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2oioosos2 or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and sha11 be the sole obligation of Borrawer. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied ta the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in 5ection 2. If Borrower abandons the Property, I..ender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from L.Qnder that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the clairn. The 30-day period will begin when the notice is given. In either event, or if L,Qnder acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrawer's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (ather than the right to any refund of unearned premiums paid by Borrower) under all 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 or to pay arnounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within b0 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyand Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the 1'roperty, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Prnperty from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section S that repair or restoration is not econnmically feasible, Borz�ower shall prornptly repair tkAe Praperty if darnaged to avoid further deteriaration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Barrower shall be responsible for repairing or restoring che Property only if Lender has released proceeds for such purposes. I.ender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not suf�cient to repair or restore the Property, Borrower is not reliev�d of Borrower's obligation for the completion of such repair or restoration. I,ender or its agent may make reasonable entries upon and inspections of the Praperty. If it has reasonable cause, I.ender may inspect the interior of the improvernents on the Property. L.ender shall give Borrower notice at the tirne of or prior to such an interior inspection specifying such reasonable cause. $. Borrower's Loan Application. Borrower sha11 be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, rnisleading, or inaccurate information or statements to Lender (or failed to provide L.ender with material information) in �8�.��1 -- Single Family — FauNe MaelFreddk Mac UNIFORM INSTRUMENT Form /// � GCC - G3028-OS (09lO1) (Page 8 of 19) Infitials: v� �