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201005159 security is not lessened. If the restarativn or repair is not economically feasit~ or Lender's security would be lessened, the insurance proceeds shall be applied first to the reduction of any indebtedness under the Second Note and this Security Instrument- Any excess insurance proceeds aver an amount required to pay all outstanding indebtedness under the Second Note and this Security instrument shall be paid to the en#ity legally entrHed thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Bon+ower in and to insurance policies in force shall pass to the purchaser. 4. dccupancy, Pre~anratlan~AAaintenanceand Protectionof the Property; Borrower'sLaan ApplicaUon;Leasaholds.8orrower shall occupy, establish, and use the Pm as Borrower's principal reskence after the execution of this Security Instrument, and Barrovwp r~or at least one Borrower, if initially mare than one person are Borrowers) shall cantinas to occupy the Property as Borrower's principal residence for the tarot of the Security Instrument. "Principal residence shall have the same meaning as in the Loan Agreement. Borrower shall not commit wasfe ar destroy, damage ar substantially change the Properly or allow the Property to deteriorate, reasonable wear and tear excepted- Harrower shall also be in default if Borrower, during the ban a plicatian process, gave materially false ar inaccurate information ar statements to Lender (por failed #a provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal n~idence. if this Security Instrument is an a leasehold, Borrower shall wmply 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. Char+aosto 6orrawerand prateatianof Lender'sRightsinlhe Property. Borrower shall pay all govemmentat or municipal charges, fines and irnpositians that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. if failure to pay would adversely affect Lender's interest in the Property, upon Lerxter's request Borrower shall promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discha a any lien which has priority over this Security Instrument in the manner provided in Paragraph 92~c}. If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails to perfoml any other covenants and agreements contained rn this Securrty Instrument, ar there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations}, than Lender may do and pay whatever is necessary to protect the value of the Property and Lerxierrs rights in the property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts due to the Secretary for the Mortgage Insurance Premlurn as defined in the Loan Agreement as weA as all sums duo to the ban servicer for servicing activities as defined in the Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall tteonme an additional debt of Borrower as provided far in the Lean Agreement and shall be secured by this Security instrument. B, Inspactfon.Lender ar its agent may enter an, inspect or make appraisals of the Property in a reasonable manner and at r~sonable tinter provided that Lender shall give the Borrower notice prior to any inspection or appraisal specifying a purpose tar the insp~eetian ar appreaisat which must be related tv Lender's interest rn the Property. If the Property is vacant or abandoned or the loan is in default, Lender may take reasonable action to protect ~rnd preserve such vacant or abandoned Property without notice b the Borrower. 7. Condamnatlan.The proceeds of any award or claim for damages, direct ar consequential, in connection with any condemnation or other taking of any part of the Property, or for aorrveyance in place of condemnation shall be paid to Lender. The proceeds shall be applied first to the reduction of any indebtedness under a Second Nate and this Security Instrument. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Second Note and this Security instrument shall be paid to the entity legally entitled thereto. t3. Fees. Lender may collect fees and charges authorized by the Secretary far the Home Equity Conversion Mortgage Insurance Program. 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