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��14�455� lass payable clauses in fav�r of,and'zn a form acceptable to,Lender. In��he ev�nt of loss,Borra�ver shal�giv�Lender immed�ate notice by m.a�X.Ler�der rnay ma1�e praof af loss �f not made pr�mptly b�Barr�wer. Each insurarice company concerned is hereby author�zed and d�rected to make payment f�r such Xass ta L�nder�nstead of to Borro,wer and Lender jointl�.Insurance � pr�ceeds sl�all be applied to rest�ratian or repa�r of the da�naged Pr�perty,if t�e restara��on or repair is _ .. ec�nomYcal�y f.eas�ble and Lender's se�urit�is not lessened.If the restorati�n ar repair xs not . ec�n�micall�feasrble ar Lender's security v�ould be lessen�d,the�nsurance proceeds shall be appl�ed f rst�o the reduction�f any�ndebtedness under a Second Note and Second S�cur�ty Instrum�nt held by the Secretary an t1�e Prnperty and then to tlze reduc�ian of t11e indebtedness under�he Note and tt�is Securit�r Instrument. Any excess insuran�e praceeds aver an amount required to pa�a�l outstandrng indebtedness under the Note and this Se�urity�nstrument s1�aI1 be paid ta the entity]egally entitled �hereto. In the e�reri��f farec�asure of this S�cur�ty Instrument or ather transfer of title tv the Proper�that extrnguishes the indebtedness, al1 right,txtXe and interest af Borro�er�n and to insurance pali�ies in � force shall pass to the purchaser. 4. �c�upancy,Preservation,Ma�ntenance and Protect�on of the Property; Borrower's Loan App�icat�on; Leaseholds.B�rrower sha1� occup�,establish, and use the Proper�y as Borrower's principa�residence after�he e�ecution of this Securzt�Instrument and Borr�wer�or at least o�e Borrower,if�nxtia��y more than one persan are Borrawers�sha1l c�ntinue to o�cupy the Proper�y as Bo_rrower's principa�res�den�e f�r the ter�n af the Security Instrument. "Princ�pal residence" sha1�have the same mean�ng as in the Loan Agreement. . Barro�vv�r shall not cainm�t waste or des�roy, damage or substantra�ly change the Proper�y or al�ovv the Pr�perty ta det�riarate,reasanable tivear and tear excepted.Borrawer sha�I also be in defau�t�f . Borrower,during�he�oan app�ication pr�cess, gave materiall�false or inaccurate infor�nation or � s�atements to Lender�or fa�led to provide Lender with an�material informat�on}in c�nnectivn with the loan�v�denced by the Note, xncluding,but nat limited to,representations concerning.Borrov�rer's occupancy of the Propert�as a principal residence.If thYs Security Instrument�s on a�easeho�d, Borrov�er shal�comply�ith the pravis�ons of the lease. �f Borrower acqu�res fee title ta the Property,the Ieasehold and fee title sha��not be m.erged unless Lender agrees to the merger�n wr�ting. � 5. �harges to B�rravver and Protect�on of Lenderts Rights xn the Property. Borra�er sha��pay a�l ga�ernmental or�nunicipa�charges,fines and impasitions that axe�ot included in Paragraph 2. Borravver sha�1 pa�these ob�igations an tixne d�rect�y to the entit�which is ov�ed the paym�nt. �f fai�ure tn pay vWouid advers�ly affect Lender's �nterest in the Pr�per�y,upon Lender's request Barr�vver sha1� promptly furnis�l to Len�ier rece�pts ev�dencing these paylnents.Borrower sha�l pramptly discharg�any lien wh�c�1 has�rior�ty�ver this Security�nstrument in the�nanner pra�zded in Paragraph �2�c�. t , �f Borrower fax�s to�na.�e these paymen�s or th�proper�charges required by Paragraph 2, ar fa��s to � perform any oth�r�ovenants and agreements�ontazned in th�s S�curity rnstru�nent, ar there is a�ega� � proceed�ng that may significant�y affect Lender's r�ghts�n.the Propert�r�such as a praceed�ng in bankruptcy, for condemnation or to enforce�aws ar r�gulat�ons},�h�n Lender may do and pay whatever � �s necessar�to protect the value of the Prap�r�y and Lender's r�ghts in the Proper�y, including payment of�axes,hazard insurance and ather�terns mentioned xn Paragraph 2. - Ta�pratect Lender's security�n the Proper�y,Lendex•sha��advance and charge to Barrawer al�a�noun�s due to the Secretary for the Moz��a�e Insurance Prem�um as def ned in the Loan A�reement as we11 as ��. ; . . ; . �, Page 3 of IZ � HECM First Deed�f Trust