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200307191 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not he required to pay Borrower wry interest or earnings on such proceeds. Fees for public adjuslcra, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the some secured by this Security Instrument, whether or not than due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiac and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carder has offered W settle a claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (h) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights we applicable to the reverage of the Vroperty. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use, the Property a, Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Properly as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall net be wtreaconably withheld, or unless extenuating circumstances exist which we beyuud Borrower's cemml. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Properly, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds we paid in connection with damage m, or the taking of, the Properly, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds we not sufficient to repair or restore the Property, Borrower is am relieved of Borrower's obligation for the completion of such repair or restoration. Lender or IIS 'a ?enl may make rcn ctiefle entries upon and inspections of the Property. It' it has reasonable cause, Lender may iuspcd the iuterlor ol'the improvements on the Pruprrty_ Lender shall give Borrower notice of the tune of on pJU, w ai lutrrior inspection s, dfying such reasonable cause. S. Borrower's Loan Application. Borrower shall be in default if, during the Loan tpplic rtion process, Borrower or airy perons or entitles acting it the diiccliUU UI Boaowcr or scith Borrotrcr's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 999463468 `d �IA(ME)(00cro.a, on.1als Form 30a6 1101 2012647