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200708699 work has been COIPpleted to Lender's satisfaction, provided that IJUCh 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 completed. Utiless 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 fur public adjusters, or other third parnes, retained by Borrowlr shall not be paid out of the insu.rance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feas1'ble or Lender's security would be lessened, the insurance proceeds shall be applied to the sums ~ by this Security Iustrument, whether or not then due, with the excess, if any. paid to Bouower. Such iJlsurance proceeds shall be applied in the order provided for in Section 2. If Borrower ab8Ddoos tho 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 inmrance carrier bas offered to settle a claim, then Lender may negotiate and settle the claim. The 30~y period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or olherwise, 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 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 the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrmnent, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within 60 days after the execution of this Security lDst:rtJmlmt and shaD continue to occnpy the Property as Borrower's principal residence for at least 01Ill year after the date of occnpancy, unless Lender otherwise agrees in writing, wbich consent shall not be unreasonably wi~ld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower aball not deStroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that 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 the taking of, the Property, BOllower 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 or in a series of progress payments as the work is completed. IT the insurance or condemnation 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 and inspections of the Property. If it has reasonable cause, Lender may inlpect the interior of the improvements on the 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, Bonower or any persons or entities acting at the direction of Borrower or with Botrower's knowledge or consent gave materially false. misleading, or inaccurate infonnation or statements to Lender (or faUed to provide Lender with material information) in CODDCCt1.on with the Loan. Material representatioJJs include, but ue DOt limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. _6(NE) (00061 P~. 7 of 16 i)~ Fonn 3028 1101 ~~~~~-----~~~- .,~,,",.._.