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200701002 such Property to ensure the work has been eomph:lt:d to Lender's satisfaction, provided that such inspection shall he undertaken promptly. I ,ender lllay disburse proeeeds for the repairs and restoration m a single payment or in a serit:s of progrt:ss paymt:nts as tht: work is eompldt:d. Unlt:ss an agreement is made in writing or ^pplieable L(J\V requires mterest to be paid on such insurance proceeds, Lender sball not be required to pay Borrower any interest or eamings on such proceeds Fees for public adjusters, or other third partit:s, retained hy BO!Towt:r shall not ht: paid out of tht: insuHmet: proet:eds and shall be tht: sole obligation of I ~orrower. ] I' the restoration or repair is not economically feasible or I ,ender's security would be lessened, the ll1S11ranCe proceeds shall he applit:d to the SLlms secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bonower. Such insurance proceeds shall be applied 111 the order provided for m Section 2. If Bonower abandons the Property, Lender may filt:, 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 ll1suranee carrier has offered to settle a elaim, then I.ender may nt:gotiatt: and settle the claim. The 30- day period will begin when the notice is given. In either event.. or if Lender <lequires the Property under Section 22 or otherWIse, Borrower hereby assigns to Lender (a) Borrowt:r's rights to any ll1suranee proceeds in an amount not to exceed the amounts lmpaid under the Note or this Security Inst[luTI(.'l1t, and (b) any other of 13onower's rights (other than the right to any refund of unearned premiums paid hy Borrower) under <dl insurance policies covering the Property, insofar as sueh rights arc applicable to the coverage of the Property _ Lender may use the insurance proet:t:ds t:ither to repair or restore the Propel1y or to pay amounts Impaid under thc Notc or this Security Inslfllment, whether or not then due. 6. Occupancy. Borrower shall occupy, estahlish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Horrower's principal residence for at least one year after the date of occupancy, unless I.ender otherwise agrt:es in writing, which consent shall not be unreasonahly withheld, or unlt:ss exlt:nuating eireulllstanees exist which are beyond Borrower's control. 7. Prcsenation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or llnpaJr 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 frolll deteriorating or decreasing in value due \0 its condition. Unless it IS determined pursuant to Section 5 that repair or restoration is not economically feasible, BOlTower shall promptly repair the Property if damaged to avoid further deterioration or damage. If Il1suranee or condemnation proceeds are paid in connection with damage to, or the taking of, the Propt:rty, Borrower shall be responslhle for repairing or restonng the Property only if Lender has released proceeds for such purposes ] .ender 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 the insurance or eondelllnation proceeds arc not sutlieient to repaJr or restore the Property, Borrower is not relieved of Borrower's ohligatioll for the completion of such repair or restoration. Lender or its agent may make reasonahle entries upon and inspections of the Property. If it has reasonable cause, I .ender may inspect the intt:rior of the improvements on the Property. I.t:nder shall give Borrower notice at the time of or prior to such an interior Inspection speeif~ying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, dunng the Loan application process, Borrower or any persons or entities acting at the direction of BOlTower or with Bon-ower's knowledge or consent gave materially false, misleading, or inaccurate infonnation or statements to Lender (or t"ailed to provide Lender with mlJlerial Information) in connection with the Loan. Matenal representations include, but arc not limited to, representations concerning Borrower's occupancy of tht: Property as Borrower's principal residenee_ 9. Prokction of Lender's Interest in the Propcrty and Rights Under this Security NEHI{ASl(A - Sitlglel:amily - Fannie Mae/l<hddie Mae l:NII<UI{M I!\STRUMENT WITH ",U;I{S Fo....,30211 1101 VMP-6A(NR) (0407).01 Page 7 of 16 Itlilials;f!t!_~_._.