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200703313 work has been completed. to Lend~r's satisfaction, provided tha,t such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work Is cOl11pleted. 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 any interest or earnings on such proceeds. Fees for public a4justers, 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 proceeds shall be applied to the sums secured by this Security Instnunent, whether Or not then due, with the excesS, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may tile, negotiate and. some 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 l-en4er may negotiate and settle the claim. The 3D-day period will begin when the notice is given. In either evt:Ilt, Or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby ill'isign.<: to Lender (a) Borrower's rigbts to any insurance proceeds in an amount not to eXCl..-ed 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 unearned premiums paid by Borrower) under all insurance policies covering the Propeny, insofar as such rights are applicable to the coverage of the Property. tender may use the insurance proceeds either to repair or ro~tore the Property or to pay amounts unpaid under th~ Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower sha1l occupy, establish, and use the Property as Borrower's principal residence within 60 days after the exa.'Ution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least onl;! year after the date of occupancy, unles:;; Letl.der otherwise agrees in writing, which consent shall not be unreasonably wi~hh(lltl, Of unless extenuating circumsWlces exist which are beyond Borrower's control. 7. Preservation, Mainten~cc and Protedion or the Property; InspMions. narrower shall not destroy. damage or impair the Property. allow the Property to deteriorate or commit waste on ~he Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prev~nt the Property from deterioratin~ or decreasing in value due to its condition. Unless it is detennined. pursuant to Section 5 that repair or restoration is not economically feasible, BorrowC'r shall 'Promptly repair the Property if damaged to avoid furthet deterioration or damage. If insurance or condemnation proceeds are paid in connecHon with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has reieastd proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a s~ries of progress payments a5 the work is completed. If the insurance or condemnation proceeds are not sufficient to repair Or restOre the Propeny, Borrower is not relleved of Borrower's obligation for the completion of such repair or restoration. Lender or it.' agent may make reasonable entries upon and inspections of the Property. If it hal:i reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender ~hall give Borrower notice at the time of or prior to such an inu...'Tior inspection specifying !iuch reasonable cause. 8. :Bon-ower's 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 ~onsen[ gave materially false. misleading, or inaccurate information or statem~nts to Lender (or' failed to provide Lemler with material inforrna~i(JTl) in connection with the loan. Material representations include, but are not limited to. representations concerning 'Borrower's OCCUPilllCY of the Property as Borrower's principal residence. Gfjl-6INeII0005l \f.. i r Il'1iLi8~ Form 3028 1/01 f'~ge 7 QI16