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!' k r; i 4 t t 2oioo~4so work has been catnpleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disbuxse proceeds for the 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 on such insurance. proceeds, Leader shall not be required to pay Borrower any interest yr earnings. on such proceeds. Fels 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 Harrower. If the restoration ar 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. Sudt 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 insurauce 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 china, then Lender tray. negotiate and sextie the claim. The 3U-day period will begin when the native is given. In either event, or if Lender acquires the Property under Section Z2 or 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 tb) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under ali 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 ar to pay arttounts unpaid wader the Nate or this Security Instrument, whether ar not then due. 6. Occupancy. Horrower shall occupy, establish, and tree the Property as Borrower's principal residence within 60 days after the execution of this Security Insrxtunent and shall continue to occupy the Property as Horrower's principal residence far at least one year after the date of octaapancy, unless Lender otherwise agrees in writing, which ponseat shall not be unreasonably withheld, ar ttNtss extenuating circumstances print which are beyond Borrower's control. 7. Preservation, Maintetaance and Protecdfion of the .Property; l~taspections, Borrower shall not 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, Harrower shall maintain the Property in order to revent th P ~-~-~~riaiati~nprOL.Bing.~tL v~alne dsie m ~r4 CAndit3+A&.-~rileSS-tt- iS.... ........_......., determined pursuant to Section 5 that repaix' yr restoration is not tconomically feasible, Horrpwer shall promptly repair the Property if damaged W avoid further deterioration ar datnage. If insurance or condemnation proceeds are paid in conttectiatt with damage to, or the taking of, the Property, Horrower shall be responsible for repaititag or restoring the Property only if Leagder has released proceeds fvr such purposes. Lender !nay disburse proceeds for the repairs and restoration in a sin e gl payrnent 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 Horrower'a obligation far the complexion of such repatr or restoration. Lend-er or its agent may make reasonable entries upon and haspectians of the Prpperty. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property, Lender shall give Borrower notice at the time of ar prior to such, an interior inspection specifying such reasonable cause. S. Borrower's Loan Application. $orrower shall be in default if, during the Loan appIicatian process, Harrower or any persons or entities acting. at the diirectian of Harrower ar with Horrower's knowledge or consexat gave materially false, misleading, or inaccurate infottnatian or statements to Lender (ar failed to provide Lender with material information) in carmection wfth the Loan. Material represenrations include, but are not litnieed to, representations cancetning Borrower's' oacttpattcy of the Property as Borrower's principal residence. BgtNEI !00061.07 Initiels:~ Psga 7 w 16 Form 30Z$ 1/01