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�01104023 ite (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Sec ' , and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Pro rty or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for ite (a), (b), and (c). 3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: ' RST to the rnortgage ivsurance premium to be paid by Lender to the Secretary or to the monthly charge by the ecretary instead of the monthly mortgage insurance premium; ECOND to any tu�es, special assessments, leasehold payments or ground rents, and fire, flood and other hazard ' urance premiums, as required; to interest due under the Note; OURTH to amortization of the principal of the Note; and to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shalt insure all improvements on the Property, whether now in exis ce or subsequently erected, against any hazards, casualties, and conringencies, including fire, for which Lender requires ins ce. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also ins ' all improvements on the Properly, whether now in existence or subsequently erected, against loss by floods to the extent req " d by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance poiicies and any ren ' als shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of Ioss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made pro ' ptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss dir ; y to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Le er, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any del' quent amounts applied in the order in paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the ' amaged Properiy. Any application of the proceeds to the principal sha11 not extend or postpone the due date of the monthly pa ents which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an ount required to pay all outstanding indebtedness under the Note and this Security Instnament shall be paid to the entity leg ly entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Properly that extinguishes the ind tedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. ' S. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Le eholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the ex ' tion of this Security Insttument (or wittun sixty da,ys of a later sale or t�ansfer of the Property) and shall continue to occupy the roperty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that re 'rement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's co ' 1. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not comrnit waste or destroy, damage or su ' tantially change the Property or allow the Properiy to deteriorate, reasonable wear and tear excepted. Lender may inspect the Pr ' erty if the Properly is vacant or abandoned or the loan is in default. Lender may take reasonable action to pmtect and preserve su vacant or abandoned Property. Borrower shall also be in defanit if Borrower, during the ]oan application process, gave m rially false or inaccurate information or staternents to Lender (or failed to provide Lender with any material information) in co ection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of e Pmperly as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of e lease. If Borrower acquires fee title to the Pmperly, the leasehold and fee title shall not be merged unless Lender agrees to tha erger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any co emnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned an shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Se 'ty Instrument. Lender shall apply such proceeds to the reducrion of the indebtedness under the Note and this Security ent, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are re ed to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all o tand'mg indebtedness under the Note and this Security Inst�ument shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or' unicipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time FHA DEED OF TRUST (d96 Great�cs� (Page 3 of 8) 321-3009575-703 � I� �