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200709022 work has been completed to Lender's satisfaction, provided that such itmpection shall be undertaken promptly. Lender may disburse proceeds for tlle repairs and restoration in a single payment or in a series of progress payments as ilie 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 oilier iliird parties, retained by Borrower shall not be paid out of ilie insurance proceeds and shall be ilie sole obligation of Borrower. If tlle restoration or repair is not economically feasible or Lender's security would be lessened, tlle insurance proceeds shall be applied to tlle sums secured by this Security Instrument, whetller or not tllen due, wiili tlle excess, if any, paid to Borrower. Such insurance proceeds shall be applied in tlle order provided for in Section 2. If Borrower abandons tlle Property, Lender may tile, negotiate and settle any available in.<mrance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender tllat tlle insurance carrier has offered to settle a claim, ilien Lender may negotiate and settle tlle claim. The 3D-day period will begin when tlle notice is given. In eitller event, or if Lender acquires tlle Property under Section 22 or oilierwise, Borrower hereby assigns to Lender (a) Borrower's rights to any ilmurance proceeds in an amount not to exceed the amounts unpaid under tlle Note or tllis Security Instrument, and (b) any otller of Borrower's rights (otller than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering tlle Property, insofar as such rights are applicable to tlle coverage of tlle 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 Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use tlle Property as Borrower's principal residence witllin 60 days after the execution of tllis Security Instrument and shall continue to occupy tlle Property as Borrower's principal residence for at least one year after tlle date of occupancy, unless Lender otllerwise agrees in writing, which con.<;ent shall not be unreasonably witlIheld, 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 ilie Property, allow the Property to deteriorate or commit waste on tlle Property. Whetller or not Borrower is residing in tlle Property, Borrower shall maintain tlle Property in order to prevent tlle Property from deteriorating or decreasing in value due to its condition. Unless it is determined 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, 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 or in a series of progress payments as tlle work is completed. If tlle insurance or condemnation proceeds are not sufficient to repair or restore tlle 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 inspect tlle interior of the improvements on tlle Property. Lender shall give Borrower notice at tlle 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 tlle Loan application process, Borrower or any persons or entities acting at tlle direction of Borrower or wiili Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender witll material information) in connection witll tlle Loan. Material representation.<; include, but are not limited to, representations concerning Borrower's occupancy of tlle Property as Borrower's principal residence. .. ~6(NE) (00051 <!> Initialsll/J j) Page 7 of 15 Form 3028 1/01