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��14��439 In the event af t�ss,Borrower shall give Lender imm�diate no��c�by mail. Lend�r may make proaf of loss if not made promp��y by Barr�wer, Each insurance company concerned is hereby authori�ed and�lirected to make payment for such loss directly to I�en.der, instead flf to Bvnvwer and to Lender jointly.A11 or any part vf t�e insurance proceeds may b�applied by Lender,at its option,either(a}to the reduetion of the indeb�edn.�ss under th�Note and this Secur�ty Instrument, first to any delinquent amou�ts applied in the order in pa.ragraph 3,and then to prepayment of pr�nc�pal,or�b}to the restoration or repair of the damaged Property.Any applicatifln�f the proceeds to the pr�ncipal sha11 not�x�end or postpon.e the due da�e af�he monthly pa}�ments which are referred to in paragraph 2,or change the amount af such payments.Any excess insurance proceeds over an amount required to pay atI outstanding indeb�edness under the Note and this Security Instrument sha11 be paid to the entity 1ega11}�entitled thereto. In the event of foreclasure of this Security Instrument or other transf�r of title to the Praperty that extinguishes the�ndebtedness,all righ�,title and interest of Borrower xn and to insuran�e policies in force shall pass t�the purchaser. 5. �?ccup�ncy, Prgservation, �Aaintenance and Pr�tect�on of the Property; Barrar�er's Laan Applicativn;Leasehvlds�3orrower shall occupy, estab�isb., and use the Property as Bon�wer's principal residence��thin sixty days after the execu�ion of�his Security In.strument�or within sixty days of a later sale or transfer of the Property}and sha11 con��nue to occupy the PraperCy as�orrower's principal residence for at�east one year after the date of occupancy,un�ess Lender determines that requirement will cause undue hardship for Borrower,or unless extenuating cucums�ances exist which are beyond F3orrower's control. Borrower sha11 notify Lender of any extenuating circumstances. Bonower sha11 not commit waste or destroy, damage or substantially change the Property or a11a��he Property to deteriorate,reasonable wear and tear excepted. Lend�r may inspeet the Property if the Property is vacant or�bandoned or the loan is in default. Lender may take reasonab�e action t�pr�tect and preser�e such vacant or abandaned Property. Borrower shall also be in default if Borrower,during the 1�an application pr�cess,gav�materially fal�e or inaccurate i� information or s�atements to Lender�or failed to pro��de Lender with any material information}in connection w��h the loan evidenced by the Note, including,but not 1imi�ed to,representations concerning Borrower's occupancy af the Property as a principal residence. If this Secur�ty Instarument is on a teasehold, Borrower shall comply with th�pro�isions of the lease. If Borrower ac�u�res fee title to the Property,the leasehold and fee�itle shal�no�be merged unless Lend�r agrees to the merger in wri�ing. fi. Cvndemnation.The proc�eds of any award or claim fQr damages, direct or consequential, in connec�ion with any condemna�ioa or other tak�ng of any part flf�he Praperty, or for caaveyance ia place of con.demnation, are hereby assigned and sha11 be paid to Lender to the extent of the fu��amount of tbe �ndebtedness that remains unpaid under the Note and this Seeur�.ty Instrument. Lender sha11 apply such proceeds to the reduction af the indebtedness under the Nvte and this Security Instrument, first to any delinquent am�unts app�ied in the order provided in paragra�h 3,and then to prepayment of principal.Any application af the pr��eeds to the principal shal�n.at extend or postpone th�due date of the monthly payments,which are referred to in paragraph 2,vr change th�amount of such paymen�s.Any excess proceeds o�er an amount required to pay all outsta.nding indebtedness under the N�te and this Security In.�trument sha11 be paid to the entity legally en�it�ed thereta. l. �hargestv Borrowerand Pratectionof Lender's Rights in the Property.Borrower sha11 pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. B�rrower sha11 pa�these ob�igations on time directly�o the entity which is owed the payment. If faiture to pay would adversely affect Lender's interest in the Pr�perty, upon L�nder's request Borrovver sha11 promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make�hese payments or the payments required by paragraph 2,or fails to perfarm any other coven.ants and agreements contained in this Security InstrumentA or there is a 1ega1 proce�ding that ma}� .T--�- FHA Mortgage WITH MERS-NE `� Re�iseci 419B VNEP� VMP4N(NE}(1342}.da Vllo�ters Kluwer Financial Services Page 4 of�fl qQ33Z5U164Q6 �233 283 �41�