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�41�07513 monthly payments which are referred to in paiagraph 2, or change the amount of such payments. Any excess ine�rance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instnunent or other trdnsfer 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�orrower shall occupy, establish, and use the Property as Borrower's priucipal 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 Bonower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undne hardship for Borrower, or unless e�enuating circumstances eacist which are beyond Borrower's control_ Borrower shall notify Lender of any extenuating circumstances. Bonower shall not commit waste or deslx'oy, damage or substantially change the Property or allow the Property to deteriozate, reasonable wear and teat excepted. Lender may inspect the Property if the Properly is vacant or abandoned or the loan is in defautlt. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, du,ring the laan application process, gave materially false or inaccurate information or statements to Lender (oz failed to provide Lender with any material information) 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 leasehold, Borrower shall comply with the provisions of the lease. If Bonower acquires fee title to tbe Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taldng of any part of the Properly, or for conveyance in place of condemnation, 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 Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instnunent, 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 tbe principal shall not extend or postpone the due date of the monthly 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 outstauding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all governmental or municipal charges, fines and impositions that aze not included in paragraph 2. Borrower shall pay these obligations on time d'uectly 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 futnish to Lender receipts evidencing these payments. If Borrower fails 4o 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 banlauptcy, 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 Deed of Tn�st-NE '� VMP � VMP4R(NE) (1105).00 Wolters Kluwer Ffnancial Services Page 4 of 10