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201201012
<br /> All insurance policies required by I.ender and renewa[s of such polioies shall be subject Co Levder's right Co
<br /> disapprove such policies, shall include a staudacd mortgage clause, and shall nune Lender as mortgagee
<br /> and/or as an additional loss payee. Lender ehall have the righC Co hold the policies and renewal certifieates. If
<br /> I.ender requires, Borrower shall prompCly give to Lender all receipts of paid premiums and renewal notices.
<br /> IP Borrower oUtaius any t'orm af insw�ance coverage,not otherwise rcqu3xed by I.ender, for damage Co, or
<br /> destruction oP, Uie Ptoperty, such policy shall ivclude ai sCandard morCgage clause tmd sliall namc Lender as
<br /> mortgagee and/or as an additional loss payee,
<br /> In the evenC of loss, Borrower shall give prompt notice to Hie iiisurance carr3er and Lender, Lender may
<br /> make proof of loss iY not made promptly by Borrower, Unless Lender and Borrower otherwise agree in
<br /> writing, any insuruncc proceeds, whetlier or not the underlying insurauce was required by Lender, shall be
<br /> applied to restorafion or repair of Yhe Property, if tlie restoration or repair is aconotnieally feasible ttnd
<br /> Lender's security is not lessened. During such repair and rastoration period, Lendee shall have Che right to
<br /> hold sucl� iiisurance proceede until Levder h{is had an opporlunity [o iuspect such Proper6y fo ensure the
<br /> work has been completed to Lender's satisfacCion, provided Chat such inspection shall be undertaken
<br /> promptly. Leuder may disburse procecds Por the repairs and cestc�ration in a single payment or in u serics of
<br /> progress payments as the work is completed. Unless an agreement is made in wriCing or Applieable Law
<br /> requires intexesC to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any
<br /> interest or earnings on such proeeeds. Pees for public adjusCers, or other third parties, reCained by Borrower
<br /> shall not be paid out of the insucnnce proceeds and shall be the sole oUlig2tion of Borrower, IP Che restoration
<br /> or rcpair is not economically fe�2sible or Lcnder's security woulcl be lessened, the insurance proceeds shall be
<br /> applied Co Che sums seoured by this Security InsCrument, whether or not Chen due, with the excess, if any,
<br /> paid to Borrower. Such insurance proeeeds sliall Ue applied in che order provided for in Section 2.
<br /> If Borrower abandoi�s the Property, Lender may File, negotiate and settle any avnil2Ule insurance claiin and
<br /> xelated mattec�. If Borrower does ��ot respond within 30 days Co a notice 'From Lei�dcr thaf che i�TSUrance
<br /> caceier has offered to seYtle n claini, then Lender may negntiate uid se[tle thc claim. 'fhe 30-day period will
<br /> begin when C1ie uatioe is given. In cilher event, or if Lender acqinres the Praparty under Sectian 22 oe
<br /> otherwise, Bonower hereby assigns to Lender(a) Borrower's rights Co any ineuranee proceeds in an amount
<br /> not to exceed the amounCS unpaid under the Note or this SecuxiCy InstrumenC, and{U) any othcr of
<br /> Borrower`s �ights (oCher fhan the right to any refund of uncarned premiums paid by Borrower)under all
<br /> insuranee policies covering the Propecty, insofar as such righfs are upplicable to die coverlge of the
<br /> Property. I,eudex may use the insuxance proceeds either to repxir ox resCore the PropecCy or to pay amounts
<br /> uupaid under tl�e Note or Ihis 5eeurity Instrument, whether or not then due.
<br /> 6. Oceupancy. IIorrower shall occupy, esCablisli, and use the ProperCy as Borrower's princlpal residence
<br /> within 60 days aftcr Che execution of this Security Ii�strumenC and shall eontinue to occupy the Properry tis
<br /> Boirowcr's principal residence for at least one year after the daYe of ocenpancy, unless Lender otherwise
<br /> agrees hi wriCing, wliieh consent shall not be unreasonably widaheld, oc unless extenuating circumst�mces
<br /> exist wliich are beyoild Borrower's control.
<br /> 7. Preservation, Maiiitenance and Protection of the Property; Inspections, R�rrower shall not destroy,
<br /> damage or impair the Property, allow Gie Propei�ty Yo deteriorate or cottunit wasCe on the Property. Who6her
<br /> or noe Borrower is residing in Che ProperCy, Borrower shall inaintain (he ProperCy in order to prevenl� Che
<br /> Property tYoin deterioraCing or deereasing in value�due to its condition, U��less it is detern�ined pursnank Co
<br /> Section 5 that' cepair or restora[ion is �iot eeonomically feasibla, Borrower sl�kil] prompCly repair Che Propeery
<br /> if damaged to avoid fitrther deterioration or damage. IP insurance or conden�c�afion piroceeds are p�id in
<br /> conneccion with dam,Age to, or C6e taking of, tlie Property, Borrowcr shall be responsiUle for repairing or
<br /> restoring the Properly only if Lender has released procceds for such purposes. Lencler niay disburse proceeds
<br /> 2R000232
<br /> NCORASICA-Sinyle Fainily-Fennle MaelFredAle Mac UWFORM INSTRUMCNT Form 302�1i01
<br /> VMP pp VMP6ME)h710G1
<br /> Woltors I<luwcr Flnancial Services Pntia J of 7'/
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