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<br />. � .. A1l�insurai7ce pblicYes reqnired by Lender and� zeinewals°of'such gali�ies shall �be subject to Lender's right to
<br />disapprove such palicies, shall include a standard mort�age cla.use, and sball name Lender as mortgagee
<br />andlor as an additional loss payee. Lender shall have the right to hold the policies and renewal certif'icates. If
<br />Lender requires, Borrower shall pzomptly give to Lender all receipts of paid premiums and renewal notices.
<br />If Borrower obtain,s any form of ►n��*a�p coverage, not otherwise requirad by Lender, for damage to, or
<br />destruction of, the Progezty, such policy shall inclnde a standard martgage clause and shall name Lender as
<br />mortgagee and/or as an additianal loss payee.
<br />In the evant of loss, Borrower shall give prompt notice to tiie insi���e carrier and Lender. Lender may
<br />make proof of loss if not made promptty by Bozrower. Unleas Lender and Borrawer oeherwise agree in
<br />writing, any �n���nsp proceeds, whether or not the underly�ng »��*s�e was required by Lender, shall be
<br />agplied ta restorarion or repair af the Property, if the restoration or repair is economically feasible and
<br />Lender's security is not lessened. D"n'� such repair and restoration period, Lender shall have the right to
<br />hold such �nc�,�n�p proceeds until Lender has �ad an opportunity to inspect such Progerty to ensure the
<br />wozk has been completed to I,�ender's satisfaction, provided that such inspeci�an shall be undertaken
<br />promptly. I.ender map disburse proceeds for the repairs a�3 restoration in a single payment or in a series of
<br />pmgre�s payments as tlie work is completed. Undsss an agreement is made in writing or Applicable Law
<br />requxxes znterest to be paid on such �n�*�nse proceeds, Lender shall not be required to gay Borrower si►y
<br />interest or earnings on such proceeds. Fees for public adjusters, or other third garties, retained by Barrower
<br />chall not be paid out of the insL�� pmceeds and shall be the sole obligation of Borrower. If the restoration
<br />or repair is not econamically feasibie ar. Lender's security would be l.essened, ihe insurance proceeds shall be
<br />applied to the sums secured by t3�is Secririty Instrnu�en,t, whether or not then due, with the excess, if
<br />paid to Borrower. Such ir�„�nse proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Progerty, Lender may file, negotiate and settle any available 7r�*a*+ce claim and
<br />r�lated m�atters. If Bormwer does nt�t respond wifhin 30 days to a notice from Lender that the �n�„*Ance
<br />caixier has offered to settle a claim, then Lender may negotiate and settle tha claim. The 30-day period will
<br />begin when the not�ce is given. In sitthez event, or if Lender acquires fhe Property under Secdon � ar
<br />otherwise, Borrower hereby assigns to Lender (a) Borrower's righis to any �n�+�*aM-P= groceeds in an amuwut
<br />not tQ exceed the amaunts u�aid vnder the Note or this Security Tnsi�.ument, and (b} any ather of
<br />Borrawer's righ#s (other than the right to any refund of unearned premn paid by Borroe✓er) under all
<br />;,,c�,rance policies covering the Progertp, insofar as such rights are applicable to the coverage of the
<br />Progerty. L.ender may use #he ins�.,�nce proceeds either to repair or restoxe #he Property or to pay amQUnts
<br />u�aid under the Note or this Security Instrument, whether or not than due.
<br />8. Occupancy. Borrower shall occu�►y, establish, and use the Progerty as Borrower's principal residence
<br />within 60 days after the executian of this Security Iastrument and shall cantinue to occupy the Property as
<br />Borrawer's principal residence for at least anc year after the date of occupancy, unless I..�nder atherwise
<br />agrees in writing, which consent shall not be unreasonably withheld, or anless extenuafing circumstances
<br />exist wlaich are beyond $oriawer's conlrol.
<br />7. Preservation, Main#enance and Pratec#ion of the Property; fnspections. Bozrower sha12 not deshvy,
<br />ciamage ar impair the Property, allow the Properiy to deteriorate or commit waste on the Property. Whether
<br />or not Borrower is residing in the Property, Borrower shall m,��*+�'��n the Property in order to prevent the
<br />Properiy from deteriorating or decreasing in value due to its condition. Unless it is detezmined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptiy repair the Progerty
<br />if damaged to avoid further deterioratian or damage. If insurance or condemnation proceeds aze paid in
<br />connection with damage to, or the talflng of, the k'roperty, Borrower shall be responsible for repairing or
<br />restoring the Property oniy if Lender has released proceeds for such purQoses. Lender may disburse proceeds
<br />y �6KA-Sh�gla Femlly-Fenrde MaefFraddia Mac UNIFdRM INSIAUMENT . Farm 3a28 1f01
<br />VMPBWE) (1]061.00
<br />Wolters Kluwar Rnanolal Sarv(cea Page 7 of l7
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