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200207451 work has been 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. 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 Burrower 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 mid shall be die sole obligation of Borrower. If die restoration or repair is our economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied W the sums secured by this Security Instrumem, whetter or not then due, with We excess, if any, paid to Borrower. Such insurance proceeds shall be applied in die order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from fender that the insurance carrier has offered to settle a claim, Wen Lender may negotiate and setde the claim. The 30 -day period will begin when die ounce is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns W Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed die amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to We coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Properly or to pay amounts unpaid under the Note or this Security Instrument, whether or not Wen (Inc. 6. Occupancy. Borrower shall occupy, establish, and use die Properly as Borrower's principal residence within 60 days after the exeeunon of this Sanity Instrument and shall continue to occupy the Properly as Borrower's principal residence for at least one year after We dale of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circanuunces 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 We Properly 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 W its condition. Unless it is deteuninal pursuant to Section S that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if danhaged to avoid further deterioration or dimmer. If insurance or condemnation proceeds are paid in connection with damage W, or die taking of, We Property, Borrower shall be responsible for repairing or restoring We Properly only if Lender has released prucceds for such purposes. Lender may disburse proceeds for We repairs and restoration in a single payment or in a series of progress payments as the work is cmnpleted. If the insurance or condemnation proceeds are not sufficient to repair or restore the Properly, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make rcasonahlc entries upon and inspections of die Property. If it has reasonable cause, Lender may inspect the interior 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. 8. Borrower's Loan Application. Borrower shall be in default if, 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 in common or swwmenu to Lender (or failed W provide Lender with material information) in connection with the Loan. Material representations include, but are not limited lo, represenutons concerning Borrower's occupancy of die Properly as Borrower's principal residence. OOC 4.317601 APPL #.00161a1 {5y n LOAN M�0016187359 (M 6(NE)t000st Pate r or. as Form 3o28 1 /01