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2 007 10%'''' coverage, not otherwise required by Lender, for damage to, or destruction of: the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee ancl/or as an additional loss payee. In the event of loss, BOlTower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss ifnot made promptly by BOlTower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Propeliy, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the 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 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 required to pay Borrower any interest or emnings on such proceeds. Fees for public adjusters, or other third pmties, retained by Bon'ower 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 mId 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 3D-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, BOlTower hereby assigns to Lender (a) Borrower's rights to mIY insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of BOlTower's rights (other than the right to any refund ofuneamed premiums paid by Borrower) under all insurmIee policies covering the Propel1y, insofar as such rights me applicable to the coverage of the PropCl1y. 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 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 BOlTower'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 withheld, 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 thc Propel1y. Whether or not Bon'ower 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, BOlTower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds arc paid in connection with damage to, or the taking of, the Prope11y, 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 mld restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufhcient 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 inspect the interior of the irnprovements on the Property. Lender shall give BOlTower 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, BorrowCl- or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material infonnation) in connection with the Loml. Material representations include, but are not limited to, representations eonceming Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in tbe Property and Rights Under this Security Iustrument. If (a) Borrower L1ils to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property ancl/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security lnstrument or to enforce laws or regulations), or (c) BOlTower has abandoned the Property, then Lender N,ib;:asl~a-D;;C" o(i';:;;;t-Singk F"i;:;TiY::-F:-lli;tie M:-i;;-iF,:,iddie Mae UNIFORMiNSfihJiVil<;N'-i'--- -Tim Cl.lMI'L1ANCE S<HIRCE, IN!:.- I'age 6 of 13 www.co1111J]i(Jnl:.e~(Jun:e.com MERS Modified Form 3028 OllOI 14301 N I~ 08100 ~)2()on. The Compliance SOIli"tX\ Tne 5778896 0\\\ \ \ ~ ~.