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201008521 ar other third parties, retained by Borrower shall not be paid out of the insurance proceeds and sha11 be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrurnent, whether or not then due, with the excess, if any, paid tn Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrawer abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under 5ection 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the arnounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiuzn.s paid by Barrower) 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 amounts unpaid under the Note or this Security Instrurnent, whether or not then due. G. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Barrower'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 beyond Borrower's control. 7. Preservatron, Maintenance and Protectian of the Property; Inspections. Borrower shall not destroy, darnage or impair the Property, allow the Property to deteriorate or commit waste an the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property frotn deteriarating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prornptly repair the Property if damaged to avoid further deterioration or dannage. If insurance ar condernnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the ProperCy only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payrnent or in a series of progress payments as the work is cornpleted. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lendex or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Barrower notice at the time of or prior to such an interior inspection specifying such reasanable cause. 8. Barrower's Loan Application. Borrower shall be in default if, during the I,oan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrawer's lmowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide L.ender with material information) in �B�S� -- Single Family -- Fannie MaelFreddie Mac UNIFORM INSTRUMBNT Form 3028 1101 GCC - G3028-OS (09lO1) (Page 8 of 19) Initials: .