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200301073 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lendermay disburse proceedsfor the repairs and restorationin a single payment or in a series of progress payments as the work is completed. Unless an agreementis made in writing or Applicable Law requiresinterestto be paid on such insuranceproceeds, Lendershall not be requiredto pay Borrower any interestor earnings on such proceeds.Fees for public adjusters,or other third parties,retainedby Borrower shall not be paid out of the insuranceproceedsand shall be the sole obligationof Borrower. If therestoration or repairis not economicallyfeasible or Lender's securitywould be lessened,the insuranceproccedsshall be appliedto the sums securedby this Security Instromentwhetheror not thendue, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandonsthe Property,Lendermay file, negotiateand settle any available insurance claim and relatedmatters.If Borrower does not respondwithin 30 days to a notice from Lenderthat the insurance carrierhas offered to settle a claim, then Lendermay negotiateand settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property order Section 22 or otherwise, Borrowerhereby assigns to Lender(a) Borrower's rights to any imuranceproceedsin an amount not to exceed the amountsunpaidunderthe Noteor this Security Instrumem and (b) any otherof Borrower's rights (other than the right to any refund of uncarnedpremiums paid by Borrower) under all insurance policies covering the Property,insofm as such rights are applicableto the coverage of the Property. Lender may use the insuranceproceeds eitherto repair or restorethe Propertycr to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrowershall occupy, establish, anduse the Propertyas Borrower's principalresidence within 60 days after the execution of this Security Instramentand shag continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which we beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property, Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorateor commit waste on the Property. Whetheror not Borroweris residing in the Property,Borrowershall maintainthe Propertyin order to prevent the Propertyfrom deterioratingar decreasingin value due to its condition. Unless it is determinedpursuantto Section thatrepairor restorations not economicallyfeasible ,Borrowershall promptlyrepairthe Propertyif damaged to avoid further deteriorationor damage. If insurance or coodemnationprocceds we paid in connectionwith damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoringthe Propertyonly if Lenderhas releasedproceedsfm such purposes.Lendermay disburseproceeds for the repairs and restorationin a single payment or in a series of progress payments as the work is completed. If the insurance or condemnationprocceds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonablecame, Lender may inspect the interiorof the improvementson the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower" be in default if, during the Loan applicationprocess, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consentgave materiallyfalse, misleading, or inaccurateinformationor statementsto Lender(or failed to provide Lenderwith materialinformation)in connectionwith the Loan. Materialrepresentations include, but are not limited to, representationsconcerning Borrower's occupancy of the Property as Borrower's principal residence. WC (:330609 APPL #:8010095391 , —...p. WAN #:8010075391 InAlelc `Y W� (0'61NEI PoD* rasnmis 1, �� Form30281 /01