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20i100284 or other third parties, retained by Borrower shall not be paid out af the insurance proceeds and shall be the sole obligation of Barrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall ba applied to 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 Section 2. If Borrower abandons the Property, I.ender may file, negotiate and settle any available insurance claim and related matters. If Baxrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a clairn, 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 Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums 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 Co repair or restore the Property 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 Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one y�ar after the date of occupancy, unless Lender oCherwise agrees in writing, which consent shall nat be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protectian of the Property; Inspections. Borrower shall not destray, damage or impair the Property, 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 Property from deteriorating or decreasing in value due to its conditian. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avaid further deterioration or damage. Tf insurance or condemr�ation proceeds are paid in cannection with damage to, or the taking of, the Property, Borrower shall be responsible for rspairing or restoring the Property only if J.ender has released proceeds for such purpases. Lender may disburse proceeds for the repairs and restoration in a single payrnent 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 obligatian for the campletion of such repair or restoration. L.ender 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 irnprovements on the Praperty. I.ender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. S. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Barrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in �B�S� -- Single Family — Fannie Mae![heddie Mac i7NIFORM INSTRUMENT Form 3028 � GCC - G3028-OS (09/01) (Page 8 of 19) Initials: - •