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200707399 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 payroehtor 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 proceeds, Lender shall not be requited to pay Horrower 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 economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, 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 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 is given: In either event, orjf Lender acquires the 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 the Note or this Security Insttument,and (b) any other of Borrower's rights (other than the right to any refund ofuneartied premiums paid by Borrower) under all insurance policies covering the. Property, insbfaras stich rights are. applicable to the coverage of the Property. Lender may use theinstirartce proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Insttument, whether or not then due. 6. Occupallcy.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 not be unreasohably withheld, orutiless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Properly; Inspections. Borrower shall not destroy, damage or inipair the Property ,alloW theProperty todeteriorateorcol11mit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to preveht the Property from deteriorating or decreasing invalu.e due to its condition, Unless it is determined pursuant to Section 5 that repair or restoration is notecOriomicallyfeasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or daniage.Ifinsurance 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 if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment orin a series of progress payments as the work is completed. If the insurance or condemhation 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 arid inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvementsontheProperty. Lender shall give Borrower notice at the time of or prior tosllch an interior. inspectioIl specifying such reasonable cause. 8. Borrower's. Loan Application. Borrower. shan be in defaulr if, during the Loan application process, Borrower or any persons or entities actingatthe direction of Borrower orwith Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material infot'niation) iriconnectionwith the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. . -6INE) (0407).02 . @ Page 7 0115 J,~?J. ... .... ..... ..........011026992.1 Init I ... . / .... Form 3028 1/01