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20if0319C or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bonower. 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 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, Lender may tile, negotiate and settle any available insurance claim and related matters. If Bonower 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 perlod 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 i.ender (a) Bonower`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 oWer of Borrower's rights (other than the right to any refund of uneamed premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Properly. Lender may use the insurance proceeds either to 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 Bonower'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 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. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Properly, allow the Properly to deterlorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Properiy in order to prevent the Property from deteriorating or decreasing in value due to its condiflon. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prompdy repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Bortower 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 suf�'icient to repair or restore We Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender 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 Bonower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Boraower's Loan Application. Bonower shall be in default if, during the Loan applicaflon process, Bonower or any persons or enflfles acting at the direction of Borrower or v►dth Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material informaflon) in �B�$� — Single Family -- Faooie Mae/Preddia Mae UHIFORM INSTRUII�N'1' Form 3028 ll01 � /� GCC - G3028-08 (09/Ol) (1'age 8 of19) Initials: �Lrv