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201107779 I�[he event of loss, Borrower shall give Lender immediate nolice by maiL LenAer may make proof'of loss iC not made pmmptly by Borrower. Each insurance company concemed is hereby authorized and direc[ed to make paymen[for such loss directly lo Lender, ins[ead of ro Borrower and to Lenderjointly. Atl or any par[ of the insurance proceeds may be applied by Lender, at its oplion, ei[her (a) to Ihe reduclion of the inde6tedness under �he Note and [his Secivity Instrument, first to any delinquent amounts applied in the order i� paragraph 3, and then to prepayment of principal, or (b) to the cestoration or repair of the damaged Yroperty. Any applicntion of the proceeds ro the principal sl�all not extend or postpone the due daCe of the monthly payments which are referred m in paragraph 2, or change the amoimt of sacl� payments. Any excess insura�ce proceeds over an amount required to pay all outstanding indeb[edness under the Note and tliis Security Instrumenl shall be paid to lhe entlty legaily entitled theceto. � ln the event of fore�closure of thls Secmity Instrmne��f or nther tra��sfer of tiUe to the Property thal extinguishes tlie indebtedness, all righl, title and interest of Borrower in and to insm'ance policies in fmre shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Applic2tiOn; Leasehold3. Borrower shall occupy, establish, a�d use the Ptroperty as Borrower's principal residence within sixly days after the executlon of this Security Instrumenl (or wilhin sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Botrower's principal residence for a[ least one year afCer the dale of occupancy, unless Lender determines thal requlrement will cause undue hardship for Borrower, or imless extenuafing circumstances exisl which are beyund Snrrower's wntrol. Borrower shall nolify Lender of any extenuating circumstances. Borrower shall nut commit waste or deslroy. damage or substantially change the ProperCy or allow die Property [o deteriorate, reasonable wear and [ear excepted. Le�der may inspect lhe Yroperly if the Pmperty Is vacant or abandoned or lhe loan is in defaulL Lender may take reasonable actimi lu protect and preserve such vacan[ or abandoned Properly. Borrower shall also be in default if Borrower, during the loan applica[ion pmcess, gave materially false or inaccurate informalion or stalemeuts to Lender (or failed to provide� Lender with any matedal information) in connection with the loan evidenced by lhe Note, including, but not limiled to, representa[ions co�cerning Sorrower's occupancy of the Property as a principal residence. If tl�is Secnrity Instrument is on a leasehold, Borrower shall comply with the provisions oC lhe lease. ff Borrower acquires fee title to lhe Property, the leasehold and Fee tiUe shall not be merged unless Lender agrees to the mergcr i�wriling. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation or olher takin� of any parl of the Property, or for conveyance in place of co�dem�ation, are hereby assigned and shall be paid to Lender to the extent of the full amoant of the indebtedness that remains unpaid miAcr [he Note and thls Security Instrumen�. Lender shall apply such pmceeds to Ihe rednction of the indebtedness under the Note and this Seairity Insirumenl, first to any delinquent amounts applied in the order proyided in paragraph 3, and then to prepayment of principal. Any application of the peoceeds to the principal shall not e�xtend or postpone tl�e due date of the monlhly paymenfs, which are referred lo in paragraph 2, ur change the amount of such payments. Any excess proceeds over an amoun[ required to pay all ou[standing indebtedness under the Note and this Security Inslrumenl shall be paid to �he enfity legally entided ihereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or mu�icipal charges, fines ai�d impositions (hat are not induded in paragr3ph 2. Bon�uwer �. shall pay these obligations on time direclly lo [he enlity which is owed the payme�t. If failure to pay would � adversely affect Lender's interesl in [he PropeRy, upon Lender's request Borrowe�r sha0 promptly tarnish to Lender receipls evidencing these payments. If Borrower fails to make these payments or the payments required 6y paragraph 2, or fails to perform any other covenants and agreements contained in this Security lnstrument, or there is a legal proceeding that may 001122668090 Cltibank 32.:i0.OG V2 � FHA Mortgage WITH MERS-NE ReviseVMP4N(NE�c(1tl105C00 VMP�J � Wolrorc Nluwer Financlel SeMCes Page 4 of l0