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200207183 work has bean completed to Lendei s satisfaction, provided that such inspection shell W undertaken promptly. Lender cony disburse procccas 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 comings on such proceeds. Fees for public adjusters, or other third parties, retained by Fnrrower shall not be paid out of the insurence proceeds and shall be the sole obligation of Burrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sunx secured by this Security hnslrumamt, whether or not then due, with the excess, if sty, paid to Bormwa Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Properly, harder may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Leader that the urance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 day period will begin when the notice is give In either evenl, or if Lauder acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) llomnwct rights to any iwurame proceeds in an amount not to exceed the amounts unpaid order the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any IePond of matured premiums paid by Borrower) under all insurance policies covering Ne Property, insofar as such rights are applicable to the coverage of the Property _ Lander may use the insurance proceeds either to repair or restore the Property or to pay amomts unpaid under the Note or this Security marginal, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security hanument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, ucdess Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating ea mhstances exist which are beyond Rorrowcr' S conrel. c 7. Preservation, 6laintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or remit waste on (be Property. Whether or not Formosa is residing in die 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 m avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connation with shortage m, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Leader has released proceeds for such purposes. Lender may disburse proceeds for the lemons and restoration in a single payment or in it series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or rnstore the Property, Borrower is not relieved of Bmmover 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, Leader may inspect Ibe vaerior of the improvements on the Property. Lender 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, Borrower or any persons or =rules acting at the direction of Borrower of with Borrower's knowledge or ent gave mater ially false, misleading or inaccurate information or statements to Lender (or failed to provide Lender with material infarmntlon) in connection with the Loan. Material representations include, but are not limited m, representations concerning Borrowers occupancy of die Properly av Rolrowcr s principal residence. 229152 Ck -elxsl cohost r�,r =iu � seen 110 toza Intl