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��1 5��7�4 In�he event of loss,Borrower shall gi�e Lender irnmediate notice by mail.Lender may make proof of loss if not mad�promptly by Borraw�r.Each�nsurance cvrnpany concerned is hereby authori2ed and direc�ed ta make payment for su�h Ioss to Lender,instead�f to Borrow�r and Lender jaintly. Insuranee proceeds sha�l be appiied to restoration or repair of th�damaged Pr�perty, if the r�s�oratinn or repair is ecanomically f�asibl�and Lender's security is not lessened.If the restnratian or repair is not e�anomically feasible or i.aender"s security would be lessened,the insurance pr�ceeds shall b�applied first to the reduction of any indebtedness under the Second I�ote and this Security Ins�rument and then ta the redu�tion❑f the indebtedness under the First I�ote and First Security Instrument.Any excess insurance proceeds o�ver an arnount required to pay all autsta.ndin�indebtedness under the�econd I�o�e and this Security Instrument and the First Note and the First Security Instrument sha�l be paid to the entity legal iy entitled thereto. • In th�e�ent of f�reclasure of this Security Instru�nent ar ather trarisfer of tit�e to the Property that extinguishes the indebtedness,alt right,t�tle and�nterest of Borrower in and to insurance palicies in force shall pass to the purchaser. 4.�ecupancy,Preser�ation,Maint�nance and Proteetion of the Praperty;Borrvwer's Loan AppliCat�on; Leaseholds.B�rrower shal�occupy,establish,and use the Praper�as Borrower'� Prin�ipal Residence after the�xecution of�his Security Instrument and Borrower�or at least one Borr�wer,if initia�ly more than one persan are Borrawers�sha11 continue to occup�the Property as B�rraw�r's Principal Residence for the term of the Security Instrument. Borrow�r sha��nat Gornmit vvaste�r d�stroy, darnage or su�stantial��change the Property nr allow�he Property to deteriarate,reasonabie wear and tear�xcepted. Barrower shal l al so be in default if B�rr�w�r,during�he toan app�ication prv�ess,ga�e rnaterially false or inaccurate information ar stat�ments to Lender�or�ailed to proUide Lender w�ith ariy materiai infnrmation}in connection w�th the l�an eWid�nced by the Nate, including,but nat lim�tcd to,rcprescntations�ancerning Sorrovver's ❑ccupancy�f the Pr�per�y as a Principa]Residence.If this Secur�ty Instrument i5 on a�easehold, B�rrower shall comply with the pro�isions of'the lease. If Borrower acquires fe�title ta the Yroperty, the leas�h�ld and fee titie sha11 nat be rnerg�d unless Lender agrees ta the merger in writing. 5. Charges ta Borrawer and Protection of Leoder's Rights in the Property.Barrawer shall pa}�a�l gaWemmenta�or municipa�charges,fin�s and impasitions that are nat included in Paragraph 2. Borrow�r sha��pay th�se obl�gations on tirne direct�y to the entity which is owed the payment. If failure ta pay would ad�erse�y affect Lender's interest in the Property,upon Lender's reQuest Barrower shall promptly furnish to Lender receipts��iden�ing these payrn�nts.Borrower shall promptly discharge any Iien which has priority o�er this Securi#y Instrument in the manner pra�ided in Paragraph �4�c}. If B�rrow�r fai�s ta ma�e these payments or pay the praperty�harges requir�d by Paragraph 2,or fai�s ta perform any other ca�enan�s and agreem�nts cantained in this �ecurity Instrument,or there is a legal praceeding that may significantly affe�t Lender's r�ghts in th�Prop�rty�such as a proceeding in bankruptcy,for condemnation or to enforce laws or regulations�,then Lender may do and pay what�v�r is necessary to prote�t th��alue of the Praperty and Lender's rights in the Property, including payment of property taxes,ha�ard insurance and other items mentioned in Paragraph 2. Ta prat�ct�ender's security in the Property,L�nder shall advance and charge to Barrower a11 amQunts due to the Secretary for the Martgage Insurance Premiurn as defined in the L�an Agreement as�vell as all sums due to the�oan servicer for ser�icing acti�ities as defin�d in�he Loan Agre�me�t.Any arnounts dishursed hy Lender under this Para�raph shall becorne an additional debt of Borrawer as pro�ided for Page 3 ai i3 HECM Secand Deed�f Trust--24t 5