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200600025 work ha$ been completed to Lettder's ~isfaction. provided Ihat such inspection sh.all be UtIdertaken 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 agteCJreO.I is made in writing or Applicable Law requirt.'l inlCtcSL to be paid on $Ch in~w;mce proceeds. Lender shall not be ~q1,lired to pay Borrower any mLcn:!iI. or earnings on ~~ proceeds. F~ for p1,lblie adjusten;, or omer third parties, retained by BorruWL"T shiIlI oot be paid out of the inSJ.lr;mce pTOceeds and shall be the so,le 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 sum.... secured by this Security Instrument, whether or Dot 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 abandon.... tht Property, Lender may file, negotiate and settle any llvail;lbll;: in.,'lurance claim III1d ~1<t1ed matil;l~. If Borrower does Dot respond within 30 days to a notice from Lender that the il'1...~utliIlcc carI'iL'T has offered to !:ettle a claim. then Lender may negotiate and settle the claim. The 30-day period will begj" wheu tbe 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 procrod', in an amount not to exceed the amOunts unprod 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 policiC& covering the Propen:y. insofar as ~..uch ri,ghts are lJPPlicable to tbe eovemge 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 Il3strumcnt, whether or not then. due, 6. Occupancy. BorrowC:r' ~I oecl.lpy, csta.blim, and use the Pn)perty as BorrOWl:."T'll princip;ll residc11cc within 60 days lifter the execution of this Secu.:lity lnstrument and shall continue to occupy the Pr(1perty at! 8orrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which COn.~t wll tI(lt be unrca.lJOnably withl'leld., ()f unless extenuating drCUll\Stances exist which are beyond Borrower's control. 7. Preservation, Mai~tenanee and Protection of the Property; Inspc:d:ions. Borrower shall not destroy, damage or impair the Property, allow the Jlroperty to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall main:tain the Property in order to prevent the Property from deteriorating or decrea.<:ing in value due LO its condition. Unlcs.<; iL is determined pU1'S\l8l1I to Section 5 tha1 rl:pair 01' rc.'lLoratiOn is not economically f~;ble, Borrower shall promptly repair the Property if damaged to avoid fwther deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of. the Property, Borrower shall be rC$pOm:il;ll~ for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a Ringle payment or iT!. a ::itries of progress payments as the work is completed. If the i1'L.'Wtll1lCe or condemnation proceeds are not sufficient to repair or re.'ltore the Property, BoTTOwer 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 in...peetion.~ of the Property. If iL ha.'l reasonable cause, Lender may inspecL the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior in.~ion spccifying i1.uch TCa..'\Onahlc cau.~e. 8. Borrower's Loan Applicd:ir:m. Borrower sh1IIl be in default if. dW'lng the Loan application PI'OCC::lN, BorrOw~ or lII1Y perSODS or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading. or inaccurale iniormation or sia1cmen~ LO Lender (or failed to provide Lender with material infOrma1ion) in connection witf:1 the Loan. Material representations include, but arc not limited, to, representations concerning Borrower's occupancy of the Property as Borrower's princ\pal re6idence. R-.~ In;'.....7/<, t1 0512096854 .....-6AINElI04071 ~ Pal1"7 at 16 Form 3028 '/0' 880'd 1081882918 H1lIl lSHld AlIHfiJHS L8:81 9002-91-JHa