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4357692426 200610518 work has been completed to Lcnder's satisfaction, provided that such inspection shall be undertaken promptly. Lendcr 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 bc required to pay Borrower any interest or carnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower 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 procecds 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 order providcd for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If BOlTower does not respond within 30 days to a noticc from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 3D-day period will bcgin when the notice is given_ In either event, or if Lcnder acquires the 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 thc amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrowcr's rights (other than the right to any refund of unearned prcmiums paid by Borrower) under all insurance policies covering the Propcrty, insofar as such rights are applicable to the coverage of the Property. Lcnder may use the insurance 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 shall occupy, establish, and use the Property as Borrower's principal residcnee within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lendcr otherwise agrees in writing, which consent shall not be umeasonably withheld, or unless extenuating circumstances exist which are 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 decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasiblc, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damagc 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 rcstoration in a single payment or in a scries 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. Lcnder or its agent may make reasonablc entries upon and inspections of the Properly. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrowcr notice at the time of or prior to such an interior inspection specifying such reasonable causc. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any pcrsons or entities acting at thc direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with matcrial information) in connection with the Loan. Material representations include, but are not limited to, representations conccrning Borrower's occupancy of the Properly as Borrower's principal residence. .-6A(NE) (0407) @ Page 7 of 15 ,"".,L{~JJJ';\ Form 3028 1/01