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� ��15�1175 In the event of 1oss, Borrower shall give Lender immed�ate notice by mait. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment for su�h lass duectly to Lender, instead of to Borr�wer and to Lender jointly.A11 or any part of the insurance proceeds may be applied by Lender,at its option, either(a)to the reduction of the indebtedness uader the Note and this Security Instrument, first to any delinquent amounts applied in the arder in paragraph 3,and then to prepayment of principal,or(b}to the re�toration or repair of the damaged Property.Any appli�ation of the proceeds to the principal shall not extend or postpone the due date of the mon�hly payments which axe referred to in paragraph 2,or change the amount of such payments,Any excess insurance proceeds over an amount required ta pay a11 outstanding indebtedness under the Note and this Security Instrument sha11�e paid to the entity legally entitled thereto. In the�vent of fore�losure of this Se�uri�Instrument or other transfer of�i�Ie to�he Progerty that exting��shes the indebtedness,a��right,title and�nterest of Borrower in and�o insurance po��cies in force shall pass to the purchaser. 5. �ccupancy, Preservat�on, IlAaintenance and Pr�vte�tivn of the Property; �orrvwer�s Loan Application;Leaseholdsl3ano�ver shat�occupy, es�ab�ish, aad use�he Property as Borrower's priacipal residence within s�xty days a�er the executioa of this Security Instrument(or within sixty days of a later sale or transfer of the�ropert�r)and sha11 cantinue to occupy the Proper�y as Borro�ver's pri.ncipal res�dence for at least one year a�er the date of occupancy,unless Lender determ�n�s that requirement�vi11 cause undue hardship for Borrawer,or un�ess extenuating circumstances exist�h�ch are beyand B�rrower's control. Borrower sha11 aotify Lender of any extenuating circumstances. Borrower sha11 not commit waste or destroy, darnage or substantially change the P�roperty or a11ow the Property to deteriorate,reasonable wear and tear excepted. Lender may inspect the Praperty if the Property is vacant or abandoned or the 1�an is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower sha�t also be in default if Borrower,during the loan application process,gave materially false or in.accurate information or statements to Lender(or failed to pr��ide Lender with any material informatian)in connection with the loan evidenced by the Note, including,but not limited to,representations concerning Borrower's occupancy of the Property as a prin�ipal residence. If this Security Instrument is on a leasehold, Barrower sha11 comply with the pro�isions of the lease. If Borrower acquires fee title to the Property,the leasehold and fee title sha11 not be merged unless Lender agrees to th�merger in writing. fi. �ond�mnation.The proceeds of any a�vard or claim for damages, direct or consequential, in con.nection with any condemnation or ather taking of any part of the Property, or for can�eyance in place of condemnat�on, a.re hereby assigned and shall be paid to Lender to the extent of the fuli amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender sha11 apply such proceeds�o the redu�tion of the indebtedness under the Note and this Security Instrument, first to any delinquen�amounts apptied in the order provided in paragraph 3,and then to prepaymeat of priacipal.Any applica�ion of the pro�e�ds to the principal sha��nat extend or postpone the due date of the monthly payments,which are referred to in paragraph 2,or change the amount of such payments.Any excess proceeds o�er an amount required to pay a11 outstanding indebtedness under the Note and this Security Instrument sha11 be paid to the entity legally entitied thereto. 7. Chargestv Borrvwerand Protectionaf Lender's Rights in the Pr�operty.Borrower shal�pay ai� governmenta�or municipal charges, f�nes and�mpositions that are not included rn paragraph�. Borrower sha11 pay�hese obligations on time directly to the entity which is owed the payment. If failure to pay�vvuld adversely affect Lender's interest in the Property, upon Lender's request Borrower sha11 promptly furnish ta Lend�r re�eipts�videncing these payments. If Borrov�er fails to make thes�pa�ments or the payments required by paragra�h 2,or fails to perform any other covenants and agreements cant�.in�d in this Security Instrument,or ther�is a legal proceeding that may FHA Mor�gage WITH MERS-NE Re�ised 419B VMP� VMP4N�NE}(1342}.D� Wafters Kluwer Financiai Sen►ices Page 4 a#14 qU333658�445 (�233 38� �41�