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��14�751� In the e�ent of los�, Borrower shal�give L�nder immediate notice hy mail. Lcnder may mak�praof of loss if nvt m�ade prompt�y hy BQrrower. Each insurance campany�ancerned is hereby autharized and duected to make paymen�fvr such�oss directly�o Lender, u�stead of to Borrower and to Lender jointly. All vr any part of the insurance prviceeds may b�applied by Lender, at its option, either(a}to the reduction of the ind�ht�dness under the Note and this Security Ins�rument, first to any delinquent amounts applied in the order in paragraph 3, and then ta pr�payment of principa�, vr�h}to#1ie restoration or repair❑f the damaged Propert�. Any applica�ion of the prac�cds to the principal shall not extend or postpone the�.ue date of the m�nt�ly paym�nts whxch are referred to in paragraph 2, �r chang�the amoun�of such paym�nts. Any excess insuranc�proce�ds oWer an am.ount required to pay a�l outstanciing indehtedn�ss under the Note and this �ecurity Instrument shall be paid to the entity 1�ga11�entitled thereto. �n the event of foreclasure of this 5�curity Instrum�nt or other t.ransfer of title to the Propert�r that �x�inguishes the indehtedn�ss, a�l right, title and interest of Borrawer in and tU insurance policies in forc� shall pass to the purcha.ser. 5. ❑ccupancy, Pr�servat��n, Maintenance and Protection af #he Praperty; Barrawer's Loan App�icatian; L�asehvlds. Borrower sha11 occupy, estabiish, and use#he Property as Borrovver's pri.ncipal r�siden�e within sixty days after the execution of this Security Instrument�ar within si�ct�da�s vf a later sai� or transfer of th�Prag�rty}and shall�ontinu�tc�€�ccupy the Property as Borrower's prin�ipal resid�n��f�r at l�ast one year after trie date of occupancy, unl�ss Lender determines that requirem�nt will cause undue hardship fflr Borrovver, �r unless extenuating cir�ums�ances exist which are b�yond Borrower's�nntrol. Borr�wer shall natify I.ender of any extenuating circumstan�es. B�rrower shall not commit waste or destrny, damage or substanti.ally change the Praperty ar a11aw the Propert�to deteriarate, reasonabie wear and tear excepted. Lender may inspect tlie Property�f#h�Prop�rty is�acant or abandoned or the loan is in default. Lender may�a1€�reasonahle a�tion to prote�t and preserve such Wacan�or abandoned Propert�. Borrawer sha11 a�so be in default if Borrower, dur�ng t�ie lvan appli�at�an prac�ss, ga�e materially false ar inaccurate information�r statements to Lender�ar fai.led to prov�ide Lender v��ith any material information}in conn�ctian with the laan evidenced b�the Not�, including, hut not limit��to, repr�sentations c�ncerning Borrvwer's occupancy of�ie Propert�r as a principal resid�nce. If this Securit�Instrument is on a leasehold, Borrower sha�l comp�y with the provisions of the��ase. �f Bvrr�wer aCquires fe�titie t�the Property, the leaseho�d and fee ti�ie shall nat b�merged unless Lender agrees ta the merger u�.writing. 6. Cvndemnatinn. The proceeds af any award or claim for damages, direct or consequentia.�, in connectian with any condemnatian or ather taking of any par�of th�Praperty, or for con�eyance�n plac�of condemnatian, are hereb�assign�d and shal�he paid ta Lender to the extent of the fu11 amount of the indebtedness that r�m�a�.ns unpaid under�ie Nate and this 5ecurity Instrument. Lender shall apply such pr��eds to the reduction of th�indebtedn�ss und�r the Nate and�his S�curit��nstrument, firs�to any delinquen�amounts applied in t,h�order provided in paragraph 3, and then�o grepayment of principal. Any application of�he proceeds tv the pru�c�pa�shall not extend or postpane the due date af the m�nthly payments, which are referred to �n paragraph 2, �r change the arnaunt of such payments. Any e�cc�ss proce�ds o�er an amaunt required ta pay alI outstanding indebtedn�ss under the Note and this Security Instrument shall he pa�d to the entity legally entit�ed theretv. 7. �har�es to Bvrrower and Prvtecti�n of Lend�r`s Rights in #he Properky. Borrawer shal�pay al� go�ernmenta.l or municipa��harges, fines and impvsitions that are not included in paragraph 2. Bvrrovver sha11 gay these ob�igations on time dirc�tly to the entity vvhich i�awed the paym�nt. If failure to pay would adversely affect Lender's interest in the Property,upon I�ender's r�quest B�rrvwer shall prompt�y furnish to . Lender r��eip�s e�idenct.ng these payments. If Borrovver fail.s to make these gayments or th�payments requ�red�Sy paragraph 2, or fails ta p�rform any other cv�enants and agreements contained in this Security Instrument, or there is a legal pro�eeding that may 4092714 A-4927i 4 FHA Mvrtgage IIIJITH MERS-N� Revised 4l9fi VMP� VMP4N�NEf(13a23 Wviters Kluwer Financial 5er�ices Page 4 of 1❑ 6�z962 409?71� i