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201107195 montbly payments which are referned to in paragraph 2, or change the armbunt of snch pa7�me�s. Any excess insuranc.e proc�s over an amonnt requuad ta �ay all ou�ng indebtedness under the Note and this Security Instnnment shall be paid to the �ity legatly e�ritled th�r�to. In the event of frireclosnre of this S�auity instnm�nt or othes transf� of title tv the Propeit�y that eating�ishe�s the indebie�ness. all right tit�e and intere�st of Borrower in aad to insurancs policies in force shall �ass to the p�tt�ser. F. t�ccupancy, Pres�rvation, Maintenanao �rtd Protsctian of the Rropmrty; 8orrower's Loan Applicatlan: Leasehold�. Barrower sball a:capy, establish, and nse the Property as BorrQwar's pz�incipal reside�ca within sixty days afte� the exe�ntion of triis Sea�rlty Inctrument (or within sixty days df a lawr salc� or traa�sfar of the Froperty) and sh�ll cornanae ta c�ccupy ths Property as Borrower's grincipai residence for at ieast o� year after the clate of occupancy, tmless I.ender determines tha�t requirement will causa uadue hazdship for Borrower, or unless exteugaxing cia�stances esist �+�ich are beyand Borrowar's contral. Borrower sball notify Lender of auy extenuatin�g circuaasta�ces. Borrower shall not c:omani# waste or destaoy. damage or substantiatIy change the Pmper4y or allow the Properly ta deteriarate, r�onable wear and tear �xcepted. Lender may inspect the Prope.rty if the Property i� va�at or abandon� or the loan is in defanit. i;ender �y take reasa�able aCtion to pm#�t a�d preseav� �h va+cant or abandoaed P�operty. Borrowea� sbsll alsa be in defgult if Boirower, doring the loan apptic�ii.on prac�ess, gave materially false or inaccu�te informatioa or � to L�adec (or f�iled to pravid� Lender with amy material i�ormadoa} in, cannection aith the Ioaa evidenced by the Note, including, but not liaiited to, represeatations cz�n�eming Borrower's occ:agactcy of the Prope�ty as � principal residence. If this Secu�ty Instnm�erit is on a leasehokt. Borro�+er shall c�n�sly with the provisions of tbe lease. If Barnower acquire.a f� title to the PFOgerty� the leasehvld and #ee tatle shall not be meiged �les4 L�ndsr agr�s ta the nur�er in wsi'mng. 6. Candemnatian. T!� pr�eeds of any award or claim far dama�es. direct oc aonsequsntial, in connecaon with axty co�maatioa ar other taking of any �rt af the Property, or for canveyanc� in place� of condamnativn, are hereby a�ign,ed and shall. bes paid to Lender to tl� extent of t�e fuU asa�nnt of the indebtedness that remains umpaid undar the Note and tttii.s Se�urity Ins�. Lender shall aFP � proceeds w the reductian of the u�debtedness �ander the Note a�d this 5ecurity Inst�ument. first w aoay delinque� a�nnts appdied in the order pravide�d in paragrapl� 3� and then to prepaymemt of principal. AnY application of tha proce�ls tv the principal shall �t e� or po�pone the dua date vf tt�e monthi�+ PaYments, w�ich are refernad to 3n paragraph 2, or change the amonnt of such �ym�ts. Any exce.as pra�eds over an amount.requir� tv pay alI autstanding indebte�lness under che Idote and this Security Ins�nt shaU be paid W the entity Iegally entitled thereto. 7. Charges ta Borrawer and Protection of L.endor's Rights In #he Property. Borrower shaii pay all governmental or municipa[ charges, fines �d impositions that are not iucl.udad in paragraph 2. Barrower shall pay these obligatiaas vn time dire�tly to tl�e entity which is owed the paymeat. If failure to pay v�rould aa,�y affe�t Lenaer's � in the rrapercy, upva I�mde�''s T�esc Borrower shau prompdy rurai.sh w i.ender receip�s evidenciag these paym.ents. If Borrower fails tu makc these ga3mnents or the PaY� �1� �Y p��gFh 2, or fails to perform any other cflvsnarns �d agr�s c;o� nn this Seauit�i Ynskru�t, nr there is a legal Proceedit►� that m�y si�caarty affect L,cnder's si,�ts in the. Prape�ty (such � a pro�eding in badcruptcy, for croade�ation or w enforce laws ar re�ul�ions}, then Lender may do and �ay whatever is nacessary to pratact thc value of the Property and Leader's rights in the ProA@�Y, �� PaY� of taxes, hazard 'msurance �td other items mentioned in paragraph 2. FHA D�ed of Tn�at-NE Woitera K4�w� FinerxJal Ssrvl�es VNEP�Ft(F1E��{f 106}.60 40}10