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��14��435 In the e�ent of 1oss,Borrower shall give Lender imm�diate notice by mai1. Lender may mak�proof of loss if not made promptly by Borrower.Each insurance company can�erned is hereby authoriz�d and directed to make payment far such l�ss direct�y to Lender,in�tead of to Barrower and ta L.end�r jaintly.A�1 or any part of the insurance praeeeds may be applied by Lender,at its option, either(a)to the reduction of the indebtedness under the Note and this 5ecurity Instrument, first to any de�inquent amaunts applied in the order in paragraph 3,and then ta prepayment of prin�ipal,or(b}to th�restora�ian or repair of th�damaged Property.Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2,or change the amount of such payments.Any excess insurance praceeds over an amount req�ired to pay a11 outstanding indebtedness under the Note and this Security Instrumen�sha1�be paid to the entity 1egal�y entitled thereto. In the ev�nt of forec�osur�of this Security Instrument or other transfer of�itle to the Property�hat extinguishes the indebted�ess,alt rrght,title and int�rest of Barrower in and�o insurance policies ia force shall pass to the purchaser. 5. �ccupancy, Preservation, Maint�nance and Protectivn of the Property; Borrawer's Loan Appiication;Leaseho�ds.Borrower shall occupy, esta.bli�h, and use the Property a�Sorrower's principa� residenc�within sixty days af�er th�exe�utiQn pf this Security Instrur�ent�or vvithin sixty days of a later sale ar transfer of the Property}and shall continue�a occupy the Property as�orrower's prinGipa�residence far at Ieast one y�ar after the dat�of occupancy,unless Lender determines that requirement will cause undue hardship for Borrower,ar unless ex�enuat�ng circumstances exist►vhich are beyond BQrro�ver's cantra�. Borrower shall notify L�nder of any extenuating circumstances. Borra�ver shall not commit waste or destrQy, damage or substantially change the Property ar allovsr the Praperty to deteriorate,reasonable wear and tear excepted. Lender may insp�ct the Property if the Proper�y is vacant or abandoned or the�oan is�n default. Lender may ta.ke reasonable action to prote�t and preserve such vacant or abandonec�T'rop�rty. Borrower sha11 also be in default if�orro�er,during the loan application process,gave materially false or inaccurate informatidn or statements ta Lender�or failed to provide Lender�vith any material information}in cannection`uith th�loan e�idenced by the Note, including,but nat limited to,representatians cancerning Barr�wer's occupancy of the Property as a principal residence.If this Security Instrument i�on a leasehold, Borrower sha11 compl�with the provisians of�he lease, �f Bono�er ac�u�.res fee ti�le to the Property,the leasehold and fee�itle shall not be merged unless Lender agrees to�he merger in writing. fi. Condemnation.The proceeds of any award or ciaim for damages, direct or consequential, in connection with any condemnation or other ta.king af any parE of the Property, or for con�eyance in place of condemnation, are hereby assigned and shall be pa�d�o Lender to the extent of the fuIl amount of the indebtedness that remains unpaid under the Note and�his Security�nstrument. Lender shall apply such prt��ds to the r��luction of the i�d�btedness under the�ote and this Securit�r Instru�en�t, first to an}� delinquent amount$app�ied in the order pro�ided Yn paragraph 3,and then to prepayment of principal.Any application of the proceeds to the principal sha11 not extend or postpane the due�ate of the monthly payments,which are referred to in paragraph Z,or change the amount of such payments.Any ex�ess proceeds over an amount required to pay a11�utstanding indebtedness under the Note and this Security Instrument shatl be paid t�the�ntity l�ga�ly ent�t�ed�heret�. �. ChaFgesta E�o�rawer at�d Pratect�onaf L�nder's Rights in the Prvp�rt�y.Borro�ver shall pay a11 governmental or municipa�charges, fiaes and impositions that are not included in paragraph 2. �3arrower shall pay these obligations an time directly ta the entity which is awed the paytnent. If failure to pay wauld ad�ersely affect Lender's interest in the Fraperty, upon Lender's request Borro�uer shall promptly fu.rnish to Lender receipts e�idencing these payments. If Borrower fails to make these payments or the payments required by paragraph�, or fails to perform an}� other covenants and agreements contain�d ita this Security In�trument,or ther� is a legal proceeding that may FHA Mongage WfTH MERS-NE Re►rised 41�6 VMP� VMP4N�NE}�13�2).44 Waiters Kfuwer Financia!5ervices q43325�GDg1� D233 33� 441Q Page 4 of 1a