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201108149 In the event oF loss, Borrower sball give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower, Each i�surance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. AlI or any part of the insurance proceeds may be applied bq Lender, at its option, either (aJ to the reduction of the indebtedness undar the Note and this Security InsfrumenY, first to any delinquent amounts applied in the order in paragraph 3, and then to prepaycnent of principal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to rhe principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph Z, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note attd this Security Instniment shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of $orrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservatlon, Maintenanc� and Protectiors of the I�roperty; �orrower°s Loan Application;Leaseholds�orrower 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 shall continue to occupy 2he Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender detercnines that requirement will cause undue hardship for Borrower, or unless extenuating c'vrcumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially cfiange the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant ox 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 if $orrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or 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 Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lend°,r agrees to the mcrger in writing. 6. Corttlemnation The proceeds of any awaad or claim for damages, direct or consequeneial, in connection with any condetnnation or other taking of any part of the Property, 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 Instivment, 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 dae date of the monthty payments, which are refened to in paragraph 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 entitled thereto. 7. Chargesto Borrowerand Protectionof Lencier'sRightsin the Propea#y.Borrower shall pay all governxnental or municipal charges, fines and impositions that are not included in paragrap3a 2. Borrower shall pay these obligations on time d'uectly to the entity which as owed the payment. If failure to pay �vould adversely affect Lender's interest in the Property, upon Lender°s request Bo�rawea� shall prc�ffip81y fiunish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by parage�aph 2, or fails to perforffi any other covenants and agreements conYained in this Security Insirument, or these is a legal proceeding that may FHA Mortgage WITH MERS-NE Revised 4(98 Amended 7l04 YMP @ VMP4NME7 (1105).OQ ll��lll I Illl�l I �lill I III Ililllli I liillilllilllllli Pa9e4of10 q 303 55 6 0233 434 0410 � \