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200207256 work has bean 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. Uvlevs 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 tarrumv an such proceeds, Fes for public adjustors, 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 Lenders security would be lessened, the insurance proceeds shall be applied to the scene 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 Fkaroover abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Hanover does not respond within 30 days to a notice from Lender that the insurance onrier has offered to settle a claim, then Leader may negotiate and settle the claim_ 'I he 30 -day period will begin when the notice Is given In either event, or if bender acquires the Property order Section 22 or otherwise. Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an annual not to cwom the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borzower's rights (other than the right to any refund of unearned pruniums paid by Borrower) under all inminxic policies covering the Property, insofar 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 under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Burrower shall occupy, establish, and use the Property as Borrowei s principal esidence within 60 days after the execution of this Security Instrument and shalt continue to occupy the Properly as Bnrzowei s principal residence for at kaet one year alter the date of occupancy, unless Lender otherwise agrees - fit writing, which consent shell not be u nexvonahly withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Presemafron, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy. divage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or act Boaowcr 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, frrower shall promptly repair the Property if damaged to avoid further deterioatinn or danage. If insurance or condensation procceds arc paid in connection with damage to, or line taking of, the Property, Itoaower shall be responsible for repairing or ramring the Property only if Lender has rdcased proceeds for such purposes. Lender may disburse proceeds rot the repairs and restoration in a single payment or in a series of progress payments us the work is completed If the Insurance or condemnation proceeds are not sufficient to repair o r restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such nnfairor restoration Lender or its agent may make reasomlble entries upon and inspections of the Property. If it has reasonable cause. Lender may inspect the interior of the improvements on the Property. Lender Shall use. give Bono notice at the time of or prior m ennfi an interior inspection specifying such reasonable cause. A. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower of 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 QODIECLAWIL with the loan Material representations include, but are not luarted to, representations conecrning Borrower's occupancy of the Property as Borrower's principal residence . 229156 FINE) (0305) rox.. U Form m02A tail P