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��14�5999 In the e�ent af 1oss,Borro�ver shall gi�e Lender immediate natice by mai�. Lender may make�roof of loss if not made prompt��by Borro�er. Each ins�ur'ance company concerned is hereby authorized and directed to make payment for such loss directly to L�nder, instead af to Borrower and to Lender joint�y, A11 or any part o�f the insurance pXoceeds may be applied by Lender, at its option, eith�r(a)to the reduction�f the indebtedness under the Note and th�s Security I�astrum�nt, first to any delinquent amounts appl��d in the �rder�n paragraph 3, and then to prepayment of prin.cipal,or(b}to the restora�ion or repair of the damaged P'raperty. Any app�ica.tion of the proceeds to the principal shali not extend or postpone the due da�e of the month�y payments which ar�referred to�n�aragraph Z,or change the amount of�uch�aayments.Any excess insurance proceeds over an am�unt required�o�ay al1 outs�anding indebtedn�ss under the Note and this Security�nstrume�t sha�I be paid to the entity lega��y entitled thereto, In the e��n�of fareclosure of thi�Security Instrument or o��er transfer of title to the Froperty t�iat extinguishes the i�n.debtedness,all r�ght,title and interest of�3orro�ver in and to insurance policies�n force shall pass to the purchaser. 5. �c�up�ncy, Preservation, Maint�enance and I�rotectivn of th� Property; Borrower's Loan AppiicatiQn;Leasehofds.Borro�'er shall occupy, es�.b�ish, and use the Property as Borrovver's princ�pal residen.ce�vith�n sixty days af�.er th�e�ecut�on of this Se�urity Instrume�.t�or within sixty days of a iater sale ar transfer of the Property}and sha11 continue ta occupy�he Proper�y as Borrower's principa�residence for at least one year af�er the date of occupancy,unless Lender determines that requiremen�will cause undue �.ards�ip far�orro�ver,or ur�less extenuatir�g circumsta.r�c�s e�ist t�c�hich ar�be��nd Ba�ro�r�r's car��ro1, Banower shall notify L�nder of any ex�enuat�ng cir�umsta.nces. Borrower sha�l not commit waste or destroy, damage or su�stantially change the Prop�rty or allovv the Praperty to deter�orate,reasonabie wear and tear exce�ated. L��de��.a}�in.s�ect t�e Pr4p�rty i�f the Prapert}�is�aca.nt or aba�.doned�r t�e loan is in de�ault. Lender may take reasonabXe aetian to pr�tect and preserve such va�ant or abandoned Praperty. Bonower shall also be in d�fauit if Borrower, during the loan application process,ga�e material�y false or inaccu�a�e informatifln or sta.te�n�nts to Lender�or failed to provide Lender�ith any material inf�rrnation}i� connection w�th the loan ev�denced by the Note, inc�uding,but not 1im.ited ta,representa.tions concern�ng Borrnwer`�occupancy of the Propert�as a principal residence. If this Securi�y�nstrument is on a leasehald, �orrav�er s�.all camply�vit'h th�pro�isions af t'he Iease.If Borrov�er acquires fee�itle ta the�roperty,the leaseho�d and fee trt�e shall n�t be merged unless Lender agr�es to�he merger in writing. �. C�ndemnation.The proceeds of�.ny award ar c�aim for daxnages,direct or�ansequ�ntial, i�cvnnection �rith an�condemnation or other taking of any p��af�he Property, or for c�nveyance in place�f condemnation, are hereby assigned and sha11 be�aid to Lender to th�extent of the full amount of�he ind�btedn.ess that�emair�s unpaid under th�Not�and this Security Instrument. Lender sha�l app�y suc� proceeds to th�reduction of t�e indebtedness under the Note and this Se�urity Ins�rument, first to any d��inquent amount�applied in the order provided in paragraph 3, and then to pr�pa�m�ent of principal.Any �pp�icatior�of the p�oceeds to t�e principal s�x�.11 r�ot extend or p�stpone the due date af��.e monthl� payments,which are referred to in paragraph 2,or change the amount of such payments. Any excess proceeds��er an amount required to pay a11 outstanding indebtedness under the Nate and this Security �nstrume�t shatl be paid to the enti��ega11�entitleti thereto. 7. Gharg�sto Bo�rvwerand Pro#�ctionvf Lender�'s Rights�n the Propet�tyy,Borrower sha11 pay a11 go�ernmental or municipal charges, fines and impositions that are n�t included in paragraph 2. Borrower sball pay thes�obliga��ons on time directly to the entity which is o�ved the payrr�ent. Yf failure to pay would ad�erse�y affec�Lender's interest in the Pro�erty, upon Lender's reques�Borrower sha11 promptly furnish to Lender receip�s ev�dencing�hese paymen�s. If Bflrrower fails�o make these pay�ments or t�e payme�ts requi.r�d by paragraph 2,or fails ta perform any other c�v�nants a�d agreeme�ats co�tained in this Security�nstrumen�,or there is a legal proceeding that may FHA Mort a e VI�1TH MERS-NE ,,� �� Re�ised 419fi VMP 0 g g VMP4N�NE][13�2)A4 Wa�ters Kluwer Financiaf 5ervic�s q�33311q6�.41 0233 �94 Q41� Page 4 of 1U