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201201759
<br /> All insw vice polioies required Uy Lender and renew�le of auoh policics shall Ue snUject to Lender's right to
<br /> disapprovo such policics, ehall include a staxid<ud mortg�age clfluse, and shall namo LEnder ay inortgagee
<br /> and/ar as an additional lose paycc. Lv�ider s1ia11 l�ave the right to hold the palicies and renew�l cerlifioates. If
<br /> Lender requires, Boxrower ahall promptly givc to l.ender all receipte of'peid preinititms and renewal notices.
<br /> If Borrowee obttins any form of insurence wverage, noC otl�er�vise required by Lender, for clemage lo, or
<br /> destruction of, the Property, sttch policy shall isichide n staudarcl mortgage clause aud shall name Lendex as
<br /> n�orCgagce ancUor as an addifionul loss payee.
<br /> In the cvont of loss, BorroWer c�liall �;ive prompt notiioe to the insurance oarrier and Lendcr. I.ender may
<br /> make pxoof of losa if noC made promptly Uy Borrowcr. Onle,sa Lender and Borrower otherwise agree in
<br /> wriCing, any insuranca proceeds, whethet or not the underlying insurance was required Uy L,ender, shnll be
<br /> applieci to restoraCron or rc�air of thc Proparty, i£Uie restoir�lion or repnir ia economiaally feiasiblo and
<br /> Lender'a seciirity is nol lessened. During sucl�rcpair and r�toration periocl, Lender shall hnve the righ6 to
<br /> hold suoh iusurence prooeeds nntll Lei�ider hns had an n�Aportunity to inspect such Properry Yh ensure khe
<br /> work has been completed to Lender'e s�tieP�ction, provided LhaC such inspecYion sha11 Ue undertakan
<br /> prolnptly. Le�ider inay disbuese pxoceeds For flie repairs and restoration in a single��aymcnt or in a serias ol'
<br /> prograss pa}nncnts as thc worlc is cc�mp1eted. Uiiless an ag'eement is made in wriding or Applicalale Law
<br /> requires intexest to be paid on such iivsurance procccds, Lcnder sha11 not be required to pa�y Borrowe�•nny
<br /> interest or eatnings on st�ch proceeds. Peea £or publio adjusters, or othcr third parties, ratvned by Borrower
<br /> shall not be paid out of the u�surance proceeds and shall be tfle sole oblig�tion of Borrower. If thc restm atiou
<br /> or repnir is noC econovuoally feasibin or Laidor's scctu�ity would Ue lesseued, fihe ivsurAnce proceeds shnll be
<br /> applied to Yhe sums secured by this Security InsCrmi�enc, wUaCUer or nc�t then due,wikh the excesa, i£uuy,
<br /> paid to Borrower. Such insin�ance proceede shnll be applied in the orde��provided for in Secfion 2.
<br /> If Borrower abandons the Property, Lender mny file, negoCiatc and ecttle,any available u�sw�ai�ca elnim and
<br /> celated maYPers. If Borrower does not respond wittun 30 days to a notico from Lendcr that the uisnrance
<br /> carrier has offe��ed to setEle a claiin, then Lender inay negotiate and aettle tAe claim. The 30-day period wi11
<br /> begin whcn thc notioc is givcn [n oitihcr eveut, or if Lender acquires Yhe Property under Seotion 22 nr
<br /> oYherwise, Borrower hereby nssigns to Lender (a) Borrower's rigl�ts to any insw�ance proceeds in�i amount
<br /> noT�to exceed tlie�unounts mipaid mider tlie IVote or this Security Instrtunent, and(b) anq otl�or of
<br /> Borrowcr's righte (otha thaii tilic rigl�t to �ny refund of Lme�rned prenumns paid by Borrower}under all
<br /> vistitrance policies covering Uie Proparty, iusoYar Ts such righ4s ere applioable tio the covcragc�of tl�c
<br /> Property. Lender inny uso thc rnsurance proceeds eitl�er to repair oc resYore the Property or to pay amounLs
<br /> unpnid under the NoCe or this SeouriLy InFl��tunpnt, whcthcr oi�not tl�en due.
<br /> 6. Oceupancy. Borrowcr aliall occupy, establish, and nse the Property ae Borrower's principal residenoe
<br /> �uithin GO dnya �fter the execulion of this Security Instruincnt and sl�all conUnue to occupy Yhe Property�s
<br /> Borrowar's prnicipal residence for at leflst one y�r after fhe ciaoe of oocup�ancy, unless T.ender ofliarwise
<br /> agreee in writing, wvich consenC shall noC be ur�reasonably withheld, or wilcss cx6enua6ing circumetances
<br /> exisC wl�ioh�re l�eyond Borrowc;i's contrnl.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shnll not de.scrc�y,
<br /> dtunage or impair tha Property, Allow the Propet[y to deterioraCe or eommit waste on the Properry. Whether
<br /> or not T�orrower is residing 3n the Property, Borrower shall maintain the Pro�erCy in order to prcvent the
<br /> Property firom dcteriorating or dccreasing in valne due to its concliGon. Unless it is determined pm•su�nt to
<br /> Seetion 5 thnl xepair or restoration is noC econ�mically feasible, Rorrower sl�all promptly repair Yhe Pro�erCy
<br /> if damaged to avoid further deteriot•ntion or damage. If ineivavice or condeumation proceeds az�e paid in
<br /> conuection witli dainaga to, or the taking of, Hie Property, Borrower shall Ue rosponsiUle for repairing or
<br /> restoring the Pr�erty only if L,ender has released proceeds for such purposea. I,ender may diebw•sc proceeds
<br /> 24000505
<br /> NG�RA9KASinglc Famlly-Fannle MaolFreddie Mw UNIFORPA IN6TRUMENT Fo�m 3028 1/01
<br /> VM P(� VM I'8(NEl(�105)
<br /> Wol[ere Kluwer Financial Servlces Page 7 0�17
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