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20 �OU8997 or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sple obligation of Borrower. If the restaratian or repair is not economically feasible or Lender's security wauld be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Barrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Praperty, 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 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 Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrurnent, and (b) any other of Borrower's rights (other 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 Fxoperty or to pay amounts 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 60 days after the execution of this Security Instrurnent 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 agxees in writing, which consent shall not be unreasonably withheld, ox unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or cornmit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its conditian. Unless it is determined pursuant to Sectian 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or dannage. If insurance or condemnation proceeds are paid in connection with damage Co, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender 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 sufficient to repair or restore the Property, Borrower is not relieved of Borrower's abligacion for the completion of such repair or restoration. Lender or its agent may xnake reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on Che Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Applicatian. Borrower shall be in default if, during the L.oan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knawledge or consent gave materially false, misleading, or inaccurate informatian or statements to Lender (or failed to provide I.ender with rnaterial information) in �B�S� -- Single Family -- Fannie A1aelPl�eddie Mac UNIFQRM INSTRUMENT Form 30Z8 Ol � GCC - G3028-08 (09/Ol) (Page 8 of 19) Initials; ��V�