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��1 5��7�3 �Vhether or not Lender imp�s�s a�1ood insurance requirement,Borrov►�er shall at a minirnum insure all irnproWement�on the Prop�rty,wheth�r naw in existence or subsequently erected,against lass by floods to the extent required b�the 5ecretary.If the L�nder imposes insuranc�requirements, a�1 insurane�shall be Garried wi�h c�mpanies appra�ed by Lender,and the insurance pa�icies and any renewals shall be h�ld by Lender and shali include�oss payab�e clauses in fa�or of,and in a form acceptable to,Lender. In the e�ent af lass, �orr4wer shall gi��Lender irnmediate notice�y mail. Lender rnay make pro�f of loss if not made prompt�y by Borrov`rer. Each insurance company concerned is hereby authorized and directed to make payment for such loss to Lender in�tead of ta Barrawer and L�nder jaintl�.�nsurance proceeds shall be applied to restoration or repair of the damag�d Property, if the restQration or repair is economically feasible and Lend�r's se�urity is not�essened. If the restaratian ar repair is nat economically feasible or Lend�r's s�curity would he lessened,the insurance proceeds shall be applied first ta the reduction of any indebt�dness under a Sec�nd Nate and Second 5ecurit�Instrument�as described in Paragraph 15}held by the Secretary on the Proper�y and then ta the redu�tion of the indebtedness under the Note and�his 5ecurity�nstrument.Any cxcess insurance pr�ceeds a�rer an amount required to pay all outstanding indebtedness under th�Not�and this Security Instrum�nt shal�be paid to the en�ity legall}�enti�tled thereto. In the��ent of foreclosure of this Security Instrument ar other transfer af title to th�Property that extinguishes the indebtedness,all r�ght,title and inter�st of Borrower in and to insurance policies in for�e shall pass tv the purchaser. 4.��cupan�y,Preser�at�on,Maintenance and Prote�tion of the Property; Borrow�r's Loan App�ication; Leasehv�ds. Barrov�er shall accupy,estahl ish,and use the Praperty as Borrawer's Principal ltesid�nce after the executiun af this 5ecurity Instrument and Borrower(ar at least one Borro�ver,if initially more than one persan are Barrowers}sha11 c�ntinue to occup�the Property as Borrow�r'�Pr�n�ipal Residence for the term nf the Securi�y In�trurn�nt. B�rrower shall nQt commit waste vr destray,damage or suhstantially change the Praperty ar allow the Nroperty ta det�riorate,reasonabie wear and tear�xcepted. Borrower shall also be in default if Sorrower, during the loan app�ication process, ga�e materially false ar inaccurate information or staternents to Lender�or fai�ed to provide I�ender vWith any material information}in conne�tian�vith th�loan eWid�nced by the Nate,inc�uding,but no�limit�d to,representatians con�ertling Bvrrower's occupancy of the Property as a Frincipai Residenc�.If this Security Instrument is on a lea�ehold,B�rrower shal� camply with th�prv�isions uf the lease.If Borrawer acquires fee title�o the Property,the leasehvld and fee title sha1� not be merged unless Lender agrees t❑the merger in v�riting. 5.Charges to Borrower and Prote�tian vf Lender's Rights in the Prvperty.Barravver shall pay all go�ernmental or municipal charges,fines and impQsitions that are not included in Paragraph 2. Borrower shall pay these obligations an��me directly to th�entity which is owed the payment. If fai�ure to pay would ad�ersely affect Lender's interest in the Prop�rty,upon Lender's request Borrower shall promptly furnish ta Lender receipts e�idencing these payments.Barrower shail promptly discharge any lien which has priority over this Securi�y Instrument ir�th�manner�roWided in Paragraph �4(c}. I f Borrawer fails to make these paym�nts�r pay the property �harges required by Paragraph 2,or fai ls tv perf�rm any other co��na.r�ts and agreem�nts�ontained in this Se�urity Instrument,4r th�re is a Iegal proceeding that may significantly affect Lender's r�ghts in the Property[such as a proceeding in bankruptcy,f�r condemnati�n ar ta enforce laws or regu�atians},then Lender may da an�i pay whate�er is necessary to pratect the�alue of the Property and Lender's ri�hts in the Property,including payrnent of taxes,hazard insurance and other items mentianed in Para�raph 2. . Page 3 of 14 I�CM First Deed�f Trust-24 3 S