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20110906� monthly payments which are refened to in pazagraph 2, or change the amount of such payments. Any excess �nc��ran� 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 Instrument or other transfer of title to the Property that extinguishes the indebtedness, a11 right, title and interest of Bonower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservafion, Maintenance and Protection of the Property; Borrower's I.oan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Bonower's principal residence within sixty ctays after the execution of this Security Insm�ment (or within sixty days of a later sale or transfer of the Property) and sha11 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 undue hardship for Borrower, or nnless extenvating circumstances exist which aze beyond Bonower's control. Borrower shall norify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substanrially change the Property or allow the Property to deteriorate, reasonable wear and tear except�i. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. T.ender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall �Iso be in defautt if Borrower, during the loan application process, gave maierially false or inaccurate information or statements to L.ender (or failed ta provide Lender with any material informarion) in conn�rion with the loan evidenced by the Note, including, but not limited to, representarions concerning Borrower's occupancy of the Property as a principai residence. If this Security Instrument is on a leasehold, �rrower shall comply with the pmvisions of the Iease. If �orrower acc}uires fee title to the Pro�rty, the Ieasehold and fee title sHatl not ��erged ualess �.ender agrees tv the merger in vvriting. 6. �oncfe�nnation. The proceeds of any awar� or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Properly, or for conveyance in place of condemnarion, are hereby a�,cig�ed and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid uuder the Note and this Security Instivment. Lender sha11 apply such proceeds to the reducrion of the indehte�ness 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 referrect to in paragraph 2, ar change the amount of such payments. Any excess proc�eds over an amount required to pay all outstanding indebtedaess under the Note and tlus Security Instzvment shall be paid ta the entity legally entitled therew. 7. Charges to Borrower and Protecfion of Lender's Rights in the Property. Borrower shall pay a11 governmental or municipal charges, fines and imposirions that are not included in paragraph 2. Bonower 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 Bonower 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 agre,ements 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 bankruptcy, for condemnation or to enforce laws or regulaxions), 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 taYes, hazard insurance and other items menrioned in paragraph 2. FHA Deed of Trust-NE 4/98 VMP � VMP4RWE) (1109) Wokers Kluwer Financial Services Page 4 of 10 � ,y a _ ,