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200800193 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 earnings on such proceeds. Fees for public adjusters, or other tllird parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If fue restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to fue sums secured by this Security Instrument, whefuer or not fuen due, with fue excess, if any, paid to Borrower. Such insurance proceeds shall be applied in tlle order provided for in Section 2. If Borrower abandons fue Property, Lender may tile, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender fuat tlle insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when fue notice is given. In either event, or if Lender acquires tlle 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 fue amounts unpaid under fue Note or this Security Instrument, and (b) any ofuer of Borrower's rights (other than fue right to any refund of unearned premiums paid by Borrower) under all insurance policies covering fue Property, insofar as such rights are applicable to the coverage of the Property. Lender may use fue insurance proceeds eitller to repair or restore fue Property or to pay amounts unpaid under the Note or fuis Security Instrument, whefuer or not fuen due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence wifuin 60 days after the execution of this Security Instrument and shall continue to occupy fue Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender ofuerwise 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 the Property. Whefuer or not Borrower is residing in tlle 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 determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair fue 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, tlle 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 the work is completed. If the insurance or condemnation proceeds are not sutlicient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for tlle 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 in.."pect fue interior of fue 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 fue Loan application process, Borrower 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 information) in connection with fue Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. .. -6INE) (0005) @ Pag. 7 of 15 Initia\L" - / . f rr7 ?l~ ' Form 3028 1/01