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200511516 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 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 Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then 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, 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 Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 3D-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under tlIe Note or this Security Instrument, and (b) any other of Borrower's rights (other ilian 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 the coverage of the Property. Lender may use ilie insurance proceeds eiilier to repair or restore ilie Property or to pay amounts unpaid under the Note or iliis Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use dle Property as Borrower's principal residence wiiliin 60 days after ilie execution of dlis Security Instrument and shall continue to occupy ilie Property as Borrower's principal residence for at least one year after dle date of occupancy, unless Lender odlerwise agrees in writing, which consent shall not be unreasonably witllheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair ilie Property, allow dle Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in ilie Property, Borrower shall maintain dle 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 dlat repair or restoration is not economically feasible, Borrower shall promptly repair dle Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, dle Property, Borrower shall be responsible for repairing or restoring dle 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 dle work is completed. If dle insurance or condemnation proceeds are not sufficient to repair or restore dle 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 dle Property. If it has reasonable cause, Lender may im;pect the interior of dle improvements on the Property. Lender shall give Borrower notice at dle 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 dle direction of Borrower or widl Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender widl material infonnation) in connection widl ilie Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. . -6(NE) (0005) <!l Page 7 of 1 5 ,----. ~ A R Initiols: ,!~ J I v l Form 3028 1/01