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201200890 All insurance policies reqiured by Lender and renewals of such policies shaU Ue subject to Lender's right to disappsove such policies, shall inelude a standazd morCgage clause, and shall name Lender as morCgagee and/or ae an addiLiQnal loss payee. Lender shall ha�e the righf to hold tUe polic�es and renewat certificates. If Lender requires, Borrower sha11 promptlq 2ive to Lender all receipts of pdid prevuwus and renewal aotices. If Borrov✓er obtains any farm of insurance cov�aae, not ofherwise xequ'sed by Lender, far daznage tq or dcstruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee nnd/or as an additional loss payee. in the event of loss, Bonower shall give prompf notice to The insuran.ce pazrier and Lendex. Lender�nay make proof of loss if not macle prompfly Uy Borrower. Unless Lendex aud Borcowea otherwise agree in writing, any insurance proceeds, whether or not the underlyiug insurance was required by Lender, shall be applied to restoration or repaii of the Property, iPthe restoxatipn or aepair is economicalfy feasible and Lendei's security is not lessened. During such repair and restoration period Lcnder shall have the righf to hold such insurance proceeds until Lcnder has had an opporhmity to inspect such Property to ensure the work has been completed to Lender s satisfaction, provided that such inspection shall be undcrtaken promptly. Lender may disUurse proceecls for the repairs and restorafioa in a suigle paymenf or in a series of progress payments as fhe work is completecL Utiless an ageeinenT is made in writing or Applicable Law iequires interest to be paid on such insurance proceeds, Lender shall not Uc required to pay Bonower any interest or eartuugs on such pmceeds. Fees for public adjasters, or other third partics, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligati�n of Borrower. �the restorarion or repair is not econamically feasble ox Lender's security would be Iessened, the insurauce pioeeeds shall be applied to the sums scciued by this Security Instrwncnt, whether or not then duc, with the�cess, if any, paid to Borrower. Such insurancc proceeds shall be applied'ui the order provided for iu Section 2. If Borrower abandons the Property, Lender may file, negotiate and szttle any available iiLSUrance claim and related matters. If Bonower does not respond within 30 days to a uotice from Lender that the insurance carrier has offered to settle a clann, then Lendcr may negotiate and settle the claim. The 30-day period will begin when the nolice is given. In either event, or if Lendcr acquires the ProperLy under Seetion 22 or otherwise, Borrou�er hereby assigns to Lendzr(a)Bonower s rigJrts to anv insurance proceeds in an amount not to zxceed the ainoLmts unpaid undar the Note or this Security Instrument, anci{b) any other of Borrower's rights(other than the right to any refund of unearned premiums paid by Borrower) cmder all instuance policies wvcring the Property, insofar as such rights are applicable[o thc coverage of the Yroperly. Lender rnay use the insurauce proceeds either to repair or restore the Property or to pay amounts unpaid under the Note ox this Security Instrument, whethes or not th�n due. 6. Occupdncy. Borrowei shall occupy, establish, and use the Properiy as Borcowez's pr3ncipal xesidence � witl�in.60 days aftei'the execution of this Security Tnstrument and shall continue to occupy 11ie Yroperty as Borro�ver's principal residence for ai least one yeaz afrer the datc of occupancy, unless Lender othenvise agrces in�ntiug, v✓hich consent shall not be unreasonably withheld, or unless extenvating circums[ances e�st which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Pxoperty, allow the Properry to deteriorate ox commit waste ou the Property. Whcther or not Borrower is residing in the Properry, Bonowc r shall maurta�n the Property in order to prevent the Property from deteriorating or decreasing in value due to its Goadiflon. Unless it is deterwined pursuanf to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to a�oid further deterioration or damage. If insurance or condemnation proceeds are paid in conneclion with dunage to, or the taking of, the Properiy, Borrower shall be responsiUle for repairing or restoring the Propertg only if T�der has released proceeds for such pLVposes. Lender may dishurse proceeds zaoaaiso NFBftqSKA-Single Family-Fannie!A ae;Frzcdie M ac ONIFORfd INSTRUfvI ENT Fotm 302A t fC i VolPe�rsKluxverFinancalServices . VMPPage�]�of1])