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��1 5�6739 In the e�ent af loss,Borrower shall gi�e Lender immediate notice by mail. Lender may make proof of loss if not made pramptly by Borrawer. Each insuran�e�Qmpany concerned is hereby authorized and directed to make payment for such loss dir�ctly to L�nder,instead of ro Barrower and to Len�ier jointly. AI�or any part of the insurance praceeds may be applied by Lender,at its op�ion,either(a}tv the redu�tion of the indebtedness under the Note and this S�curity instrument,first to any delinquent amounts applied in the arder in paragraph 3, and then to prepayment of principal,or�b}to the restoratian or repaYr af the damaged Property. Any application of the proceeds�o the principal sha�l not ext�nd�r postpone the due date of the manthly paym�nts which are referred to in paragraph 2, or change the amount vf such payments.Any excess insurance proceeds over an amount required to pay all vutstanding�ndebtedness under the Note and this 5ecurity Instrument shali be paid to the entity 1�ga�ly ent�t�ed thereto. �n the event of for�clasure of this Security Instrument or other transfer of title to th�Property that extinguishes the indehtedness,all right,title and interest of Barrawer in and to insurance policies in force shall pass to the purchaser. 5. �ccupancy, Pr�se��atian, 1Vlaint�nance and Prat�ctivn vf the Pr�perty; Barr�wer's Lvan Appli�ation; Leaseholds. Borrower shali occupy,estahlish, and use the Property as Barrower's principal residence within sixty days after the exe�ution af thi�5ecurity Instrument�or within sixty days vf a�at�r sale or transfer of the Property} and shall continue ta ac�upy the Property as Barrower's principal residence for at least one y�ar after the date af occupancy,unless Lender de�ermines#ha�requirernent will caus�undue hardship for Borrower, ar unless extenuating circumstances exist which are beyond gorrower's contr�l. Borrawer shall notify Lender of any extenuating circumstanc�s. Borrower shall not commit waste or destroy, damage vr substantially change the Property or allow the Property to deteriorate, reasanable wear and tear excepted. Lender may inspec�the Property if the Property is�acant or abandoned or the�aan is in d�fault. Lender may take reasonab�e action to protect and preser��such Wacant or abandon�d Property.Borrawer shal�also be in default if Barrower, during the loan application pro�ess,ga�e mat�riaily false or inaccurate information or sta�ements tv L�nder(or failed to pravide Lender with any material�nformation}in cannecti�n with the loan evidenced hy the Nat�,including,but nat limited ta,representations concerning Sorrower's o�cupancy of the Property as a prin�ipal residence. If this Security Instrum�nt is on a leasehald, Borrower shall comply with the pr��isions of the lease. If Borrower acquire5 fee title to the Pr�pert�,the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. �. �andemnation.The proceeds of any award or claim for damages,direct or consequential, in cannection with any condemnation or other taking af any part of the Prvp�rty,or for conveyance in place of cvndemnation, are hereby assYgned and sha11 be paid to Lender to the extent of the full amount of the iridebtedness that rernains unpaid under the Nvte and this Security Instrument, Lender shall app�y such proc�eds to the reduction of the indebtedness under the Note and this 5ecurity Instrument,first to any delinqu�nt amounts applie�in the order pro�ided in paragraph 3,and then to grepayment of principal. Any appli�ation of the praceeds to the principal shall not extend or postpnne the du�date of the monthly payments, whi�h ar�referred to in paragraph 2, or change th�amount of such paym�nts.Any e�cess proceeds over an amount requ�red to pay all vutstanding indebtedness under the l�ote and this Securi�y Instrument shall be paid to the entity legally entitled thereto. 7. Charges t� 8orrawer and Pratectivn v# Lender's Rights �n the Pr�per#y. Barrower shall pay a11 gavernmenta�or municipal charges,fines and impositians that are not inc�uded in paragraph Z, Borrower shall pay these obligations vn time directly to the entity which is vwed the payment.If failure to pay wauld ad�ersely affect Lender's interest in the Prop�rty, upon Lender's request Borrower shall promptly furnish to Lender r��eipts��id�ricing these payments. �f Barrower fail�tv make these payments or the payments required by paragraph 2,or fails to perform any other covenants and agreements cantained in this 5ecurity�nstrument,vr th�re is a le�a1 praceeding that may 1597355B7 4492114982 FHA M�rtgage W�TH MERS-NE Revised 419fi VMP� VMP4N�NE��i3Q�).00 Walters Kluwar Financial Services Page 4 of 1� � � � �