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4470248426 2005 2347 work has been completed to Lender's satisfaction, provided that such inspection sh I be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single paymen or in a series of progress payments as the work is completed. Unless an agreement is made in writing 0 Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to y Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, reta ed 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 e cess, 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 me, negotiate and settle any availabl and related matters. If Borrower does not respond within 30 days to a notice from Lender t the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 3 -day period will begin when the notice is given. In either event, or if Lender acquires the Property un r Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proc eds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any 0 er of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) er all insurance 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, Borrower shall occupy, establish, and use the Property as Borrower's within 60 days after the execution of this Security Instrument and shall continue to occup Borrower's principal residence for at least one year after the date of occupancy, unless agrees in writing, which consent shall not be unreasonably withheld, or unless extenua . exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. B rrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit was on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property' order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is deter ined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly re ir the Property if damaged to avoid further deterioration or damage. If insurance or condemnation pr eeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsibl for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may isburse proceeds for the repairs and restoration in a single payment or in a series of progress paymen as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or res ore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or res to tion. Lender or its agent may make reasonable entries upon and inspections of the operty. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. ender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reaso Ie cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan a plication process, Borrower or any persons or entities acting at the direction of Borrower or .th Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or state nts to Lender (or failed to provide Lender with material information) in connection with the Loan. Mate representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 'ncipal residence the Property as ender otherwise circumstances .-6A(NE) (0407) (!> Page 7 of 15 Inlllals:r/~P. , Fonn 3028 1101 '-~lL