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��14��575 directed to make paymen�for such loss to Lender, instead af to Barr�wer and Lender j oin�ly. Insurance proceeds shall be app�ied�o restoration or repair of the damaged Proper�y, if the rest�ra��on or repair is e�onomically feasible and Lender's security�s not lessened. �f the restora�i�n or repair�s n�� ecanom�cal�y f�asib�e or Lender's security wou�d be�essened,the�nsurance proc�eds sha�� be applied first to the reductian af any indebtedness under t��Secand Note and�his Securi�y Instrument. Any �xcess insurance proceeds aver an am�unt rec�uired to pay all�utstanding indebtedness under�he Second Note and�h�s Security �nstrumen�shal� be paid�o the en��ty lega��y ent�tled�here�o. �n�h�event of foreclosur�af�his Security Instrument or other�ransfer of title to the Prop�r�y that e�tinguish�s the indebtedness,all righ�,ti�le and interest of Barrovver in and to insuranCe polic�es in force sha�1 pas s ta�h e purchaser. 4. �ccupancy,PreSer�ation,Maintenance and Protection af the Property; Borrovver's Lnan App��cat�on; Leaseholds.Borrower shall occupy, estab�ish, and use the Praperty as Borr�vver's principal residence aft�r the ex�cution af th�s Securit��ns�rument and Borro�ver�or a�ieast one Borrow�r, �f in��a�l�more than one perso�are Borrowers}and sha�� can�inue to occup�the Proper�y as Borra�nrer's prin�ipal residence for the term of the Secur�ty �nstrument. "Princ�pa� residence" sha�� ha�� the sam�m�aning as�n the Loan Agreemen�. Borrower shal�no�commit was�e or destroy, damage or subs�antial�y change�he Property or a�Io��he Prop�r�y to deteriorate,r�asonabie wear and tear��cepted. Barrow�r sha�l a�sn b�in default if Borrower, during�he laan app��cation process,gave materia�ly false ar inaccurate inf�rma�ion or statemen�s to Lender[or fa��ed to pro�ide Lend�r vvith any mater�al �nformation�in connection with the loan ev�denced by the No��, inc�uding,bu�not l�mi��d to,representations c�nc�rnrng Borrower's occupa��y of the Proper�y as a pr�nc�pa� reside�nce. If this Secur�ty�nstrument is an a Ieasehald, Borrovver shall c�mply vvi�h�he provisi�ns Qf the�ease. If Borrower acquires fe�titie�o the Property, th�leasehold and fe�t��e sha�l no�be merged unless Lender agrees�o the merger in v�rrting. 5. �harges ta Borrawer and Protect�on af Lender's Rights in th�e Property. Borrov�er sha�l pay a�l gov�rnmental or mun�cipal charges,f�nes and impositions tha�are no�included�n Paragraph�. Borrow�r sha�I pay these obl igations on time dire�t�y t�the en�ity�which is owed the payment. �f fa�lure �a pay wou�d adverse�y affect Lender's inter�st�n the Pr�per�y,upon Lender's request Borrower sha�� promp��}� furnish to Lender rece�pts e�idenc�ng these pa�men�s. Borro�v�r sha�i pr�mpt�}�discharg�an� l�en wh�ch has prior�ty over this Security �nstrument xn�h�manner pr�v�ded in Paragraph ��c}. �f Borrower fai�s to ma.�e these paym�nts ar the proper�y�harges required by Para�raph 2, ar fa��s ta perform an�other c��enan�s and agreemen�s contained�n this Security �nstrumen�, ar there�s a legal proceeding that ma}� significan�ly affe�t Lender's righ�s �n the Proper�y�such as a proceeding in bankruptcy, for candemnat��n or to enfor�e�a�s�r regula�ions�,then Lender may d�and pay whate�er �s necessary to pr�te�t the va�ue of�he Proper�y and Lend�r's r�gh�s�n�he Praperty, �ncluding payment of taxes, hazard�nsurance and oth�r items ment��ned��Paragraph 2. To pro�ect Lender's secur�ty in the Property, Lender shal�advance and charge�o Borrow�r a�l amounts due to the Secretar}� for t�e Mor�gage rnsurance Prem�um as defined in the L�an Agreennent as well as alI sums due to the loan serv�cer for servic�ng ac��vit�es as def ned in the Loan Agr�ement. Any amaunts disbursed by L�nder under�his Paragraph shall become an additional debt of Borrower as prov�ded far �n the Loan Agreement and shall�e secured b�this SeGur��y Instrument. fi. Inspection.Lender or�ts agen�may�nter Qn, �nsp�ct or�nake appraisals of the Praper�y in a r�asonab�e manner and at reasanab�e times provided�ha�Lender shall��e the Borrower no�ice pr�or to Pabe 3 af�.�. HECM Second Deed�f Tnzst