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LOAB ,. 0021635891 Borrower, subject to the terms of any Prior Uen. Such insurance 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 does not respond within 30 days to a notice from Lender that the Insurance carrier has offered to settle a claim, then lender may negotiate and settle the claim. The 30.day period will begin when the notice 18 given. In either event, or if Lender acquires the Property under Section 22 or othecwise, 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 the right to any refund of uneamed premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage at the Property. lander 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 residence 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 Lender otherwise agrees in writing, which consent shall notbe unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. "eservldlon, Maintenance and protection of the Property; InapecUon.. Borrower shall not dQStroy, 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 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 Property, Borrower shall be responsible for repairing or restoring the Property only it Lender has released proceedS for such purposes. lander may disburse proceeds for the repairs and restoration In a single payment or In a series of progress payments as the work Is completed. n 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. lender or Its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, lender may Inspect the Interlor of the improvements on the Property. Lender shall give Borrower notlee at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrowers Loan Application. Borrower shall be In default If, during the Loan application process. Borrower or any persons or entities acting at the 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 Lenderwlth materiallnformatlon) in connection with the Loan. Material representations Include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal r.sidence. 9. Protection of lender_Interest In the Property and Right. Under this Security Instrument. The provisions of this paragraph are subject to Applicable Law. If (a) Borrower falls to pel10rm the covenants and agreements contained in this Security Instrument, (b) there Is a legal proceeding that might Significantly affect lender's Interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or fol1elture , for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever Is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing amt/or repairing the Property. lender's actions can Include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest In the Property and/ or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such Interest, upon notice from Lender to Borrower requesting payment. Ifthis Security Instrument Is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and Interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Rehabilitation Lo8n Agreement. Borrowershallfutfll all of Borrower's oblgations under any home rehabUltatlon, improvement, repair or other loan agreement which Borrower enters into with lender. lender, at Lender's option, may require Borrower to execute and deliver to Lender, In a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor. materials or services In connection with improvements made to the Property. 11. Aaalgnment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property Is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, If the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the rightto hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration In a single disbursement 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 Miscellaneous Proceeds, Lender shall not be required to pay Borrower any Interest or earnings on 200701416 NE D..d at Tnlst - Single FamIly. HOlM EquMy (R....... 4105) Page 5 of 9 NEXDEEO 050fl 1t> '/ ,/\/ lb '..