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��14��574 loss payab�e�lauses in fa�or of,and in a form acc�ptab��to, Lender. in�he event of�oss, Borrovver sha�� give Lender�mmedYate no��ce b�ma�I. Lender may mak�proof of l�ss if not made prompt�y by Borrower. Each insuran��c�mpany concerned�s herehy au��orized and di rected to make payment for s u�h�oss�o L�nder�nstead of to B orro�ver and Lender��nt�y. �ns uran�e proce�ds sha��be applied to rest�ration ar repair of�h�damaged Property, if the restaration or repair is econom�cally f�asible and Lender's secur�ty�s nat�essened. If the res�arat�an�r repair�s nQ� economica�ly feasible or Lender's securit�would be lessened,�he insuran�e proceeds sha��b�applxed firs��o the reduction of any indebtedness under a Second Na�e and Second Security �nstrum�nt held by the Se�retary an�he Proper�y and then��the reduction of the�ndebtedness under th�I�ote arid this Security�nstrument. Any e�cess insurance proceeds o�er an amount requ�red ta pay a��outs�ar�ding indebtedness under the No�e and this Se�urity Instrument shal� be paid�o the entity tegally en�itled �hereta. In the ev�nt of farec�osure of th�s Secur�ty Instrumen�or o�her transf�r of txtle�o�he Property tha� extinguishes the indebtedness,all right,�i��and interest�f Borrovver in and to insurance p��ic�es in force sha�l pass ta th�purchaser. 4. ��cupancy,Preservatxon,Ma�ntenance and Protection of the Property; Borrower's Loan App�ication; Leasehoids.B�rro�ver shall oc�upy,estab�ish3 and use�he Prop�r�y as Barro�ver's pr�ncipa� res�dence after�he execut�on af this Security�ns�rument and Borrower�or at leas��ne Borrower, if initially more�har�on�persan are Borrawers)shal�cont�nue t��ccupy the Proper�y as Barrawer`s principal residence for�h�term of�he Se�ur��y�nstrumen�. "Pr�ncipal res�dence" sha�� haWe the same meaning as in the Loan Agreement. Borrower sha�I not comm�t�vaste or destroy,damage or substantia�ly change the Proper�y or a��o�the Praper�y�o de�er�orate, r�as�nable vvear and tear excep�ed. Borro�ver shall a�so be�n defau��f Barrower,dur�ng the loan applica�ion pr�c�ss,gave materially false or inaccurate�nformation or stat�ments to Lender�or failed�o pro�ide Lender v�r�th an�materia� information��n connection wi�h the �oan evidenced by the Nat�, including,but not limited to, repr�sen�a�ions concerning Borr�wer's occupancy of the Praperty as a principal r�sid�nce. Xf this Securi�y �nstrument is on a leaseho�d, Borrower shal�comp�y vv�th�he provisions of th�lease. �f Barrovver acqu�res fee t�tle to�he Property,the l�aseho�d and fee�itle�hall not be merged un�ess Lender agrees t��he merger in wrr��ng. 5. �harges to Borrower and Prote�tion of Lender's R�ghts in th�Property.Borrower sha�� pay al� go�ernmental or municipal charges, f nes and imposit�ons�ha�are not�n��uded in Paragraph 2. Borro�er sha11 pay th�se obligations o�time directly to�he en�ity which is owed�he pa�men�. �f fa�lure to pay would adv�rs�ly affec�Lender's�nt�res��n the Property,upan Lender's request Borro�er sha�l prampt�y furnish to L�nder receip�s ev�dencing�hese payments. ]3�rrower shal� promp�ly d�scharge any 1�en wh�ch has prior�t�over�his Security rnstrument�n the manner pravzded i�Paragraph �2(��. If Borrower fails�o ma�e��i�s�payments or th�pr�p�r�y charges required by Paragraph 2, or fa�Is to perf�rm a�y other ca�enants and agreements c�nta�ned�n�his Securi�y �nstrument, or th�re is a legal pr�ceed�ng that may s�gnif cantly affec�Lender's righ�s �n the Praper�[such as a proce�d�ng in bani�ruptcy, far condemna�ion or to enforce Iaws or regu�atians�,th�n Lender may da and pay wha��er i s necessary to pratect the�alue of the Pr�per�y and Lex�der's ri ghts �n�he Prop�r�y, ir�cl ud�ng payment of�a�es, hazard insurance and o�her items mentioned in Paragraph�. To protect Lender's security in�he Proper�y,Lend�r shall advance and charge t�Borrower a�l amounts due to the Secre�ar_y for the Mar��a�e�nsuranc�Premium as defned in th�Laan A�reement as vvell as Page 3 a�'�.2 HECM First Deed DfTrus�