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��15��535 In the e�ent of loss,Borrower sha11 give Lender�mmediate notice by mail.Lender may make proof of loss if nvt�nade pr�mptl�r by Bo�rower.Eac�i�.s�rance con��a�y conce�ed is he�re��authoii�ed and directed to make paymen�for such�ass dir�ct�y ta Lender, instead af to Borrower and to Len�er jaintly.A11 or�.ny part of the insurance proceeds may be applied by Lender,at its option, either(a}to the redu�tion of the xndeb�edness under the Not�a�nd this Secu.ri��nstrument,fi�st ta any de�inquent a�ounts app��ed in the order in pa�ragraph 3,and��en to pr�paymen�of principal,or�b}to the restoration or�repa�r of the damaged Praperty.An.y applicat�on af the proceeds t�the pr�ac�pal sha��not extend or postpone the due date of the �nonthly payments�hich are referred ta in paragraph�,,�r change the amount�f sueh payment�.�,ny�xcess in�uraace proceeds over an amount required to pay a11 auts�anding indebtedness under the Note and th�s S�cu.rity Instrument sha�l be paid t��h�ent�ty le�ally ent�t�ed there�o. In the event af foreclosure of th�s SeGurity Instrument or other tran�fer of tit1�ta the Property that �xtinguishes the indebtedness,a�l right,�title and interest af Borrower in and to insurance policies in force sha11 pass to the purchaser. 5. �ccupancy, Preservation, Maint�nance and Pr�vtection of the Praperty; Bvrrower�s Laan Appli�ation;Leaseholds�3orro�ver sha11 o�cupy, establish, and use the Property as Borrower's principal residence with�n S�xty days aft�r t�e execution of this Secur�ty Instrumen�(ar within�ixty days of a later sa�e pr transfer of the Prop�rty}and shal�continue to oc�upy th.e Property as Barrow�r's principal resid�nce for at least one year af�er th�date�f occupancy,unless Lender determines that requir�ment wi11 cause undue hardship for Borrovver,or unless extenuati�g c�rcumstances exist which asre beyand Borrower's evntrol. Bor�rower shal�notify I�ender of any ex�enuating circums#ances.Borra�ver sha��.ot commit�vaste ar d�stray, damage or substant�ally change the Property or a��o�v the Prop�r�y to deteriorate,reasonable wear and tear excepted. Lender n7ay inspec�the Property if th�Property is vacant or abandoned or the loan is in default. Lender may take reasonabte actian tv prvtect and preser�e such vacant or abandoned Proper�r.Borrower �hal�also be in defautt if Borraw�r,during the loan app�ication process,gave materially false or inaccurate infarmat�on�r statements to Lender(or faile�i to pravide Lender with any mat�rial information}�n c�nnectian wi�h the laan evid�nced by the No��, includin►g,but not limited to,representat�on�conc�rning Borrower's occupancy of the Property as a principal resid�nce. If�his Security Instrurrrent is on a leasehold, �orrower sha11 comply with the provisions of the�ea��. If Borrotiver acquires fee tit1�to the Prop�rty,the leasehvlrl and fee title shall not be merged un�ess Lender agrees to the merger�n writing. �. Condemnat�on.The proceeds of any award or cla�m for damages, direct or consequentiat,in connection �vith any condemnation or other taking of any par�of the Property, or for conveyance in place of condemuation, are hereby assigned and sha�l be paid to Lender to the extent of the fu�l amount of�he indebtedness that remains unpaid under the Note and th�s Securit�Instrument. Lender sha�l apply�uch praceeds to�he reductian of the indebtedne�s under the Nate and this Securit�Instrumen�, first to any delinquen�amounts applied in the order pro�ided in paragraph 3,and then ta prepayment of principal.Any application�f the proceeds to the principal sha11 not ext�nd or postpone the due date�f the m�nth�y pa3rments,which are ref�rred to in paragraph 2,ar change the amaunt of such payments.Any excess proceeds o�er an amount required to pay all ou�standing indebtedness under the Nate and this Security Instrument sha11 b�paid ta the entity lega�l�entitled thereto. 7. Char��ta Borrowerand Protgctian of L�nder's Rights in the Property.Borx'ower�hall pay all gov�rn�ental or municipal c�a�rg�s, fine�and i�pvsi�ions that are nat included in paragraph�,. �anower sha11 pay these obligations oa time directly to the e�tity whi�h is owed the payment. If failure to pay�vould adversely affect Lender's interest i�the Fraperty, u�on Lender's reques�Borrower shall pr�mptiy furnish to Len��ter receip�s e�id�encing these payments. If Borrower fails to make th�se payments or the payments r�quired by paragr�ph 2,or fails to perforrn any other coveuants and agreements��ntain�d in this Security Instrun�ent,or there�s��egal p�o�eed�ng that m�� FHA Mortgage WiTH MERS-NE Revised�196 VMP� VMP4N�NE�(1�42}A� Vliolters Kluwer Fin�ncial Seniices Page 4 of 1❑ q�3335755478 ��33 318 441Q .