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��15��3�7 In the event of loss,Borro�crer sha11 give�.ender immediate notice by mail. Lender may mak�proaf of loss�f not made promptly by Borrow�r. Each insurance campany con�erned is hereby autharized and directed to make payment far such�oss direct�y to i,end�r, instead of to Bonower and to Lender jointiy.AII or any part of the in.suran�e pr�ceeds may be applied by Len.der,at its�pti�n, either�a}to the r�duct�on af the i�ndebtedness under the Note and this Se�urrty Inst�ument,fust ta any d��inquent amounts applied in th� order in paragraph 3,and then to prepayment af principal,or�b�ta the restoratian or repair of the damaged Proper�.Any app�ication of the proc�eds to the principa�sha11 not extend or postpone the due date of the monthly payments which are refer�ed to in para�raph 2,or change the amount of such payments.Any excess �nsurance proceeds ov�r an arxiount requirec�to pay a��outstanding indebtedness und�r the Note and th�s Securi�y Instrument shall be paid to the e�at�ty l�gal�y entitlec�ther�to. In the e�ent of forec�osure of this 5ecurity Instrument or other tran.sfer of titYe to the�raperty that extinguishes the inc�e�tedne�s,all rig�.t,title and interest of Borrower in and to insurance po�icies in farce sha��ass to the purchaser, 5. �c�upancy, Pres��►ation, Maintenance and Protect�vn vf the Property; Barro►�ve�'s Loan Appli��tivn;Leaseh�Ids.Borrower shali occupy, establ�sh, and use the Property as Borrower's principal residenee with��sixty days ai�er the execution of this��curity In�trument(or within sixty days of a Iater sa�e �r transfer of the�'rop�r�y�and sha11 continu�to oc��p�the Propert�as Borrower's p�rincipa�residence for at Ieast one year after the date of occupancy,unless Lender d�termines that requirement wi��cause undue hardship for Borro�ver,�r unless extenuating circumstances exist which are beyond Barrower's control. Borrower sha��natify Lender of any extenuatYng circumstances. Barrower Sha11 not cammit waste or destroy, damage or subst�ntial�y�hange the Property or a11o�the Property�o deteriora�e,reasonable wear and tear excepted. L�nder ma�inspect the I'roperty�f th�Pr�perty is vacant or abandoned or the loan is in�efault. Lender may take reasonable action to�r��ect and preserve such vacant or a�an�oned I'roperty. �arrower sha�l also be in default if Borr�wer,dur�ng the Ioan app��cation proces�,gave materially false or inaccurate xnformation or statements to Lender�or failed to prov�de Lender with any materia�informatian�in connect�on with the Ioan e�idenced by the Note, in�luding,but nat limited ta,representations coricemin� Borrower's accupancy�f th�Property as a principal residence. If this Secur�ty Instrument is on a leaseho�d, �orrouier sha11 comp�y with the provis�ons of the�ease. If Borrower acquires fee title ta the Property,the leasehold and fee titl�sha11�ot be merge�unless Lender agrees to the merger in writing, C. �ondemnation.The praceeds of any award or c�a�m for damages, direct or cons�quent�al, in cannection with any cand�mnat�on or other�in�of any part of the Property, ar for conveyance�n place of condemnatian, are hereby ass�gned and shal�be paid to Lender�o�he extent of th�fu11 amount of the ��.debtedn.ess t�.at rema�in.s un�aid under the Note anc�this Security Instrument. Le��er sha��appl�such proceeds to the reduction of the indebtedness under the Note and this S�c�rit�Instrument, first t�any de�inqu�nt am�unts appiied in the order provided in paxagraph 3,and�hen to p�r�payment of principa�. Any a�plication of�he proceeds to the principal sha11 not extend ar postp�ne the due date of the mon.�h�y pa�ments,which are referred to in para.graph 2,or change the amount of such payments.Any excess proceeds aver an amount required to pay a11 autstan�ing in.debtedness under the Note and this Security In.strun��nt sha11 be paid t�the entity legally ent�t�ed thereto. 7. �hargesto Borrowerand Prot�ction�f Lender's R�ghts in the Prflperty.Borrower shall pay a�� governrraental ar mun�cipal charges, fines an�.impasit�ons that are nat included�n paragraph�. Borrower sha��p��th�se oh�igations on time directl�to the entit�which�s o�ved the payment. If failure to pa�wauld adversely affect Lender's intere�t in the Froperty, up�n Lend�r's r�quest Borrower�halr prvm�tl�furnis�to Lender receipts evide�cing these payments. If Borr�r�rer fai�s to make th�s�p�.yments or the payments required by paragraph 2,or fai�s to perform any �ther covenants a�d agreemen�s contained�n this�ecurity instrument,or there is a Iega�pro�eedin�that may FHA Mortgage WITH MERS-NE Re�ised 4l9fi VMP� VMP4N{NE}�1342}.4p Wotters Kluwer Finan�ia!5en�ices Rage 4 af 1❑ q�3339�5�4968 ��33 419 €341�