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��15��345 In the e�ent of loss,Borrower shall give I�ender immed�ate�atice by ma�l.L.ender may�na1�e proof of�oss if not made promptly by Borr�w�r. Ea�h in�urance company,concerned is hereby au�thorized and duected to make payment far such loss directly to Lende�,instead of to Borrawer a�d t�Lender joi�tly.All or a�gy pa�rt of the insurance proceeds may be applied by Lender,at its option, either(a}to the reduction af the . indet�tedness under the�Iote and this Security Instr��nent,f�st to an�delinquent amoun#s applied in th� � , order in paragraph 3,and then to prepayment of prin��pa1,or(b}t�the restoration or repau of the dama�ed Froperty.Any app�i�ation Qf the proceeds��the principal s�a��n�t extend of postpone the due dat�of the monthly payments which are referred to in para�raph 2,or�hange the amount of such payments.Any excess i�.s�a�ce proceeds flve�r an amo�n�requir�d to pa��all ou��taadi.ng indebtec�ness u�nt�er the I�ote and this Security Instrument sh�Il be paid to the entity 1ega��y entitled thereto. In the event of foreclosure of this Secur�ty Instrument ar other transfer af tit�e to the Froperty that extinguishes the indebtedness,all right,title and interest of Borrower�n and ta insurance po�ic�es in force sha��pass to�he purchaser. 5. �c�u�ancy, Pr�servation, Aliaintenance and Protection of the Property; Borrower`s Loan Appfication;Leasehv�ds�orrower sha�l occupy, establish, and us�the Prap�rty as Borrower's principal residence within sixty days after th�execution of this Security Instrument�or within�ixty days of a later sale or transfer of t�ie Proper�y)and sha1�continue to occu�ay the Property as$orrower's principa�residen.ce for at least one year after the date of occupancy,un�ess Lender determines that requirement will cause undue hardship for Borrower,ar unless extenuating circumstances exist�hi�h are beyond Borrower's contra�. B�rrower shall natify Lender of any exten�uatin�cucumstances. Bonower sha�l not comrnit waste or destroy, damage or substantially change the Proper�y or a11ow the Proper�y to deteriorate,reasonable wear and tear excepted.Lender may in.spect the Property if the Property is vacant or aband�ned or the Ioan is in defau�t. Lender may ta..ke reasonable actian tv protect and preser�e su�h�racant ar abando�ed Property. Borrower sha�l also be in default if�orrower,during the laan applicatian grocess,gav�materially false or inaccurate information ar statements to Lender�or failed t�provid�Lender with any materia�information}in connectian with the 1�an evidenced by the Note, inc�uding,but not l�mited to,representatians concerning B�rrower's�ccupancy of the Prop�rty as a principal residenee. If this Se�urity Instrument is on a�easehold, Borrower shall camply with the provisions of the lease. If Borrower acquires fee titl�to the Property,the lea$eho�d and�ee tit�e shall not be merged un.less Lender agrees to the znerger in writing. fi. Cand�mnativn.The proceeds of any award ar claim fvr damages, direct or cansequent�al,in connectian �ith any condemnation or other taking of an�part of the Froperty, or for canveyance in piac�of condemnation, are hereby assigned and shall be paid to Lender to the extent of the fu1l amount of the indebted��ss t�aat remains unpaid under the Note and this Security Instrument. Lender sha��app�y such proceeds�to the redu+ction�f the�ndebtedness under the Nate and this Security Instrument, fu�st t�any delinquent amounts app�ied ia the order provided�n p�ragraph 3,and then to prepa�ment af principal.Any app��cation of the proceeds to the principal shall not extend or po�tpone the due date of the monthly payments,which are referre�to in paragraph 2,or change the amount of suc1�payments.Any excess proceeds o�er an amount requued t�p�y a11 outstanding ind�btedness under the Note and this Security Ins�rument shall be paid�o the entity lega�ly entit�ed ther�to. ?. C harge�to ��rro�nre�and Q ratection af Lender`s Ri�hts�n the Pro�erty.Borro�rer sha�l pay a�l governmenta�or municipal charges, fines and impositions tha�are not xnc�uded�n paragragh 2. B�rro�rer sha�1 g�y these vbligations on time d�rectly to th�entity which is o�ed th�payment. I�failu�re to pay v�fluld adversely affeGt Lender's �nterest in the Praperty, upon Lender's request Borrower shall promptly furn.ish to Lender receipts evid�ncing these pay�ne�#.�. If Barrower fails to make these payments ar the payments r�quired by parag�aph 2,or fails to perform any other covenants and agreernents contained�n th�s Securi.ty Instrumen.t,�r there is a 1ega1 proceeding�hat may FHA Mortgage WiTH MEFtS-fVE Re�►ised 419fi VMP� VMP4N[NE}(13�2}.�� VIlolters Kiuwer Firiancial Setvi�es Page h of'�d qv33361solsz a �3 4$� o��o