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200601775 work has bGen completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly_ Lcnder IIlay disburse procceds for the rcpairs 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 La\\' requires intercst to be paid on such insurance proceeds. Lender shall not be required to pay Borrower any interest or earnings on such proceeds. rees for public adjusters. or other third parties, retained by Borrower shall not bc paid out of the insurance proceeds and shall be the sole obligation of Borrowcr. 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. Sueh insurance proceeds shall be applied ill the order provided for in Section 2, If Borrower abandons the Property, Lender may file, m:gotiatc 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 elaim, then Lender may negotiate and settle the elaim. The 30-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 insurancc proceeds in an amount not to exceed tbe 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 sueh rights are applicable to the coverage of the Property. Lcnder may use the insurancc 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 shaH occupy, establish, and use the Property as Borrower's principal residence within (iO days after the execution of this Security Instrument and shaH continue to occupy the Property as Borrower's principal n.:sidenee for at least one year after the date of occupancy, unless Lender otherwise agrees in writing. which consent shall not be unreasonahly withheld. or unless extenuating circumstances exist which arc beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shaH not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or no! Borrower is residing in the Property" Borrower shall maintain the Property in order to prevent the Property th)m deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section :) that repair or restoration is not economically feasible. Borrower shaH promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds arc paid in connection with damage to, or the taking of. the Property. Borrower shall be responsible 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 single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may makc reasonable 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 give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. N, Borrower's Loan Application. Borrower shall be in dcfault it 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 blse, misleading. or inaccurate information or statements to Lender (or failed to provide Lendcr witb material information) in conncction with tbe Loan. Material representations include, but arc not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. e.6(NE) (0407).01 @ P~e 7 of 1 5 InitiaI5~~ 0110247550 ~ B. M. Fonn 3028 1/01