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� ��14�4553 direct�d to make payment for such Ioss t�Lend�r,�nst�ad af to Borro�v�r and Lender ja�ntly. Insurance , prnceeds sha11 be appl�ed to restorat�on or repair of t�7e damaged Proper�y, if the restaratian or repair is econamically feasibl e and Lender's secur�ty�s not�ess�ned.�f the restorati�n or repair is not economically feasib�e or L��der's secur�ty v�au�d be lessened,the insurance pr�ceeds sha��be app�ied first to the redu�tion of any�ndebtedness und�r�he Second No�e and th�s Security Instrum�nt.Any • excess insurance proceeds ov�r an amount required to pa�all auts�anding indebtedness under the Second Note and tlzis SecurYty Znstru�nent sl�all be pa�d t�the entYty le�al�y ent��led thereto. � �n the e�ent of f.oreclosure of.t��is S�curity Ins�rument or ather transfer of trtle ta the Property that , ext�nguishes th��ndebtedness,alI right,�itle and interest of Barrower in and t�xnsurance po�icies in forc�s��a�I pass ta the purchas�r. , 4. �ccupancy,Preservation,Maintenance and Protection of the Pr�perty; Barrower's L�an Application; Leasehol�s.Borro�rer sha1�accupy,�s�abl�sh,and use the Property as Borrower's � principal residen�e after the execu�xo�of this Securxty Instrument and Barrower�or at Ieast arie Borr�wer,if initzall�more than an�persan are Borrowers�and sha11 continue t�o�cupy the Proper�y as Borrawer's�r�ncipal residence f�r the term of the 5�curity 7nstrument. "Princ�pal r�sxdence" sha�1 ha�e � th�same meaning as �n the Laan Agreement. Barrower sha��n�t camxnxt waste or destro�, damage or substantially change the Proper�y or ailov�the Pr�per�y to deteriorate,reasonal�l�w�ar and tear excepted.Borrawer sha�I a�so�e in default�f Bnrrower,during the�oan application process,gave materi a11�false or xnaccurate infarmation or sta�ements to L�nder�or fai�ed to prQ�ide Lender w�th any m.ateria�infarmat�an�in connectron W�th the loan evid�nced by the Note,including,but not�im�ted to,representati�ns concerning B�rroWer's � o�cupancy af the Proper�y as a princ�pal r�sidence.If this Security�nstrument is on a leasehold, � B�rrower sha1� comply�ith the prov�sions of the lease. �f Barrovver acqu�res fee titX�ta the Property, the leasehald and fee title sha11 nat be merged un�ess Lender agrees to the merger in v�riting. . � 5.��har es to Borrower and Protection of Lender'�Rx hts xn the Pro er . Borrawer sha11 a a�l g � p tY p Y goVernrnentai or municipal charges,f nes and impositi�ns that are not�lzcluded in Paragrap�2. - B�rrovver shall pay�hese ob��gat�ons�n time dxrectXy t�the ent�ty v�rhich�s ov�ed the pa�ment. �f failur� t�pay vvould adv�rse�y affect Lender's xnteres�in th�Proper�y,upan Lender's request Borrawer shal� promptly furnish to L�nder receip�s e�zdencxng these payments.BorrnWer sha1�prampt��discharge any Iien which has prior�t�over th�s Se�urit�Znstrument in the manner provxded in Paragraph �.2�c�. �f Barrower fai�s tv make these payments or the proper�y charges required by Paragraph 2, ar fails to perform any other ca�enan�s and agreem�nts con�arned in this S�curity Instrument, or there is a��ga� pr�ceeding that may si gn�f cant�y affect L�nd�r's rxghts.in the Pr�per�y�such as a pr�ceed�ng in � , bankrup�cy, f�r c�ndemnation ar ta enforce lav�s ar regulati�ns�,tl1�n Lender may�do and pay whate�er is necessa�y to protect the value of the Property and Lender's rights in the Property, in�luding payment of taxes,hazard insurance and other Ytems mentioned in Paragraph 2. � . , To pratect Lender's security in the Proper�y,Lender s�1all advance and charg�to B�rrower alI amounts due to the Secretary for the Mortgage�nsurance Prem.ium as d�f n�d in the Loan Agreement as v�ell as . � all`sums due tn the loan servxcer for ser��czng activ�ties as defined in the Laan Agree�nent.Ar�y amounts disbursed�y Lender under t�1�s Paragraph shal�bec�me an additiona�debt of Borrov�er as provided for in the Loan Agreement and shall be secured by this Security Instrument. G. Inspect�on.Lender or x�s agent may ent�r on,�nspect ar make appra�sals of the Property in a reasonable�nanner and at reasonab�e times pravided�hat Lender sha11�ive the Barrower not�ce prior to , . . � ,. , � . . . � . Pag� 3 of 11 HECM Se�ond D�ed Qf Trust