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~olooss~J security is not lessened. If the restoration or repair is not ecarromically feasible or Lender's security would be lessened, the insurance proceeds shall be applied first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on the Property and then to the reduction of the indebtedness under the Note and this Security Instrument. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the enfity legally entitled thereto. In the event of farecbsure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's princrpal residence after the execution of this ecunty Instrument, and Borrower (or at least one Borrower, if initially mare than one person are Harrowers) shall continue to occupy the Property as Borrower's principal residence far the term of the Security Instrument. "Principal residence" shall have the same meaning as in the Loan Agreement. Borrower shall not commit waste ar destroy, damage or substantially change the Propperty or albw the Property to deteriorate, reasonable wear and tear excepted. Harrower shall also be in default if Borrower, during the loan a plicatian pmcess, gave materially false ar inaccurate infarrnation or statements to Lender (or failed to provide Lender with any material information) in connection with the ban evidenced by the Note, including, but not limited ta, re resentations containing Borrower's occupancy of the Property as a princrpal residence. If this Security Instrument is on a leasehold, Harrower shall comply with the provisions of the lease. It Borrower acquires fee title to the Property, the leasehakt and fee title shall not be merged unless Lender agrees to the merger in writing. 5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall ppay all governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pa these obligations on time directly to the anti which is owed the payment. If failure to pay would adversely affect Lender's interest rn the ~roperty, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. Harrower shall promptly discharge any lien which has priority over this Security Instrument in the manner provrded in Paragraph 12(c). If Borrower fails to make these payments or the property charges required by Paragraph 2, ar fails to perfom7 any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantfyr affect Lender's rights in the Property (such as a proceeding in bankruptcy, far condemnation ar to enforce laws or regulations , then Lender may do and pay whatever is necessary to protect the value of the Property and ender's rights in the F~roperty, including payment of taxes, hazard insurance and other items mentioned in Pawsgraph 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 Premium as defined in the Laan Agreement as well as all sums due to the loan servicer far servicingg activities as defined in the Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall became an additional debt of Harrower as provided for in the Loan Agreement and shall be secured by this Security Instrument. B. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a reasonable manner and at reasonable times provxled that Lender shalt give the Borrower notice pprior to any inspection ar 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 ar abandoned or the loan is in default, Lender may take reasonable action to protect and preserve such vacant ar abandoned Property without notice to the Borrower. 7. Condemnation.The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation shall be paid to Lender. The proceeds shall be applied first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on the Property, and then to the reduction of the indebtedness under the Nate and this Security Instrument. Any excess proceeds over an amount required to payy, all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8. Fees. Lender may collect fees and charges authorized by the Secretary. First American Loan Pinductian Services Nebraska HECM Security Instrument ~ 2008 First American Real Estate Solutions LLC FALPS # UB02 : 05!08 ~,gge ~ NMFL #18807NE (QFNE)