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��14�334� In the ev�nt of loss,Bono�ver sha11 give Lender immed�ate notice by mai1. Lender may make proof of loss if not made promp�ly by Barrotiver. Each insurance company cor�cerned is h�reby authorized and directed ta make payment for such loss dir�ctly to Lender, instead of�a Bonov�er and to Lender j�intly.All or a�y part af the xnsurance proceeds ma�be appl�ed�y L�nder,at�ts aption, either(a}to the reductian of the indebtedness under the Nate and this Security Instrument, first ta any delinyuent amount�applied in the order in paragraph 3,and then to prepayment af principal, or�b}�o th�restoration or repair of th�dama�ed Property.Any application of the proGeeds to the principal shall nat extend or postpone the due date of the m�nthly payments which are referred to in pa.ragraph 2,or Ghange the amaunt of such payments.Any e�cess insurance proceeds ov�r an amount required to pay a11 ou�standing indebtedness under the Note and thi� S�curity Ins�rument shal�be pa�d ta the entit�1ega11y�n�i��ed theret�. In the event af forecl�sure of th�s Secur�ty�nstrument ar other transfer of tit�e to the Property that extinguishes the indebtedness,ali right,ti��e and interest of Borr�wer in and to in.surance p�l�cies in force sha11 pass to the purehaser, �. �c�upancy, Pres�r�►ation, IVlaintenance and Protection of the P�operty; Borrower`s Loan Appli�ation;Leaseh�lds.�orrower shall occupy, establish, and use the Property as Borrower's principal residence t�vithin sixt�r�lays after the e�ecutian of th�s S�curity Instrument(or�uithiri sixty days of a�ater sale or transfer of the Property}and sha11 continue to occupy the Pr�perty as Borrower's princ�pal residence far at�east ane year af��r�he dat�of accupancy,un�ess Lender determines that requirement will�ause undue hardship f�r Bono�ver,or unless extenuating circumsta.nce�exist which are beyond F3orrower's control. Borro�ver shall notify Lender of any ex�enuating c�rcumstan�es, Borrower sha11 nat�ommit waste or destroy, damage or substantialiy change the Property or al�ow the Property to deteriora�e,r�asonable wear and tear excepted, Lender may inspect�he property if the Property is vacant or abandoned or the 1�an is in default. Lender may�.ake reasanable action to pratect ar�d presetve such vacant or abandoned Proper�y. Borrower sha11 also be in default�f Borrovver,during the loan application process, ga�re mater�al�y false or inac�urate information or state�nents to Lend�r�or failed t�pravide Lender with any material information}in canneG�ion.with the loan e�idenced by the Not�, in�luding,but not Iim�ted to,representat�ons concerning �orr�wer's occupancy of�he Proper�y as a principal residence. If thi�Securi�y Instrumen�is an a ieaseho�d, Borraw�r shall comply w�th the provisions of�he lease. If Borrawer acquires fee title to�he Property,the �easehold and f�e�i�le sha��not be merged un�ess Lender agrees to the m�rger in writing. f. �ondemnation.The proceeds of any award or�laxm for damages, direct or consequen��a�,in connect�on with any condemna��on or other ta.king of any part of�he Property, or for con�eyance in p�ace of con�emna�ion, are hereby assigned and shall be paid t�Lender to the extent af the fu11 amount of the indeb�edness that remains unpaid under the Note and th�s Securi�y�nstrument. Lender sha11 apply such proceeds to�he reducti�n af the indebtedness under the Note and this Security Instru�ment, first to any delinquent amaunts applied in the order provided�n paragraph 3,and then t�prepayment of principal.Any a.pp��cation o�'�h�praceeds ta�he principal sha11 no�extend or postpane the due date of the monthly payments,which are referred to �n paragraph 2,or change the amoun#of such payments.Any exc�ss proceeds over�.�amaunt required ta pay a�l outstanding indebtedness under the Note and th�s�ecurity Instrument shall be paid ta th�entity 1egal�y entitled thereto. 7. Char�gesta Borrawerand Protectionof Lend�r's I�ights in the P�operty.Barro�er�hal�pay all governmenta�or municipal charg�s, �n�s and impositions tha�are no��ncluded in paragraph 2. B�rrQwer sha�i pay these obligations on t�me direct�y#o the entity vvhich is owed the payment. If failure to pay vvould a�versely affect Lender's interest in the Praperty, upon Lend�r's request�orro�er shal�promptl�furnish to Lender rec�ipts e�idencing these payments. �f Borrower fails to make these pa�rments or the payments requ�red by paragraph Z,or fails to perform any other covenants and agreem�nts c�ntained in this Security�nstrument, or there is a�egal proceeding�hat may FHA Mortgage WlTH MERS-NE � e�ised 419fi VMP� v�n�4rv4�E}��3oz}.00 Wvlters K��twer Financ�al 5efvices Page 4 of 14 q�3325�U8�57 4233 3�G 441�