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20�10�150 monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insutance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument sha11 be paid to the entity legally entitled thereto. In the event of foreclosure of this Se,curity Instrument or other transfer of title to the Properiy that extinguishes the indebtedness, all right, title and interest of Bonower in and to insurance policies in force sha11 pass to the purchaser. 5. Occupancy, Preservafion, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Bonower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of accupancy, unless Lender determines that requirement will cause undue hazdship for Bonower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall norify Lender of any extenuating circumstances. Bonower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loari is in default. Lender may take reasonable action to protect and preserve sach vacant or abandoned Property. Borrower shatl also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to pmvide Lender with any material information) in conn�tion with the loan evidenced by the Note, including, but not limited to, representations concerning Bonower's occupancy of the Property as a principal residence. If this Security Inst�ument is on a leasehold, Borrower shall comply w'xtfi the provisions of the lease. If Borrower a�guires fez ritle to the Property, the leasehold and fee title s1�I not be merged unTess Lender agr�s to the merger in v��riring. 6. Conc3emnation. Tf� pr�s of any award or ciaim for damages, direct or caansequential, in connection with any coademcrat�ian os otfier taking of any part of the Property, or for conveyance in place of condemnaticm, are fiere&y �sign�d and sI�aII be paid tQ Lender to the extent of the fu11 amount of the inc�ebtedness that rema�:ns unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reductioa of the inrkebtedness under the Note and this Security Instivment, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any applicarion of the pro�eeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph Z, or change the amount of such payments. Any excess proceeds over an amouat required to pay all outstanding indebtedness under the Nate and this Security Instrument shall be paid to the enrity legally enritled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Bonower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Inst7vment, or there is a legal proceeding that may significantly affect Lender's rights in the Properiy (such as a proceeding in banlcruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of ta�es, hazard insurance and other items menrion� in paragraph 2. FHA Deed of Trust-NE 4/96 VMP � VMP4R�NE) {1105) Wokers Kluwer Financial Services Page 4 of 10