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��1 5��8�8 In the et�ent of lass,F3�rra�ver shall gi�e�ender immediate no�ice by mai�, Lend�r may make proaf af�ass if nat made promptly by Bc�rr�rver.Each insurance campan�r concerned is hereby authori�ed and directed ta make payment for such loss directly to L�nd�r,instead of to Barro�ver and ta Lender jaintly.��1 or any part �f th�insuran��procee�s may be ap�lied by Lend�r,at its o�tian,�ither�a�#o the reduGtion�f the indebtedness under the Note and this Securi�Instrument, first tfl any delinquent am�unts applied in the order in paragraph 3,and then t�prepayrnent of principal,or(b�ta the restoration or repaYr of the damaged Pra�erty,An�application of the pr�cccds to the prin�i�a1 shall nat extend or post�on�the due date of the monthly payments which are r�ferred to ixi paragraph�,�r change the amount of such payments.Any exccss insurance proceeds over an amount required ta pay ali autst�nding indebredness under the�ote apd thi� Security Instrument shall be paid to the entity 1ega11y en�itl�d thereto. In the event af f�reclos�.�re of this S�curity�nstrument or oth�r transfer of t�tl�to the Froperty that extinguishe�the indebtedness,alI right,�ti�le and interest of F3orroW�r in and to insurance policies in force shall p�ss to the purchaser. 5. Uccu pancy, Preservativn, Maintenance and Protection of the Prvperty; Borrvwer's Loan Appli�ati�n;Leasehalds.Borrower sha�l accup�, establish, and usc thc Propert� as B�rrower's principal residenc�within�ixty day�after the executian of this�ecurity Instrument(or tivithin si��y day�af a later�ale or transfer of the Prop�x`ty}and shall continue to accup�th�Property as Borro�ver's principal residence far at Ieast�ne year afte�r the date of accupan.cy,unless Lender dctcrmines that r�quirernent�vit�cause undue h�.rdship far Sorrower,or unless extenuating circumstat�ces exist which are beyond Ban��ver'�control, Borrawer shall notify Lender of any cxtc�uating circum�tanccs. Borr�tivcr shall not commit waste or destroy, dama�e ar substantial�y char�ge the Praperty or allo�v thc P�roperty to deteriorate,reaso�able�rear and tear e�cep�ed. Lender may i�spect the Pr�perty if the Froperty is�acant�r abandane�i or the loan is in default. Len�ier may ta�e reasonable ac�ion to protect and�rreser�e such vac�nt or aba��done�Proper�y. Borro�ver shall also b�in defaul#�f Borrow�r,d�uring�h�loan applicatior�proc�ss,gav�material�y false or inaccurate in�'ormatinn�r statcments to Lcnder�ot failed to pro�idc Lcndcr with any matcrial informatiun�in connect�on with the laan e�idenced by the Note,inciuding,but not timited to,representations concerning $orra�ver's aGcupancy af the Prapert��as a principat residencc.If this S�curity�nstrument i�an a leaseho�d, Bonrowver shall comply�uith the pro�isions of the lease.If Borrower acquires fee title tc�the Property,the leasehold and�ee�itle shall not be merged unless Lender agrees to the merger in writing. C, Candemnatian.T�ie pro�eeds of any a�vard Qr�laim for damages,dir��t�r consequential, in c�n�ect�Qn r�vith any cond�mnation or other t�kin�of any part af the Property, �r far can�eyance in pla�e of condemnation,are her�by a�signed aiid shal�be pa�d ta L�nder ta the exten�of the fu�l amouilt of the indebtedn�ss that remains unpaid under the Note and this 5ecurity Instrument. Lender shall app�y such proceeds to the reductian��'the indebt�dn�ss under the Note and this Security Instrument, first�o any delinquent amounts applied i��the order prov�ded in paragraph 3,and then to�repayment of pr�ncipal,Any applicati4n Qf the proc�eds to the princi�al shall n�t extend�r post�one the due dat�of the manthly payments,which are referred�v�n paragraph 2,or change the amount of such pa�men�s.Any excess praceeds over an arnaun�requir�d to pay al�outstanding�n�ebtedness under#he I�1ote and�hi�Security Instrument shall bc paid to the cntity legally cn#i�l�d thcrcto. �. Charges to Borrower ar�d Protectian of Lender's Rights in the Property.Borrower shall pay all governm�ntal or municipal charges, f�es and impositions tha�are nat in�luded in paragra,ph 2. Borrativcr sha11 pay thcse abligati�ns�n ti�mc directly ta the cnti�y�hich is ovvcd the pa�m�nt. If fai�u�re to pay v��uld adversely affect Lender's interest�n#he praperty, up�n Le�der`s reques#Borrowe�'sha�l promptly furnish to Ler�der r�ceipts e�idencing#hese payments. If Borro��er fails to mal�e these payments or the payments rcquired by paragraph 2,�r fails to perform any other eovenants and agreements con�ained in this Security I�.strument,or there is a�egal proceeding that ma� FHA Mortgage WITH MERS-NE Re�ised 419Fi VMP� VNlPdN�NE}(1342}_fl0 Wolt�rs KluwerFinancial 5ervices q0334375�383 0233 64$ 041� Page 4 t�f 14