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200207114 work has been completed to Lender's satisfaction, provided that such inspecion 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 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 cconunucally feasible or Lender's security would be lessened, the insurance proceeds shall Ix: applied to the sums secured by this Security Instrument, whether or not then due, with are excess, if any, paid to Burrower. Such resonance proceeds shall be applied In the order provided for in Section 2. If Burxowor ahandons the Property, Lender nary file, negotiate and settle any available insurance claim and related Matters. If Bin rower does nil respond within 30 days to a notice from Leader that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. 'Ile 30-Iay period will begin when the notice is given. In either event, or if Lender acquires the Property trader Section 22 or otherwise, Borrower hereby assigns to lender (a) Borrowers rights to any insurance proceeds in an amount not ro exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the tight to any related of unearned premiums paid by Borrower) under WI insurance policies covering are Property, inso4v' as uch rights are applicable to the overage of the Property. 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, esmblish, and use the Property as Borrower's 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 or last one year after the date of occupancy, unless Lender otherwise agrees in writing, which otnisent shall not be unreasonably withheld, or unless extenuating cirwhmstmces exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow are Property to deteriorate or commit waste on We 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 pun ant to Section 5 that repair restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further denaturation or damage. If insurance condemnation proceeds are paid in connection with damage n, or the taking of, the Propert Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Leader may disburse proceeds for the repairs and restoration In a single payment or in a series of progress pay mein as the work is completed If then or wndennation 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. Leader or its agent may make reasonable entries upon card inspections of the Property. If it has reasonable cause, Lender may Inspect the interior of the improvements on are Property. Lcndcr shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. S. Borrower's Loan Application. Borrower shall be in default if, during the loan application process, Bon rower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave nuterially false misleading, u inaccurate information or statements n Lender (err failed m provide Lender with material iaforarlon)a 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. J�) y ) ®6GINEI l0006i rmv,onc Form3026 1 /01