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200203507 work has been completed to Lender' a satisf ke io n, provided that such inspection shall be underUken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a aeries 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, Launder shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, 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 Leader' s security would be lessened, the insurance proceeds shall be applied to the sums ,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, Leader may file, negotiate 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 carrier has offered to settle a claim, then Linder may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lander acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrowe s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower' a rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid udder the Note or this Security Instrument, whether or not than due. 6. Occupancy. Borrower shall occsrpy, establish, and use the Property as Borrower' a principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupy, unless Larder otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; hupanctions. 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 Property, 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 father deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, 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 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 reasonable cause, Lander may inspect the interior of the improvements on the Property. Lander shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. & Borrower's Loan Applicatlon. Borrower shall be in default 4 during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower' 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. 4ft-0(NE) (0005) Pape 7 of 15 bni.%� �v 01- 15229109 Fema 3020 1101