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�0�10�419 monthly payments which are referred to in paragraph 2, or cha.nge the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entifled thereto. In the event of foreclosure of this Security Instrument or other transfer of tifle to the Property that extinguishes the indebtedness, all right, tifle and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance �nd Protection of the Property; Borrower's Loen Application; Leeseholds. 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 Properiy) aud shall continue to occupy the Property as Borrower's principal residence for at least one year after the da.te of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Bonower shall notify Lender of any extem�ating circumstances. 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 the Property if the Properiy is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Progerty. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material informa.tion) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a lea.sehold, Borrower shall comply with the provisions of the lease. ff Borrower acquires fee title to the Properiy, the leasehold and fee tifle shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for da.mages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemna.tion, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this 5ecurity Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are refened to in paragra.ph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entifled thereto. 7. Cherges to Borrower end Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragra.ph 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 Bortower shall promptly furnish to Lender receipts evidencing these payments. If Borrower 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 Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in banla�uptcy, 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 Properiy, including payment of taxes, hazazd inc�ransp and other items mentioned in paragraph 2. FHA Daed oT Trusc NE 4/98 VMP � VMP4RtNE) (11061.00 Wolters Kluwar Flnancial Servicas Pege 4 of 10