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200801102 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 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, Witll the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in tlle 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 witllin 30 days to a notice from Lender tllat the irh'mrance carrier has offered to settle a claim, tllen Lender may negotiate and settle tlle claim. The 30-day period will begin when the notice is given. In eitller event, or if Lender acquires tlle Property under Section 22 or ofuerwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under fue Note or fuis Security In.<;trument, and (b) any other of Borrower's rights (ofuer than the right to any refund of unearned premium<; paid by Borrower) under all insurance policies covering fue Property, insofar as such rights are applicable to fue coverage of the Property. Lender may use fue insurance proceeds eifuer to repair or restore the 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 fue Property as Borrower's principal residence wifuin 60 days after the execution of tllis Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after tlle date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably wifuheld, or unless extenuating circum<;tances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair fue Property, allow the Property to deteriorate or commit waste on fue Property. Whefuer or not Borrower is residing in the Property, Borrower shall maintain fue 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 furtller deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or fue taking of, fue Property, Borrower shall be responsible for repairing or restoring tlle Property only if Lender has released proceeds for such purposes. Lender lnay disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as fue work is completed. If tlle insurance or condemnation proceeds are not sufficient to repair or restore fue Property, Borrower is not relieved of Borrower's obligation for fue 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 fue interior of fue improvements on fue 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 wifu Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender wifu material information) in connection wifu tlle Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. G -6(NE) 100061 @ Page 7 of 1 6 b I Initialo: . F.,m 3028 1101