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201201013 911 insurance polioies rzquued by Lender and renewals of such policies shall be subject to Lender's right to disapprbve such policies, shall includz a stanc3ard mortgage clanse, and shall name Lender as mortgagee and%or as an additional loss payee, Lender shall have the right to hold the policies and reneR al certificates. If Lzndet requires, Borrower shall promptly give to Lender all rec;eipts of paid premitims and renewal no#ices. If Sorro�rer obfains any form of insurance coverage, not otherwise required by Lender, for damage to, or destructian of, the Property, such policy shall include a standard mortgage clause and shz11 name Lender as mortgagee ancUor as an additianal loss payee In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly Uy Borrowzr. Unless Lender and Borrower otherwise agee in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restaration or repair of the Property, if Che reg%oxadion or repair is economically fcasible and Lender's security is not Iessen0d. During such repair and re;toration period, Lender shall bave the right to hold such insurane@ proceeds�mtil Lender has had au opportunity to inspect such Pxoperty ta ensure the w ork has been completed to Lender's satisfaction provided that such inspection shz.11 be undertaken promprly. Lender may disburse proceeds for the repairs and restoration in a single payinent or in a series of progress pa�nents as the work is complcted. Unless an ageement is made in writing or Applicable Law requires interest to be paid on such insurance procceds, Lender shall not be required to pay Sorrower any interest or zarnings on such procceds. Fees for public ad.justeis, ar other Thitd partles, retained by$oaower shall not be paid out of the insurance proceeds and sha11 be the sole obligation of Borrower. If the restoration or repazr is not economicall}r feasil�le or Lendei's sec�ity would be lessened the insiaance proceeds shall be applied to tihe sums seeured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bonower. Sueh iasivance procceds shall be applied in the order provlded for in Secrion 2. If Borrower abandons the Property, Lender may file; negotiate and settle any available insurance claim and zelated matters. I£Borrower does not respond within 3p day5 to a aotace from Lend�r tLat the instaance carriu has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period Rill bcgin when the notice is giczn. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender(a) Bonower s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under tlie Note or t}us Security Instrument, and{b) any othzr of Borrower'S zighYe (okher than the right to any refund of uueazned premi�s paid by Borrower) under all insivance golicies covering the Property, insofar as such rights are applicable to rhe co�erage of the Propert5r. Lender may use the insurance proceeds either to repair or restore the Property or to pay aznounts unpaid under the Note ar this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Properry as Borrower's principal residence wiUnn 60 da.vs after the execution of this Securiry�lnstrument and shali continue to occupy the Property as Borrower's principal residence f�r at least one year after the date of occupancy, unless Lender otherwise agrees in writing, wtuch consent shall not be um�easonalily wifhheld, or Lmless extenuat3na eircumstances e�st which are beyofld Borrower's conffoL 7. Preservation, M aintenance and Pro#ection of the Property; I�spections. Borrower shall not destroy, damage or unpair the Property, allow the Propzrry to deteriorate or commit v�-aste on the Property. Whether ox not Barxower is residing in the Property, Boaower sha11 vaaintain rhe Froperry in order To prevent the Properry from deterioraung or decreasing in value due to its condirion. Unless it is detennincd pursuant to Secrion 5 that regair or rest�ration is nnt economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or da'raae. IE insurance or condemuatlon proceeds ue paid in connection with damage to, or the taking of, the Propeity, Borrower shall be responsble for repairina cir restaring the Property only if Lender has released procceds for such pwposes. Lender may diaburse proceeds z<coozao NE3R'vSKA-Single Family-Fannis M a_lFreddie b:zc JN!FORfef I�STRL'M QJT Fom 3028 1l01 VM P� VM P6ME)(i t O51 Wo@ersKluwuFi�aacialServ�ces Pa loiiJ S°