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200308321 ,onx has been completed to Lender's satisfaction, provided that such inspection shall be undertaken romptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series C progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law :quires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any ;tterest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by irrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If ue restoration or repair is not economically feasible or Lender's security would be lessened, the insurance .;roceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with pie excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in ection 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance !aim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the tstirance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 -day eriod will begin when the notice is given. In either event, or if Lender acquires the Property under ection 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance rocceds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and o) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by orrower) under all insurance policies covering the Property, insofar as such rights are applicable to the overage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or 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 as Borrower's principal esiclence within 60 days after the execution of this Security Instrument and shall continue to occupy the �roperty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender therwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating ircumstances exist which are beyond Borrower's control. 7. ;'reservation, Maintenance and Protection of the Property; Inspections. Borrower shall not .estroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the �roperty. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in rdcr to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is .etermined 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 ondemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower hall be responsible for repairing or restoring the Property only if Lender has released proceeds for such urposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of rogress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient .t repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of .tcL repair or restoration. Leader or its agent may make reasonable entries upon and inspections of the Property. If it has :asonahle cause, Lender may inspect the interior of the improvements on the Property. Lender shall give :orrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application ,rocess, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's .nowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender ,)r failed to provide Lender with material information) in connection with the Loan. Material -presentations include, but are not limited to, representations concerning Borrower's occupancy of the 'roperty as Borrower's principal residence. Initials, R -6(NE) I00051 Page 7 of 15 /„ Form 3028 1/01 r z,