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��15�1344 In the event of ioss,Borrow�r sha��g�ve Lender xmmediate not�ce by mai�. L�r�der ma��ake p�oof of�oss i#' nat made prompt�y by Bonower. Each insuranc�company concerned is h�reby aut�.ori2ed and directed to make paymenf far such�oss dir�ctiy to Lender, instead af to Borrawer and to Lender joint��.��ar any part of the insura�ce proceeds may be applied by Lender,at its option, e�ther(a}t�the�reduction of the indebtedness under the No�e and this�ecurity Ins�rument, �rst�o any delinquer��amounts app�ied i�.the order in paragraph 3,and then to prepayment of prin�ipal,or(b}to the restoration or repair of the damaged Property. Any app�ication of�h�proceeds to the principai sha�I nat extend or postpane the due date o�t�� monthly payments�vhich are referred to �n paragraph�,or change th�amount of such payments.Any excess insurance proceeds o�er an amount requirerl to pay a11 outstanding indebt�dness under the No�e and this Security Instrument shall be paid to the entity legally entitled ther�to. In the event of foreciasure of this Security Instrument or oth�r transfer�f title to the Pra�erty that ext�ngu�sh�s the��.debtedne�s,a��rrght,t�t�e and�n�erest af Bv�-r��rer in.and tv�nsuranc�pvliei�s in force sha11 pas�to the purchaser. �. �ccupancy, Preservatian, Maintenance and Protection af the Property; Borrower's Loan Applieation;L�as�holds�orrower shall occupy, establish, and use the Property as Borrawer's principal residence vvithin sixty da�s af�er the execu�ian of this Seeurity Instrument(ar��thin sixty days of a�ater sale vr transf�r af th�Property}and shall continue to accup�the Property as Borrower's pr�ncipal reside�nce far at least one year after the date of occupancy,unless Lender determines that requirement wil�cause undue hardsh�p far��rrower,vr u�.le�s extenuating�ireumstances exist which are beyond B�rrower's control. Borr��er shal�notify Len�er of any extenuating ci�cumstances. Borrawer shall not commit t�aste or des�roy, damage ar substant�a��y change the P�rv�aer�r or a��the Property to deteriorate,reasonable wear and tear excepted.Lender may inspect�he Property if the Property is�aeant ar abandoned or the loan is in defau��. �er�der ma�take reasona��act�an tQ px�at��t and�areser�e such�a�ar�t or abandon.ed Property.Borr�tiver shall also be in defau�t if�3orrower,during the laan application pracess,gave materially false or inaccurate informat�on Qr s�atemen�s�a Lender(or�ai�ed to prav�de Lender��t�any mate��a��fvrmat�fln}in connection with the loan evidenced by the Note, inc�uding,but not limited to,representations concerr�ing Barrower's occupan�y of the�'rop�rty as a principa�resYdenee. If th�s Sec�r�ty�nstrument�s on a�ease�.v�d, Borro�ver�hall comply�vit�the pr�visions of th�lease. If Borrawer acquires fee title ta the Property,the leasehold and fee titt�sha�1 not be rnerged un�ess Lender agrees�o the merg�r in��ing. fi. Gonde�nati�an,�"he prvc��ds Qf a�.y a�ard or claim for damages, direct or cons�quential, in connection �ith any candemnation or ather t.a.king of any part of the Proper�y, or for con�reyance i�.place of conde�at�on, are�er�by assig��d and�ha11 be pai�to Lender t�the exten.t of the fu11 amount of th� ind�btedness that remains un�aid under the Not�and�his Security�nstrument, Lender shal�apply such proceeds to th�reduct�on af the��debtedness under the Note and this Security Instrument, f�rst to an� de�inquen�amounts appli�d in the order provided in paragraph 3,and�hen to prepayment of principa�.Any app�icatron of the pr��eeds to the�a�'�nc�pa�sha��nat extend or�ost�avn�the due date of the man�hly payments,�rh�ch are referred ta in paragra�h 2,�r change the amount of such payments.Any excess proceeds aver an amo�.nt required to pay a�Z outsta�d�ng indebted�ess under the Note�.�d this Se�ur�ty Ins�rument�ha��be paid to the entity legally enti��ed thereto, �. Charge�tfl Bvrravr►erand Protect�t�r�of Lender's Ri�hts in the Property.Borrower shall pay aii �overnment�l ar municipal charges, fin�s and impositions that are not included in paragraph 2. Borrower sha�l pay these o�ligations on tirrYe�irectly to the entity�h�Gh is owed the payment. If failure to pay wauld ad�erseiy affect Lender's interest in the Property, upan Ler�der's request Borrower shall prorript�y furnish to Lender receipts evidencing these payments. If Barrower fai�s to make these payments or th�payments r�qu�red by paragraph Z,or f�.iis ta perform any other covenants and ag�reements contained i�.this Security Instrument,or there is a 1ega1 proceeding that ma� FHA Martgage WITH MERS-NE Redised 419fi VMP� WMP4N�NE){?302).44 Wolters Itluwer Financial Services Page 4 0€10 q433365734�6 4233 371 441�