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200603226 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 n;quired to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters. or other third parties, rctained by Borrower shall not be paid out of the insurance proeecds and shall bc the sole obligation of Borrower. If the restoration or repair is not economically feasiblc or Lender's sccurity would be Iesscncd, the insurance procccds shall be applied to the sums sccured by this Security Instrument, whcther or not then duc, with thc cxcess, if any, paid to Borrower. Such insurance proceeds shall be appl ied in the order provided fi:x in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower docs not respond within :10 days to a notice from Lender that the insurance carrier has offered to settle a elaim, then Lender may negotiate and settle the claim. 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 hercby assigns to Lcnder (a) Borrower's rights to any insurance proceeds in an amount not to cxceed the amounts unpaid Ul1(kr 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 Borrowcr) under all insurance policies covering the Property, insofar as such rights arc applicable to the coverage of the Property. Le nder may use the insurance proceeds either to repair or restore the Property or to pay arnounts unpaid under the Note or this Security Instnnnent whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continuc to occupy thc Propcrty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extcnuating circumstances exist which arc beyond Borrower's control. 7. Presen'ation, Maintenance and Protection of the Propel"ty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit \vaste on the Propcrty. 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 to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall 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 thc 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 thc repairs and rcstoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds arc not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such rcpair or restoration. Lender or its agent may make 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. S. 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 faIsc, misleading, or inaccurate infi:mmltion or statements to Lender (or failed to provide Lender with material inf(mnation) in connection with the Loan. Material representations include, but arc not limited to. representations concerning Borrowcr's occupancy of the Property as Borrower's principal residence. .-6(NE) (0407)01 (lY P"de 7 of .1 5 Initials: MW f1:tr.../ 0110247977 FOI1Tl 3028 1/01