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201005158 security is not lessened" If the r+esfioration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ap led first to the reduction of any indebtedness under a 5ecartd Note and 5eoorxt Sacurr~~"y Ina rermerrt held try the Secretary on the Properly and then to the reducfion of the indebtedness under the Nate and this 5ecunty Instrument. Any excess insurance proceeds over an amount required tie pay aM outstanding indebtedness under the Nate and this Security lnstrurnent shall be paid tb the erit~ity legally entitled thereto. In the event of foreclosi.tre of this Security Instrument or other transfer of title to the property chat extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. b. Uccupat~y, Pr~assrvatlon,Maintenanee end Protection of the Pro arty; Barroeirar's Loan Application;lLiftaseholds. Burrower shall occupy, establish, and use the ~roperty as t3vrrowers pprincipal residence after the execution of this Security Instrument, and Borrower (or at least one Borrower, if initially more than one person are Borrowers} shall continue to occupy the Property as Borrower's principal residence tar the terns of the Security Instrument. "Principal residence" shall have the same meaning as in the Loan Agreement" Harrower shall not commit waste or destroy, damage or substantiafty change the Propperty or allow the Property to deteriorate, reasonable wear and tear excepted. Borrower shall also be in default if Boirower, during the ban application process, give materially false _ or inaccurate infamnation or statements to Lender (or failed to provide Lender with any materiel rnfonnation~ in connection with the ban evidenced by the Note, including, but not limited ta, representations concerning Borrower's occupancy tat the Property as a principal residence- If is Security Instrument is an a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 5. Charges to Borrower and Protection of L,ander's Rights In the Property. Borrower shall ay all governmental or municippael charges, fines and impositlarts that are oat included rn Paragraph ~. Borrower shall pa these abl'getians on lime directly to the ant' which is awed the payment. If failure tD pay would adversely affect Lender's interest in the ~roperty, upon Lender's request Harrower shall promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discharge any lien which has priority aver this Security Instrument in the manner provided in Paragraph 12(c). If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails io perform any other eavenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantlyy affect Lender's rights in the Property such as a proceeding in bankruptcy, far oondemrrattoh or to enfarre laws or i~egulatians), then L er may do and pay whatever [s necessary to protect the value of the Piap~rty and .LLender's rights in the Property including payment of taxes, hazard insurance and other items mentioned in Pa raph ~. fo protect L~der's security in the Property, Lender shall advance and charge to Bon~ower all amounts due to the Secretary for the Mortgage Insurance Premium as defined in the Loan Agreement as wait as all sums due to the loan servicer for servicing activities as defined in the Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Harrower as provided for in the Loan Agreement and shall be secured by this Security Instrument. 6. Inspection. Lender ar its agent may enter an, inspect or make appraisals of the Property in a reasonable manner and at reasonable times provided chat Lender shall give the borrower notice pprior to anyy inspection or appraisal specifying a purpose far the inspection or appraisal which must be related to Lender's interest in the Property. If the property is vacant or abandoned ar the loan is in default, Lender may take r~easanabte action to protect and preserve such vacant or abandoned Property without notice to the Borrower. 7. Condemnation.The proceeds of any award ar daim for damages, direct or consequential, in connection with arty condemnation or other taking of any part of the Properly, or.for conveyance in piece of condemnation shall be paid to Lender" The pproceeds shall be applied first 1o the reduction of any indebtedness under a Second Note and Second Security Instrument held b the Secretary on the Property, and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess proceeds over an amount required ro pay all outstanding indebtedness under the Nvte and this Secunty Instrument shah be paid to the entity legally entitled thereto. 8. Foes. Lender may collect fees and charges authorized by the Secretary. Frs# American Loon Production Services fvehreska HECru1 Security fnstiument © 2408 first American Real Estate Solu6ana LLC FALPS # 1160'Z : 05!08 Page ~ NMFL if8807NE (gFNE)