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200705840 work has been completed to Lender's satisfaction, provided that such inspection shall be unacrtaken promptly. Lender may disburse procel.ils for the repairs and restoration in a single payment 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 insurance prot:eeds, Lender shall not bl: rl:quired to pay Borrower any interest or earnings on such proceeds. Fees for public adjusterS, 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 economic.111y feasible or Lender's security would be lessened, the insurance proceeds shall be app1ied to the sums secured by this Security Instrument, wheth,-'T or not then due, with the t\X.COSS. if any, paid to Borrower. Such insunmcc pmceeds shall be applie4 in the order provided for in Section 2. If Borrower abandons the Propeny I Lender may file, negotiate and scUle any available insurance claim and related matters. If Borrower dOl;1s not respond within 30 clays 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 tbe notice is given. In either event, or if Lender acquires the Property Wlder Section 22 01' otherwise. Borrower hereby assigns to Lend.er (a) Borrower's rigb.ts to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note Or this Security Instrwnent, and (h) any other of Borrower's rights (Otl1er than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar M :iluch rights are applicable to the coverage of thr:: :Pra:peny. Lender may use tlle insurance procef.'(1.Q either to repair or restore the Property or to pay amounts unpaid untleT the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish. and use Ute Property as Borrower's principal residence within 60 days after lhe 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 not be unreasonably witbhelcl, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and ProtectioD of the Property; Inspections, Borrower 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 tho Property. Borrowet shall maintain the Propeny in order 10 prevent the Propeny from deteriorating or decreasing in v:due due to its condition. Unless it is determined pursuant to Section S that repair or restoration is not economically feasible, Borrower $ball promptly repair the "Property if damaged t.o avoid further dett:riora!ion or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shan be responsible for repairing or restoring the 'f>roperty only if Lender has released proceeds tor such purposes. Lender may disburse proceed:~ for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If ~he insurance or conderrmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of aorrower's obligation for the completion of such repair or restoration. Lemler or its agent may make reasonable entries upon ana. inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Ptopeny. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasol'1able cause. 8, 'Bonower's LoaD Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at tlle dirct..iion of Borrower or with Borrower's knowledge Or consent gave materiany fal$e, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material infotllliUion) in ~onnect.ion with the Loan. Material representations inClude, but are not limited ~o, representations concerning Borrower's occupancy of the Property as BOrt'ower's principal rli!Siclence. Ow"6INEI IOOO~1 "'~ea1cf 15 ,~.,,~ Form 3026 1/01