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200801132 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 rcquires interest to be paid on such insurance proceeds, Lender shall not bc rcquircd to pay Borrower any interest or earnings on such proceeds. Fees for public adjustcrs, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall bc thc sole obligation of Borrower, If the restoration or repair is not economically feasiblc or Lender's security would be lesscncd, thc insurance proceeds shall be applied to the sums secured by this Security Instrummt, whether or not then due, with the excess, if any, paid to Borrower. Such insurancc proeeeds shall be applied in the order provided fix in Section 2. If Borrowcr abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower docs not respond within 30 days to a notice from Lender that the insurance carricr has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the 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 the amounts unpaid under the Note or this Security Instruml:nt, and (b) any other of Borrower's rights (other than thc 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 thc insurance proceeds either to repair or rcstore the Property or to pay amounts unpaid under the Note or this Security Instruml.:nt, 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 Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unrcasonably withheld, or unless extenuating circumstances exist which arc beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrowcr shall 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 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 damagc. 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 procecds 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 arc not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lcnder or its agent may make reasonable entrics upon and inspections of the Property. If it has reasonable cause, Lender may inspect 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, 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 Lendcr (or failed to provide Lender with material information) in connection with the Loan, Matcrial representations include, but are not limited to, representations concerning Borrower's occupancy of thc Property as Borrowt;:r's principal residence. P~e 7 of 1 5 Inl~ 0110278319 G-6(NE) (0407).02 @ Form 3028 1/01