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200808457 work has been completed to Lender' ~ ~atisfaction, provided that such in~peclion shldl bc undertaken promptly. Lender may di~burse proceeds for the repair~ and restoration in a single payment or in a series of progress paymcnts as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lcndcr shall not be required to pay Borrowcr any interest or earnings on such proceeds. Fccs for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance procccds and shall be the sole obligation of Horrower. If thc restoration or repair is not cconomically fcasible or Lcndcr' s sccurity would bc lessened, the insurancc procceds shall be applied to the sums secured by this Seeurity lnstmment, whethcr or not then due, with the excess, if any, paid to Borrower. Such insurance procecds shall be applied in the order providcd for in Section 2. If Horrower 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 nolice from Lender that thc insurance carrier has offered to settle a claim, then Lendcr 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 insurancc proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any othcr of Borrower's rights (other than the right to any refund of unearned premiums paid by Horrower) under all insurance policies covering the Property, insofar as such rights arc 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 undcr lhe Note or this Security Instrument, whether or not then due. 6. Occupancy. Horrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument lmd shall continue to occupy the Property as Borrower's principal residcnce for at least one year after the date or occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumsllmces exist which are beyond Borrower' ~ control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damagc or impair the Property, allow the Properly to deteriorate or commit waste on the Property. Whether or not BOlTower is residing in the Property, Borrower shall maintain the Property in order to prevcnt 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 procccds arc paid in conncction with damage to, or thc taking of, the Propcrty, Horrower shall be responsible 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 single payment or in a series of progress payments 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 lhe completion of such repair or restoration. Lender or its agcnt may make reasonable entries 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 Horrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan ApplIcation. Horrower shall be in default if, during the Loan application process, Horrower or any persons or entities acting at the direction of Horrower or with Borrower's knowledgc or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lcnder with material information) in connection with the Loan. Material representations include, but are not limited to, represcntations concerning Borrower's occupancy of the Property as Borrower's principal Fesidence. 000657107865 TDG. Initials: -Tt'G- .-6A(NE) (0407)01 $ Page 7 of 15 FonT! 3028 1/01