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200500069 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 IT =pair is not economically feasible or Lenders security would be lessened, the insurance proceeds shall be applied to the suns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such fnsuan rce proceeds shalt be applied in the order provided for in Section 2. If Borrower abandons the Property. Lender may rile, negotiate and settle any available insurance claim and related matters. 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 nnde ay period no 22 or begin when the notice is given. In either event, or 1f Lender acquires the Property 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 Instrument, and (b) any other of Borrower's rights (other than the right to any refund of untamed 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 the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, 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 Inshumem and shall continue to occupy the Property as Borrower's principal residence for at least one year after One date of occupancy, unless Lender otherwise agrees in wasting, which consent shall not be unreasonably withheld, or unless extnmating circumstances exist which are beyond Borrowers control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit Property in Property whether or not Borrower is residing m the Property, prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pnrsuant 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 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 Leader 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 arc not sufficient to repair or restore the Property, i Borrower s not relieved ofBoomwer's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Prroperty shall has reasonable cause, Larder may inspect the interior of the improvements on the Property. 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 nI during the Loan application process, Borrower or any persons or entities acting at the direction of Borrow. 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 information) in connection with the Loan. Material representations include, but me not limited to, representations concerning Borrower's occupancy of the Property as Borrowers principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security instrument- If (a) Borrow. fails to perform the covenants and agreements contained in this Security Instrument, (b) is a legal proceeding that might significantly affect Lender's interest in the Property, and/or rights and. this Security hisbrument (such as a proceeding to bankruptcy, probate, for cundemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or m enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest m the Properly and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which I,Y�gb: c AM6NE (ww) Poe•r m is C/ Form 3029 1101 0103584306 -5665 12/18/2004 8:54:16 olF olNdogn {��