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e �01108245 monthly payments which arc rcferred to in paragraph 2, ar changc thc amount of such paymcnts. Any cxccss insuranee proceeds over an amount required to pay all outstanding indebtedncss under thc Notc and this Security Instrument shall be paid to the cntiiy Icgally entitled thercto. In the event of foreclosure of this Security Instnunent or other transfer 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 ta the p�vchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan AppliCation;LeaseholdsBorrower shall oceupy, establish, and use the Property as Borrower's principal residence within sixiy 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 Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless exlenualing circumsiances exist which are beyond I3orrower's cunlrol. Borrower �hall nolify Lender of any extenuating circumstanceti. Borrower shall not commil w�sle or destroy, ddmage or subn4►ntially change ihe Property or allow ihe Prorerty to deleriorate, rea5onahle wear dnd lear excepted. Lender may insnect the Property if the Property i� vacant or abandoned or the loan is in default. Lender uiay take reasonable action to protect and presene such vacant or abandoiied Property. Borrower shall also be in deFault if Borrower, during the loan applicaYion process, gave inaterially false or inaccurate iuforination or stater��ents to Lender (ar failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited Yo, representations concerning Borrower's occupancy of the Property as a principal residence_ If this Security Instnunent is on a leasehold, Borrower shall coinply with the provisions of the lease. If Bonower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender a� to the merger in writing. 6. Condemnatlon.The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation 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 thatxemains unpaid under the Note and this Secttrity 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 paymcnts, which arc rcfcrrcd to in paragraph 2, ar changc thc amount of such paymcnts. Any cxccss procccds ovcr an amount rcquircd to pay all outstanding indcbtcdncss undcr thc Notc and this Sccurity Instrument shall be paid to the entity legally entiticd thereto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in parae� 2. Bonower shall pay these obligations on time directly to the entity which is owed the payment If failure to pay wo«ld adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Bonower fails to make these payments or the payments required by paragraph 2, or fails to perfonn 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 bankn�ptcy, for condemnation or to enforce laws or regulalions), then Lender may do and pay whatever is necessary lo protect Lhe value of ihe Pruperly and Lender's righls in the Property, including paymenl of laxes, hazard ineurance and olher items mentioned in pardgraph 2_ FHA Deed of Trust-NE VMP OO Wolters Kluwer Financlal Services 4/96 VMP4R(NE) (1105J.00 Page 4 of 10