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��15�41�1 �n the e�ent of loss, Borrower sha11 give Lender immediate notice by mai�. Lender may make proof of loss if no�made pramptly by Borrower. Each insurance company conc�rned is hereby authori2ed and directed to make payment far such loss directly to Lender, instead�f to Borrower and to Lender jointly, A11 or any part of the ir�.surance proceed�may be applied by Lender,at its�ption, either(a)t�the reductian of the in�iebtedness under the Note and this Security�nstrument, first t�any delinquent arnounts applied in the order in paragraph 3,and then to prepayment of prineipal,or�b}�o the restoratian or repair of the darrraged Property. Any application of the proceeds to the principal sha�l nat extend or postpone the due dat�af the monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any exc�ss insurance proceeds o�er an amaunt required to pay all outsta.nding indebtedness under the I�ate and this Security Instrument shai�be paid to�h�entity�egally entit�ed thereto, �r�the event of foreclosure af this Security Instrument or other transfer of title t�the Property that extinguishes the indebtedness, all right,title and interest of Barrower in and to insurance policies in force shall pass to the purchaser. 5. �ccupancy, Pr�servation, �aintenance ar�d Protec�fon of#he Proper�y; Borrower's Lvan Application;Leaseholds�3arrawer shali o�cupy, establish, and use the Property as Borrower's principal residence within sixty days after the execu�ion of this 5ecurity�nstrument(or vvithin sixty days of a later sale or transfer of the Property}and shall continue t�occupy the Proper�y as Borrower's principa�residence far at least one year af��r the date of accupancy,unless Lender de�ermines that requirement wi11 cause undue hardship for Bor�rawer, or un�ess extenuating circumstances exist which are beyond Borrawer's cantrol. Borrower sha�l n�tify Lender of any extenuating circumstances. Sarrawer shall not eommit waste or destroy, darnage or subs�antially change the Property or allovv the Property to deteriorate,reasonable wear and tear excepted, Lender may�nspect the Property if the Property is�a�ant flr abandoned or th� loan is in default. Lender may take reasonable action to protect and preser�e such vacant�r abandoned Property. Borra�uer shall aiso be in default if Borra�ver, during the 1�an app�ication proeess,ga�e material�y false or inaccurate information�r sta.tements to Lender(or failed to pro�ide Lender with any mat�rial information}in connecti�n w�th�he �oan evidenc�d by the Nate, x�Gluding,but not limited to,representations co�cernin� Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower sha11 comply w�th the provisions of the lease. If Borro�ver acquires fee title to the Property,the leasehold and fee title shall not�ae merged unless Lender agrees to the merger in writi�.g, fi. Gond�mnat�on.The proceeds of any award or claim for�amages, direct ar consequent�al, in connection �ith any condemnatian or other ta.king of any part�f the Property, or for con�eyance in place of candemnatian, are hereby assigned and shall be paid to Lender to the �xtent of the fu11 amount of the indebtedness that remains unpaid under the Note and this Security Instrument, Lender shall apply such proceeds to the reduction of the indebtedness under�he Note and this Security Instrument, first ta any d�iinquent amounts applied in the order pro�ided in paragraph 3, and then to prepayment of principal, Any applicati�n of the proceeds t�the principal shall not extend or pastpone the due date of the monthly payments,which are referred to in paragraph�,�r change the amount of such payments. Any excess pro�eeds over an amount required�o pay all ou��tanding indebtedness under the Note and this 5ecurity Instrument shall be paid to the entity lega�iy entitled thereto. �. �har�es to Barrowerand Pratec#ion of Lender's Rights in�h� Property.Barrower shali pay all governmental or mun�cipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these�bligatians on time directly to the entity which�s owed the paym�nt. If faiXure to pay wou�d adversely affect Lender's interes��n the Praperty, upon Lender's request Barrower shall promp�ly furnish ta Lender receipts evidencing th�se payments. If Borrawer faiis to make these payments or the payment�required by para�raph 2,or fails to perfarm any other c��enants and agreements contained in this Security Instrument, or there is a iegal proceeding that may �HA Mortgag�WlTH MERS-NE Fievised 419fi VMP� � VMP4N[NE}[1342}.4q Vllalters Kluw�r Financial Ser►iices Page 4 af 14 q433413�2119 �233 353 �41Q