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200802938 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender D1ay disburse proceeds for the repain and restoration in a single payment or in a series of progress payDlents as the work is completed. Unless an apecmenl is made in. writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall DOt be required to pay Borrower any intereGt or eamin,s on such proceeds. Fees for public adjusten, or other third partics, retained by Borrower shall not be paid out of the insurance proceeds and $hall be the sole obli,wOD 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, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandom the Property, Lender IJlAY file, negotilllC and settle any available insurance claim and related matters. If Borrower does not rcspond within 30 days to a notice from Lender that the insuraftCe carrier has offered to settle a claim, then Lender may ne;otiare and settle the claim. The 30-day period will begin when the nolice 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 Dot to exceed the amounts unpaid under the Note OT this Security Insnument, and (b) any other of Borrowu's righ[S (other than the tight to any refund of unearned premiums paid by Borrower) under all insurance policies covering the PropertY, insofar as such rilhts are applicable to the coverage of the Propcny. Lender may use the insurance proceeds either to repair or restore the Propeny or to pay amounts unpaid under Ihe Note or this Security Instrument, whether or llot then d.ue. 6. Occupancy. Borrower shall occupy, establish, and use tbl:l Property as Borrowtr's principal residence within 60 days after thl:l execution of this Security Instroment and shall continue to occupy the Propeny as Borrower's principal residmlce for at least one year after the date of occupancy, unless Lender otheIwise agrees in writing, which consent shall Dot be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Prcsen'adon. MaiDten&pce and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Propl:lJ'ty, allow the Property to deteriorate or commit waste on the ProJ'fJrty. Whether or not Borrower is residing in the Propeny, Borrower shall maintain the Property in order to prevent the Property !rom deteriorating or decreasing in value due to its condition. U11less it is determined pursuant to Section S that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaled to avoid !urther d.eterioratioo or damag-e. If insurance or condemnation proceeds are paid in connection with damage to, or I:he taking of, the Property, Borrower shall be responsible for repairins or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburSt proceeds for the repairs and restoration in a single payment or in a series of progress paymen.ts as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the PropertY, Borrower is not relieved of Borrower's Obligation for the completion of such repair or restoration. Lender or its agent may mab reasonable etl.tries upon and inspections of the Property. If it has reasonable cause. Lend.er may inspect the intcrior of the improvements on lhe Propeny. l.ender shall give Borrower notice at the time of or prior to such an interior inspection spccifyini such reasonable cause. 8. Borrower's Loan A..pplieatioD. 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 Lender (or failed to provide Lender with material infonnation) in counectiOJl with the Loan. Material representations include, but are DOt limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 0110280022 'nlll*, r r/H1e Fotm 303 i- .af 1/01 .-6INE) (04071.02 . ""g. 7 0115