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� 201201356 All insurance policies xequired by Lender and renewals of such policics shall be subject do Lender's righx to disapprove such policies; shall include a standard mortgage clause, and shall name Lender as mortgagce and/or as an additioaull loss payee. Leuder shall I�ave the right to hold the policies and renewal certificates. If Lender requires, 3orrower shall promptly aive to Lender all receipts of paid prcmiums and rene��al notices. If Borrower obtains any form of insurance coverage, not othenvise required by Lender, for damage to, or destruct:on of, the Property, such policy shall incIude a standazd mortgage clause and shall nazue Lcnder as mongagcc and/or as an additional loss payee. In flie event of loss, Borrower shall give proinpt notice to the insurance canier and Lender. Lender inay inake proof of loss if not madz promptly by Borrower. Unless Lender and Borrower otherwise agee 'vi ��riting any insurance proceeds, whether or not Che undcrlying insurance was required by Lender, shall be applied to restorafion or repair of the Properry, if the restcrration or repair is economically feasible and Lender's security is not lessened. Duruig such xepair and xestoration period, Lendex sha11 have the right to hold sucl� instsanee prooeeds until Lender has had an opportunity W inspect stitch Propecty to ens�re the wark has been completcd to Lender's satisfacrion, provided that such inspection shall be tmdertal;en promptly. Lender may disburse proceeds for fhe repairs and restoraCion iu a single payment or in a scries of progress payments as tho work is complefed. LTnless an agec�nent is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrow•er any Interest or earnuigs on such proceeds. Fees for public adjusters, or other[hird parties, retained by Borrower shall not be paid out of the insurance proceeds and sl�all be the sole obligation of Borrower. If tlic restoration or repair is not economically feasible or Lender s security would be lessened, the insurance proceeds shall bc applied to the snms seciued by this Security Instrument, wheU�er or noE then due, with the excess, if any, paid to Borrower. Such insLU-ance proceeds shall be applied in the order provided foz in Sec[ion 3. If Boaower abandons the Proper[y, Lender tnay file, aegouate and settle any available insurance c]aim and related matters. If Borrower does not respond within 30 da��s to a norice&om Lender that the insurance carrier has offered to settle a claun, then Lender may ncgotiate and settle the claim. The 30-day period anll begin when the notice is a ven. In either event, or if Lender acquires the Properry under Seefion 22 or otherwise, Boaower hereby assigns to Lender(a)Borrower's rights to any insurance proceeds in an amount not to exceed the amounts Lmpaid qnder the Note or this Seciu�ity Instrtunent, and(b� any other of Bprrower's aghts (other than the right to any refiu�d of uneamed premiums paid by Bosower}under all insurance policies covcring the Propeity, insofar as such rights are applicable to the coverage of the Properiy. Lender znay use the insurance proceeds either fo repair or restore the Property or to pay amounts unpaid Lmder rhe Vote or this Security Instromeut, whether or noc then.due. 6. Occupancy. Borrower shall occupy, establish, and use the Properry as Borrower's principal residence w�thm 60 days after 1he eseeution of this Security InstrumznY and shall contiuue to oecupy the Propertp as Borrower's principal resldence for at least one v�after hhe date of occupancy, unless Lender othevwise ageees in writing, which cansent shall not be unreasonably withheld, or unless extenuating circuwstances exist which are beyoud Roxrower's control. 7. Preservation, M aintenance and Protecfion of the Property; Inspections. Borrower shall not destroy, dauiage or impair the Properiy, allow the Property to deteriorate or cominil waste on the Properiy. Whether �r not Bon-ower is residing in the Properiy, Borrower shnll maintain tUe Property in order to prevent[he Property from deteriorating or decreasing in value due to its condition. Unless it is deterznuied pursuant to Seclion� that repair or restoration is not economically feasible, Bonocv�er shal.l promptly repair the Property if datnaged to avoid further deterioraLion or damage. If insuraace or condemnarion proceccls are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes Lender may disburse procezds 240003]2 NE3RP,SKN-Slnole Fam ily-Fenni=61 aslFretldie M ac LI W FORA�I INSTRU64 ENT Form 3028 1 i01 vnga� � vna�s(Ne7pios7 Wolters Klmver Flnanclal Se✓vices Pagp�ot 11