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200801215 work has been complered to Lender's sadsfar.:tiol1, provided that sucn inspection shall be undenaken promptly. Lender may disburse proceeds for Ihc 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 011 such insunlnce proceeds, Lender shalt not be required to pay Borrower any interest Or earnings on such proceeds. Pees 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 Instrumel1t, whether or nor then due, with the excess, if any, p<ticl to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiale and settle any available insurance claim and related maners, 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 30~day period will begin when the notice is given. In either event, Or if Lender acquires the Propeny under Section 22 or Otherwise, Borrower hereby assigns to Lender (a) Borrower's rigb.lS to any insurance proceeds in an amounl not to exceed the amounts unpaid under the Note or this Security lnstrumem, and (b) any other of Borrower's rights (other 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 the coverage of the 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 Insttument, whether or not then due. 6. ~cl1pancy. Borrower shall occupy, establish, and use the ProperLY as Borrower's principal residence within 60 days after the execution of this Security 11lstnJment and shall continue LO occupy the ProperLY as Borrower's principal residence for at least one year after the date of occupam..'Y, unless Lender otherwise agrees in writing, which Consent shall nOt b~ unreasonably withheld, or unless extenuating circwnstances exist which are beyond Borrower's controL 7. Preservation, Maintenanee and Protection of the Property; Inspcdions. Borrower shall nol 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 deterioralm,g or decreasing in value due to its condition. Unless it is deEermined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid futther dfi!terioration or damage. If insurance or condemnation proceeds are paid in connection with damase to, or the Laking of, the Property, Borrower snall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. lendf;!! 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 condenmation proceeds are nor sufficient to repair Or restore the Property, Borrower is not reUeved of Borrower's obligation for the completion of such repair or restoration. Lender Qr its asent may make reasonable entries upon and inspections of the Properry. If it has reasonable cause, Lender may inspect the interior of the improvements on thc Property. Lender sh.a11 give Borrower nOtice at the time of or prior to such an interior inspection ~pecifying such reasonable eause_ 8. Borrower's Loan A.pplication. 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 infonnadon or sratt.'ments to Lender (or failed to provide Lender with iAateriaI information) in cormection with the Loan. Material representations include, but are not limited to, n..:>presentations concerning Borrower's OCcl,lpan,,1' of the Property as Borrower's principal residence. .. .6(NE) 100061 ~ P9Q& 7 or 15 Init.i.IS:~ Ftm"" ~02B 1101 fS