king of any part of the Property, or for canveyance i�p�ace af candemnation, are hereb�assigned and sha11 be paid ta Lender to th��xtent of the fu11 amoun�of th� �ndebtedness that remains unpaid under the Note and this 5ecurity Instrument. Lender sha�t app�y such proceeds to th�reduction of the xndebtedness under the Not�and this Security�nstrument, first to any delinquent amounts applied in the order provided in paragraph 3,and then to prepayment of principal.An� application af the proceeds to the�rincipal shall nat extend ar postpone the due date�f the monthly payments,which are referred to in paragraph 2,or change the amount of sueh payments.Any excess proceeds over an amount required to pay a�l flutstanding indebtedness under the No�e and this Security Instrument sha11 be pa�d ta the entity�ega�Iy entitled thereto, ?. Chargesto Borrovverand Protectionof Lender�'s R�ghts in the Property.Borrawer sha1�pay all governmental ar municipal charges, fines and impasitions that are not inc�uded in paragraph 2. Borrawer �hal�pay these obli�ations on time dir�ctly to the entity which is owed t�e payment. If failur�to pay�au1d adversely affect Lender's interest in the Property, upon Lender's request Borrower sha11 promp�ly furnish t� �,e�der r��eipts e�rrdenc�.ng t��se pa�ments. If Borrower faits to make these payments or the payments required by paragraph�,or faits to perform any other co�renants and agreemen�s contained in this Security Instrument,or there is a 1ega1 proceeding that may .�� •�'� FHA Mortgage WITH MEFiS-NE Re�ised 419fi VMP� VMP4N[NE}{'�342}�0 �IValters PCluwer Fir�ancfiai 5enrices Page 4 af 9❑ qQ33�5�91344 0233 348 �41p