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200605885 work has been completed to Lender's satishlction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the n:pairs and restoration in a singlt: payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law rcquires interest to bc paid on such insurance proceeds, Lcnder shall not be rcquired to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties. retaincd by Borrowcr shall not be paid out of the insurance proceeds and shall be the sole 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 sums secured by this Security Instrument, whether or not then due. with the excess, if any. paid to Borrower. Such insurancc proceeds shall be applied in the order provided for 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 30 days to a notice from Lender that the insurance carrier has offered to settle a claim. tht;n Lendcr may negotiate and settle the elaim. The 30-day period will begin when the notice is given. In either event. or if Lender acquires tbe Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than tht; right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights arc applicable to the coverage of the Property. Lender may use the insurancc proceeds either to repair or restore thc Property or to pay amounts unpaid under thc Note or this Security Instrument, whcther or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days aner the execution of this Security Instrument and shall continue to occupy thl:: Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwisc agrel::s in writing, which consent shall not be unn:asonably withheld, or unless extenuating circumstances exist which arc beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decrcasing 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 are paid in connection with damage to, or the taking of, the Propcrty. 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 thc insurancc or condemnation proceeds arc not sufficient to repair or restore the Property. Borrower is not relicved of Borrower's obligation for the completion of such repair 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 improvcments 011 the Property. Lendcr shall give Borrower notice at the time of or prior to such an interior inspection specifying such rcasonable cause. S, Borrower's Loan Application. Borrower shall be in default it~ during the Loan application process. Borrower or any persons or entities acting at the dircction of Borrowcr or with Borrower's knowledge or consent gave matcrially false, misleading, or inaccurate information or statements to Lt;nder (or failed to providc Lender with material information) in connection with the Loan. Material representations include, hut are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal rcsidence. Imtl"IS:~ 06-041294 ~.6(NE) (0407).01 ~) P'1JC 7 of 1 5 Form 3028 1/01