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<br />200603823
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<br />work has been comp I eteel to Lender's sati sfaetion, prov i (il'rl : bat such inspection shall be undertaken
<br />promptly, Lender may d isilurse proceeds for the repairs alld r::storation in a single payment or in a series
<br />of progress payrllellts as the work is completed. Unless an ,lgreement is made in writing or Applicable Law
<br />requires interest [0 Ill' p,lid on sLlch insurance proceeds, Lellder sball not he required to pay Borrower any
<br />interest or l'<lrnings on such proceeds. Fees for public ,ldjusters, or other third parties, retained by
<br />Borrower sh;1I1 not bc p,lid out or the insurance procecds and shall be the sole obligation of Borrower. If
<br />the restoration or repair is not economically reasible or Lender's security would be lesscued, the insurance
<br />proceeds shall be applied to the sums secured by this Secul'ilY Instrument, whether or not then due, with
<br />the excess, if any. paid to Borrower. Such insurance proceeds sball be applied in the order provided for in
<br />Section 2,
<br />If Borrower ,-lband(ll1s the Property, Lender may file, Ile~~otiate and settle any available insurance
<br />claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the
<br />insurance carrier has offl'!'(;d to settle a claim. then Lender may negotiate and settle the claim, The 30-day
<br />period will begin when the notice is given, In either event, or if Lender acquires the Property under
<br />Section 22 or otherwise, Borrower hereby assigns to Lcuder (a) Borrower's rights to any insurance
<br />proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrumcnt, and
<br />(b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by
<br />Borrowcr) uuder all insurance policies covering the Property, insofar as such rights are applicable to the
<br />coverage of the Propcrty Lcnder may use thc insurance proClTds either to repair or restore the Property or
<br />to pay amounts unpaid under the Note or this Security Instnunenl, whether or not then due,
<br />6. Occllpuncy" 8orrowcr shal I occupy, establish, ;md use the Property as Borrower's principal
<br />residenee within 60 days ;i1kr the execution 01" this Securily Instrument and shall continue to occupy the
<br />Property as Borrown's principal residence ror at least one Yl'ar arter the date or OCeupancy, unless Lender
<br />otherwise agrees in writ ing, which consent shall not be unre:lsonably withheld, or unless extenuating
<br />circumstances exist which are heyond Horrown's eontroL
<br />7. Preservation. lVlaintenallcc and Protcction of the PJ"opetty; Inspections. Borrower shall not
<br />destroy, damage or impair the Property, ;lllow the Prop';'ty to deteriorate or commit waste on the
<br />Property, Whethn or not Borrower is residing in the Property, Borrower shall maintain the Property in
<br />order to prevent thc Properly rrOrrl deteriorating or decreasi'lg in value due to its condition, Unless it is
<br />determined pursuant 10 St~etion 5 that repair or restoration's not economieally l"easihlc, Borrower shall
<br />promptly repair the Properly if damaged to avoid furthn deterioration or damage, If insurance or
<br />condemnation proceeds :lre p;lid in connection with damage to, or the taking of, the Property, Borrower
<br />shall be responsible For rep,liring or restoring the Property only if Lender has released proceeds ror such
<br />purposes, Lender may disburse proeeeds for the repairs and restoration in a single payment or in a series of
<br />progress payments as the work is eOl11pleted. I f the insuranCl' or condenmation proceeds are not su Ilieicnt
<br />to repair or restore the Fropnty, Borrowel- is not relieved 01 Borrower's obligation 1'01' the completion of
<br />such repair or restoratimL
<br />Lender or its <lgcnt rrlay rnake reasonahle entries UpOll and inspections of the Property, If it has
<br />reasonable cause, Lender m;IY inspect the interior of the improvements on the Property. Lender shall give
<br />Borrower not iee at the time of or prior to sllch an interior inspecl ion specifying such reasonable cause.
<br />8. Borrower's LOHn Application. Borrower shall be in default if, during the Loan application
<br />process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's
<br />knowledge or eGnsl:nt g,lve m;lterially f<llse, misle<lding, or ip,lceurate information or statements to Lender
<br />(or failed to provide I.ender with material information I in connection with the Loan, Material
<br />representations include, InIl <Ire not limited 10, representations eoncerning Borrower's occupancy or the
<br />Property as Borrown's principal residence.
<br />
<br />Initials:
<br />
<br />'~Jf
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<br />0110252081
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<br />G-6(NEI [04U7IO
<br />(R)
<br />
<br />P8Cj(~ 7 of 1 5
<br />
<br />Form 3028 1/01
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