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200704309 work has been completed to Lender's satisfaction, provided that 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 tlle 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 be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or otIler tIlird parties, retained by Borrower shall not be paid out of tIle insurance proceeds and shall be tIle 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 tIle sums secured by tIlis Security Instrument, whetIler or not tIlen due, with tIle excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons tIle Property, Lender may t1le, negotiate and settle any available insurance claim and related matters. If Borrower does not respond witilin 30 days to a notice from Lender tIlat tIle insurance carrier has offered to settle a claim, then Lender may negotiate and settle tIle claim. The 30-day period will begin when tlle notice is given. In either event, or if Lender acquires tIle 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 the amounts unpaid under tIle Note or tIlis 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 Property, insofar as such rights are applicable to the coverage of tIle Property. Lender may use tIle insurance proceeds eitIler to repair or restore tile Property or to pay amounts unpaid under the Note or this Security Instrument, whetIler or not tilen due. 6. Occupancy. Borrower shall occupy, establish, and use tIle Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy tile Property as Borrower's principal residence for at least one year after tIle date of occupancy, unless Lender otIlerwise agrees in writing, which consent shall not be unreasonably witllheld, 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 tIle Property. Whether or not Borrower is residing in the Property, Borrower shall maintain tIle 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 tilat 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 tIle taking of, tIle Property, Borrower shall be responsible for repairing or restoring tile Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as tile work is completed. If tile insurance or condemnation proceeds are not sufficient to repair or restore tile Property, Borrower is not relieved of Borrower's obligation for tIle completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of tIle Property. If it has reasonable cause, Lender may inspect the interior of tIle improvements on tile Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at tIle direction of Borrower or witil Borrower's knowledge or consent gave materially false, misleading, or inaccurate infomlation or statements to Lender (or failed to provide Lender witIl material information) in connection witIl the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of tIle Property as Borrower's principal residence. .. -6INE) (0005) @ Page 7 of 15 InitialS:+ Form 3028 1/01