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fr.�l�f[IIIy�.Y:7 security is not lessened. �f the restoration or repair is not eaanomically feasibls or Lender's security would be lessened, the insur�nr.e proceeds shall be �pplie�d first to the reductbn of any indebtedness under a Seaond Nate and Secvnd Secur�'ty Instrume� held by the Secnetary on the Property and then to the reductian of the indebtedness under the Note and this Security Instrument. Any excess insurance procseds over an amourrt required 1a pa�► ali autstanding indebtedness under the Note and this Security Instrument shall be paid to the antity legally entitled thereto. (n the avant of forecbsure vf this 5ecurity Instrument ar ather transfer of title ta the Property that extinguishes the indeptedness, ali nght, title and interest nf Barrower in and to insurance p�licies in fnrce shall pass to the purchaser_ 4. Occupancy. Pr+eservatlon, Malntenance and Prof�ctlon of the Pro��perty; 8orrower's Loan A�piics�fon; Lsassholds. Bamnwer sh�ii occupy, establish. and use the Property as Borrower's pnncipal residence after the execution of this Security Instrument, and Borrower (or a# least one F3orrower, if initially more then vn�pe rsan are Borrowers) shall cont(nue to occupy the Pmperty as Borrowers principal residence fc�r the term of the Security InstrumeM. "Principal residence" shall have the same meaning as in the Loan A�reement. Borrower shall nat oammit waste or destroy, damage ar subst�rrtially change the Pr+operty ar aibw the Property to deterbrate. reasonable wear and tear excepted. Barrowar shall alsa be in default 'rf Bvrrower, during the ban ap�lication process, gava materially false or inaccurate infom�ation nr statements �o Lerxier (ar fa�led ta provide Lender with arry material information) in cannection with the ban evidenced by the Note, including, but rbt limited to, representatians canceming Bomawer's occupancy of the 1'roperly as a prfnc�pal residence. If this Security Instrument Is on a I�sehald� Borrvwar shaii comply with the pt�ovisbns of the lease. If Bamower aoqu�r� f� #'itle ta the Propetty, the leasehold and fee title shal) not be merged uniass Lerxler agrees to the merger in writing. S. Charges to Borrowsr and Protaction of Lende�'s Rights in the Properly Borrower shall pay all gavemmental or municipaI cha�ges, flnes and impc�sitions that are not included in Paragraph 2. Borrower shall pay these pbligatians on time directly o the ent' which is awed the payment If failure to p�y wouid adversely affect Lender's interest in the �roperty, upon Lender's request Barrower shall promptly fumish to Lerder receipts evidendn� these payments. Borrower shall promptly discha�+ge eny lien which has pnorily over this Security Instrument in the manner prnvided in Paragraph 12(c). If B�m�wer fails to make these payments or the property char�ges required by Paragraph 2, or fails to perfo�rn any other covenants and reements cantamed in this Securiky Instrument, ar there is a legal proceeding ttiat may si�nificant�r affect Lende�s rights in the Properl,y (such as a proceeding in baniwptcy, for aandemnatbn or to enfor�ce laws or regul�ti�ns), then Lender may do and pay whatever is necessary to protect the value of the Prop�rty and Lenders rights in the Properly indud"x�gpayment pf �axes, hazarcl insurancs arid other items mentioned ln Par�agraph 2. to protect Lender's security in the Property, Lender shail advance and charge to Borrower a11 amaunts due io the Sec:retary for the Mortga�e Insur�nce Pr�emium as deflned in the Laan Agreemerrt as wee as ail surns due to the ban servu�r for servici activities as defined � the l..oan Agreement. Any amounts disbursed by Lender under this Paragraph st�ll becomo an additional debt of Borrower as provided for in the Lpan Agreement and shall be secured by this Security instrument. B. Inspsctlon.l.render or its agent may enter on, inspect or make appra isals af the Property in a reasonaWe rtt�nner and at ree►sonable times pmv�ed that Lender shap �ive the Bompwer nvt�ce priar to any inspeCGon or appraisal speafying a purpase ior tFte inspectian ar appraisal whlch must be related ta Lenders inter�t in tha Property. If the property is vacant or ahandoned or the logn is in default, Lender may take reasonable �ctipn tn protact and preserve such vacar�t ar abandoned Property withaut notice to the Borrower. 7. Condemnation.The proceeds of any award vr claim for damages, direct or oonsequential, in connectian with any condemnatbn or other taking of arry part of the Propetly, or for oonveyance in place of �aridemnation shaii be paid to Lender. The pro needs shall be applied first to tha reductbn of any ind�tedness under a Secand Note and Seoond Secwity Instrument held by tha Secretary on the Prvperty. and then ta the reduction of the indebtedn�s under #he Note and this 5ecurity Instn�ment. Any excess proceeds over an amnunt required to pay all autstanding indebtedness w�der the NQte and this Security InstrumeM shaN be pa�id to the entity legally entitled tn�rero. $. Fe�a. l.ender may oollect fees and chargas authorized by the Secretary. F'Mst Arr�erican Lo�n ProduCtian Servioas Nehr�aka HECM Securily Insaument �Q 2008 FM'st AmieriCan Real EstatB $dutlpns LLC FALPS # IJ6�2 : Oa108 P � 3 . NMFI. �18807NE (f�FNE) ,