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200801477 work has been eompletcd to Lender's satisfaction, providcd that such inspection shall be undcrtakcn promptly. Lender may disbursl: proel:l:ds for thl: rl:pairs and rl:storation in a single payment or in a sl:ril:s of progress paymcnts as the work is completcd. Unless an agreemcnt is madc in writing or Applicable Law requirl:s interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any intcrcst or earnings on such proceeds. Fees for public adjusters, or othcr third partics, rctained by Borrower shall not be paid out of the insurance proceeds and shall bc the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance procceds shall be applicd to the sums secured by this Security Instrument, whcther 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 and settle any available insurance claim and related mattcrs. If Borrower docs not respond within 30 days to a notice from Lcnder that the insurance carrier has otfered to settle a elaim, then Lender may negotiate and settle the claim. The 30-day period will begin whcn the noticc is givcn. In either event, or if Lender acquircs thc Propcrty under Section 22 or otherwisc, Borrower hereby assigns to Lendcr (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than tile right to any refund of uncarned premiums paid by Borrowl:r) under all insurance policies covering the Property, insofar as such rights are applicable to ilie coverage of the Property. Lcnder may usc the insurance procceds cithcr to repair or restore thl: Propl:rty or to pay amounts unpaid under the Note or this Security Instrnment, whether or not then due. 6. Occupancy. Borrowcr shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrnment and shall continue to occupy the Property as Borrowcr's principal residcncc for at lcast one ycar after the datc of occupancy, unless Lender otherwisl: agrl:es in writing, which consent shall not be unreasonably withheld, or unless extenuating eircumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, darnagl: or impair the Property, allow the Property to deteriorate or commit wastc on the Property. Whcther or not BOITower 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 damage. If insurance or condemnation procceds arc paid in connection with damage to, or thc taking at the Property, Borrower shull be responsibk 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 singk payment or in a series of progress paYllll:nts as the work is eompleted. If the insurance or condemnation procl:eds arl: not sufficient to repair or restore the Property, Borrower is not relieved of BOITower's obligation till' the completion of sllch repair or restoration. Lender or ils agent may make reasonable entries upon and inspections of the Property. If it has reasonable calise, Lender may inspect the interior of the improvemenls on the Property. Lendcr shall give Borrower notice (it the time of or prior to sllch an interior inspection specifying sllch reasonable cause. 8. Borrower's Loan Application. Borrower shall bl: in ddault if, during the Loan application process, 130ITower or any pl:rsons or entities acting at the direction of Borrower or with BorroWl:r's knowledgc or consent gave materially false, misleading, or inaccurate intormation or statements to Lender (or tailed to provide Lender with material information) in connection with the Loan. Material representations include, but arc not limited to, representations concerning Borrower's occupancy of ilie Property as Borrower's prineipal residence. . -6(NE) (0407) e Initials; f3 In P 0757208954 Page 7 of 15 Form 3028 1/01