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200702415 work has been completed to Lender's satisfaction, provided that such inspection shall be under~aken promp~ly, Lender may disbursc proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is comp]e~oo. 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 ;my interest or earnings 011 sucl1 proceeds. Fees for pu.olic adjusters, or other third partie.,~, retained by Bonower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower, If the restoration 01' repail' is not economic.:1.lly feasible or Lender's security would be le.~seJle4, the insurance proceeds s)lall be applied to the sums secured by this Security lnstrumom, whether or not then aue, with the excess, if any, paid to Borrower. Such inst~rance 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 LL'Tldr:r that the insurance carrier has offered to settle a claim, ~heD Lender may negotiate and settle the l;}aim. The 30-o.ay period will begin when the Dotite is given. In either event, or if Lender acquires the Property under Section 22 01' otherwise. Borrower hereby 8Ssib'1ls to Lender (a) Borrower'$ rights to any insurance :proCC(!cl~ in an amount not to exceed ~he 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. prL'TTliums paid by BOI'rOwtr) under all insurance polici(,'S covering the Property. insofar as such rights are applicable to thl;! coverage of the Ptoporty. Lender may use the in.~l-lram;e procc:eds either to repair Or reStOre the Propeny or to pay amounts unpaid Under the Note or this Security lnstmment, whether or Dot then due_ 6. Occupancy. Borrower shall OCClJ.py, establish, and use the ProperlY as Borrower's principal residence within 60 days aner tht; execution of this Security Instrument and shaH 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 not be unreasonably withheld, or unless extenuating circumstances e:;ti$t which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impalr the Property, allow the Property to deteriorat~ or commit waste on tho Property. Whether Or not Borrower is residing in the Property. Borrower shall maintain the Propeny in Order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detemtinecl pursuant to Section 5 that r';''Pair or restoration is not economically feasible, Borrower snall promptly repair the Property if damaged to avoid fu.rther deterioration or damage. It' insurance or condemnation proceeds are paid in cOnncc~ion with damage to, or the taking of. the Propeny, Borrower l:lhall be respollsible for repairing or restoring the Property only if Lender has released pl'oceeds tor such purposes. Lender may disburse proceeds 10r the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance Or condemnation proceeds are not $ufticient to repair or restore the Property I Borrower is not relieved of Borrower's obligation for the completion of Buch repair or restoration. Lender Or its agent may make reasonable entries upon and inspection..~ of the Property. If it has reasonable cause, Lender may inspect the imelior of Ule improvcml:nt5 on the Property. Lender shall give Borrower notice a~ the time of or prior to such an interior inspection specifying sueh reasonable callse. 8. BOITowcr's loan A.pplicatioll. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or widl Borrower's knowledge 01' consent gave materially false, misleading, or jnaccurate information or statetnenfS to Lender (or faiIea fa provide Lender with ma.terial information) in connection with tIle Loan. Material representations inclu.ac, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal rcsidt!Ilce. _6INEI 100051 Initial<~tJ PUB,,7"'1!; Form 3028 1/01