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,. � . , , , . , 201007833 security is r�t lessened. If the restnration or repair is not ecanomicaliy feasible or Lender's security wouki be lessened, the insurance proceeds shall ba applied �rs! to the reduction of arry ir�clebtedness under a Seoand Note and Second Security Instrument held by the Secretary on the Property and then to the redu�tian af the indebtedness under the Note artd this Security Instrument. Any excess insuranoe �roceeds over an amount required to pay all outstanding lndebtedness under the Note and this Secur�ty Instrument shall be paid to the entity legally enti�ed ther+eta. In the event of f�reclosure of this 5ecurity Instrument or pther transfer af titie �o the Property that extinguishes the irxiebtedness, all right, titlo gnd ir�terest of Borrower in and ta insurance policies in force shall p�ss to the purchaser. 4. Occup�ncy, Prssarvatfon, Matn�nance and Pro�ectian af the Propsrly; Bcrrowar's Loan Applicatian, Lsaseholds. Bomawer shall occupY, establish, and use the Pmperty as Borrnwer's principal residence after the execution of thls Security Instrument, and Borrower (or at least one Barrower, if initialiy mare than one parsc�n are Borrnwersj shaii oantinue t�o accupy the Pmperty as 8arrower's principal residence inr the teRn af the Securlty Instrument. "Principal residence" shall have ths same meaning as in the Loan Agreement. Bomdwer shali not cammit waste ar destroy, damage or substantially change the Property or allow the property to deteriorate, �sonable wear and t�r excepted. Borrower shall also be in default if 8prrnwer, during the ban applicatian process, gave materi�lly false or inaccurate information or s�tements t�o �.ender (or failed to provide Lender with any materiel information in aonnection with the ban evidenaed by the Note, including, but not limited to, rapresentat ns conceming Borr�wer's occupancy of the Property as a principal residenoe. If this Security Instrument is on a le�sehold, Borrower shall comply with the prvvisions af the i�se. If Bomower aoquires fae titls to the Pr+operty, the laasehqld and fee titHa ahall n�t be merged unless Lender agrees to the merger in writing. 5. Chars�es ta Borrowar and Protection af Lsnde�'s RlDhts In !he Property. Borrower shatl pay all govemmental ar muNcipaI c�arges, fines and impasitbns that ere not included in Paragraph 2. Borrower shall pay these obli�atioris an time directiy to tha er�tity which is awed the peyment. If f�ilur� to pay w�auld adversely aff�t Lender's inter�t in the pmperty, upon Lender's request Borrowor shall prompt� fumish to Lender receipts evidencing theae p�yment�. Borrower shall promptly d(scnarge any I en whk:h h�s piioriiy over this Security Instrumerrt in the manner provided in Paragraph 12(c). If Bomower fails to make these payments ar the properly c�arges required by Paragraph 2, or fails �o perForm any other covenan� �nd egreements cantained in this Security Instrument, or there is a fegal proceading that may significarrtly �ffect �.enders ri�hts in the Property (such as a pro�ing in bankruptcy, for condemnation or to snfarce laws or re�ui�tinns), then Lender may do and pay whatever is nece�sary ta prntect the value of the Property and Lende�'s riphts in the Property, induding payment of taxes, haz�rd insurance and other items meManed m Parayraph 2. To protect Lende�s security in the Property, Lender shall advahca and char�ge to Bvr�vwer aii amounts due to the Seusetary for tha MartQage Insuranoe Premium as defined ln the Laan �reement as well as all sums due ta the ban servicer for servicing activides as deflned in the I..oan Agreement. My amaunts disbursad by Lender under this Paragraph shatl become an additions�l dabt of 8omower as prov�ded far in the Loan Agreement and shall be secured by this Security Instrumerit. 6. Inspect(on, Lender or its agent may enter on, inspect or make appraisels of the Property in a reasonable manner and �t r�e�sonable times provkied thet Lender sheA �ive the Bnmower notioe prbr to at'�y inspectan or apprai�a! specifying a purpose ior tha ir�pectbn or appraisal which must be related to Lende�'s irrterest in the Property. if the Property is vacant or abandnned or the ban is in default, Lender may take reasnnable action tn pmtect and preserve such vacant or a�ndoned Pr�nperty withnut notice to the Borrower. 7. Condemnation.The prnceeds of any awaa,l or daim for dam� es, direct ar consequenfial, in connection with any candemn�t�on or ather taking of any part of the Pro�y , or �r conveyance in place of oondemnat�on shall be paid to Lender. The proceeds shall be applied - ftrst to the reduction of ar�y indebtedne�s under a Secorxf Note and Second Secxirity Instrument held by the Secretary an the Property, and then to the r�eduction of the indebtedness under the Note and this Securily (nstrumeM. Any axcess prviceeds �v� an amount required to pay�II au�tanding lndebtedness under the Note and #his Security Instrument shall be paid � the entity legaqy errtitled thereto. 8. Fees. Lender may collect fess and charges authorized by the Secretary. Flrst M�nrican Laen Pia�cUon Servives Nebrr�aka HECM HRM Saaxity Ins�urr�ent O�e Fkat anerican R�al Es�e salubons LLC FALP5 # Y073 : � page 3 NMFL �13NE (�ICNE)