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200605786 work has been completed to Lentkr's satisfaction, provitkd that such inspection shall be undertaken promptly. Lendn may disburse pn)eeeds liJr the repairs and restoration in a single payment or in a series of progress paynlents as the work is wtnpleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any intnest or earnings on SUdl proeecds. Pees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be tll(; sole obligation of Borrower. If till; restoration or rq1llir is not economically feasible or Lender's sccurity would be lessened, the insurance pnKeeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the ortkr provitkd for in Section 2. If Bornlwer abandons the Property, Lender may file, negotiate and settle any available insurance claim and n;lated matters. If Borrower does not rcspond within 30 days to a notice from LCl1(kr that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. Thc 30-day period will begin wilen tile notice is given. In either event, or if Lender acquires the Propcrty under Section 22 or otherwisc, Borrown hndlY assigns to Lender (a) Borrown's rights to any insurance proceeds in an amount not to excecd the alnounts unpaid under the Note or this Security Instrumcnt, and (b) any otlleT of Borrower's rights (other than tile right to any refund of uneanled premiums paid by Borrowcr) under all insurance policies covcring the Property, insofar as such rights are applicable to the coverage of the Propnty. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instnllllent, 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 Sccurity Instrument and shall continue to occupy thc Property as Borrowcr's principal residencc fi.Jr at least one year aftcr the date of occupancy, unless Lcndcr otherwise agrccs in writing, which consent shall not be unreasonahly withheld, or unless cxtenuating circumstanccs exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Propcrty, allow the Property to dcteriorate or commit waste on the Property. Whcthcr 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 dctermined pursuant to Section 5 that repair or restoration is not econOlnically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. I I' insurance or condemnation proceeds arc paid in connection with damage to, or the taking ot~ thc Property, Borrower shall be responsible ti.Jr repairing or restoring the Property only if Lcnder has released proceeds for such purposes. Lender may disburse proceeds fi.Jr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation fi.)r the completion of such repair or restoration. Lcnder or its agent may make reasonable entrics upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the ilnprovements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying sllch reasonable cause. S. Borrower's Loan ^llpIication. Borrowt:r shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrowcr's knowledge or consent gave materially false, misleading, or inaccurate infi.H'lllation or statements to Lender (or failed to provide Lender with material infi.mllation) in connection with the Loan. Material represcntations include, but are not limited to. representations concerning Borrower's occupancy of the Property as Borrower's principal residence. p~p. "l of 15 \ ~_.,,) , -;/ (v/ Initials: ~'__..:) .../ 06-041407 G-6(NE) (0407).lll (g, Fonn 3028 1/01