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201107212 monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness tinder the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security histrument or other transfer of title to the Property that extinguishes the indebtedness; all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower 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 sball continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy; unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circuunstances. Borrower 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 rile Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default iFBorrower. daring Elie loan application process, gave materially false or inaccurate information or statements ur Lender (or failed to provide Lurrder with any material information) in connection with the loan ecidenccd by the dote, including, but not ffi l)d to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of die lease- ]f Borrower acquires fee titlo to the Property, the leasehold and fee title shall nor he merged unless Lender• agrees to the merger in writing. 6. Condemnation. The pmcuDds of any award or claim. for damages, direct or consequential, in connection with any condemnation or other taking of any par t of the Property, or for Conveyance in place of condemnation, are hereby assiWied arld shall he paid Io ].ender to the extent of the full amount of file indebtedness that rognains unpaid a ilder tine Note and this Seeurity Instrument. Lender shall apply such proceeds to the reduction of 1110 indChtodnoss udder the Note and this Securitylush•ument, first to any delinquent amounts applied fit the ordcx provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the clue dal) of the 111011t11y payments, which are referred to in paragraph 2. or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under die Note and this Security Instrument 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 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 Borrower fails to make these payincnt or the payments required by paragraph 2, or fails to perform any other covenants and agreements columned in this Security Instrument, or there is a legal proceeding that may significantly affect Lendef s rights in the Property (such as a proceeding in bankruptcy, 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 taxes, hazard insurance and other items mentioned in paragraph 2. FHA Dead of Trust-NE 0451108803 VMP B 4M Wolters Kluwer Financial Services VMP4R(NE) (1105) Page 4 of 10