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. ��14��5�1 loss by flo�ds ta the extent required by the Secretary. All insurance�shall be carried with campapies appro�ed hy Lepder. The insurance policies and any renewals shall be held by Lender and sha1� include loss paya�le clauses in fa�or of,and in a form acceptable to, Lender. i n�he e�ent of�oss, Borrower sha�1 gi�e Lender i mmedi ate natice��y mai l. Lender may make proof of lvss if not made promp�ly by Bot-rower. Each insuran�e company concerned is hereby author�zed and directed to make paym�nt for such lflss to Lender instead of to Borrower and Lender�o�ntly. Insurance proceeds shal�be applied to restoration�r repair of the damag�d Pr�operty, if the restoration�r repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds sha�l be app�ied first t�th� redu�tion of any indebtedness under a Second Nate and Second Security I nstrument held by the Secretary on the Property and th�n to the reduction o��he �nder�tedness under the No�e and this Security I nstrument. Any excess insuran�e praceeds o�er an amou��t required ta pay all outstanding ind�btedness under the N�te and this Security Instrument shall be��aid to the entity legally et�titled thereto. In th�e�ent of fore�losure af this Security Instrument or ath�r transfer of title to the Property tha� ext�nguishes the indebtednes�,a1l right,title and interest of Borrov��er in and to insurance p�licies in force sha�l pass to the purchaser. 4. Uccupancy, PrQ�er�ation, Maintenance and Pr�tection of th+u Property; Burrower's Loan Appli�ation; Leasehold5. Borrower shal� occupy,establish,and u�e the Property as Borrower's Principal Residenc� after the execution of this Security I nstrumen�t and Borrower�or at least one Borrawer, �f init�ally more than one person are Barrowers}�hall cc�ntinue tn occupy the Property as Borrawer's Pr�ncipal Residence far the term af the 5ecurity Instrurnent. "Princi�a� residence" sha1� have the same meani ng as in the Loan Agreement. Borrow�r shall not commit waste or destroy,damage or substantially change the Property or a11aw the Property ta deteriorate, reasonab�e wear and tear excepted. Borrov�'er shall also be in default if Borrower, during the �oan applicatian process, ga�e materially false�r inacc«rate information or statements to Lend�r��r failed to pra�ide Lender vvith any material information"�in connecti�n vvith the loan e�iden�ed by the Note, �ncluding, but nat limited to,representatior�s conc�rning Borrow�r's occupancy af the Praperty as a Principal �tesidence. If this Security �nstrumer�t is❑n a�easehold, �orrower sha�l comply with thz pro�isions af the lease. If Borrawer acquires fee title to the Prvperty,the leasehald and fee title shall nc��be merged unless Lender agrees ta�he merger in writing. 5. �harges to Borrower and Prot�ction af Lender's Rights in t�e Property. Borrower sha�� pay all go�ernmental or munic�pal charges,fines and impositions that are nat included in Paragraph �. Borrower shall pay these ab�igatians on time directly to the en�ity which is owed the payment. If failure to pay would ad�ersei� affect Lend�r's in�erest in the Property, up��n Lender's request Borrower sha�l pramptly furnish to Lender receipts e�idencing thes�paym�nts. B��rrawer shall promptly discharge any iien which has pr�ority o�er this Security Instrument in the manne�-pra�ided in Paragraph 13�c}. If Borrower fai�s to make th�se payments or the praperty charges r•equired by Paragraph 2, or fails to p�rform any ot��er co�enants and agreements contained in this S�curity Instrument, or th�re is a legal proceeding that may significantly affect Lender's rights in the Pro�3erty �such as a proceeding in bapkruptcy, for c�nd�mnation ar to�nfarc�laws or regulations},then Lender may do and pay vvhate��r is necessary to protect t��e�alue of the Property and Lender's r�ghts in the Proper�y, �nc�uding payment of taxes, hazard insurance and other items mentianed in Paragraph:�. Page 3 vf 13 HECM First I]�ed Of Trust-2�l 4