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201206086
<br /> All insuranee policies rec�uired�by Lender and renewale of sucl� policies shall be subject Cn Lender's iight to
<br /> dieapprove such policies, shall include a sCandard mortgage clause, and shall name Lender as niorCgagee
<br /> and/or as an additional loss payee. Lender sl�all have the right to hold Che pollcies and xenc�ual certificates. If
<br /> Lender requiros, Horrower shall prompCly give Co L.onder all reeeipts of p2id premiurns and renewnl notices.
<br /> If 13orrower obCains any Portn of ii�surance coverage, not otherwise requirecl by Lender, for dvnage to, or
<br /> desCrucCion of, tlie Property, such policy ehall inelude a s[andard morCgage clause and sliall namc I.ender as
<br /> mortgagee and/or as an additronal losfi payee.
<br /> In the evenC of loss, Borrower shall give proropt notice fo the insurance carrier avd Lender. Lender may
<br /> make proof of loss if not made promptly by Borrower. Unlcss I,ender and Borrower othcrwise agree in
<br /> writing, any insurancc proceeds, wheYher or not tk�e undeclying insucance was required by Lender, sliall be
<br /> applied w restnration m• eepair c�f thc Property, if the restoradon or repair is economically Yeasible and
<br /> Lendei's security is not lessened. Dt�ring sucl� repair and ccstoration period, Lei�der shall have the right to
<br /> hold such iiisurancc proceads tinei( I,evdex lias had an opporhmity Yo inspect such Properry to ensure d�c
<br /> work has been completed to Lender's satiefaction, hrovided that such inspecCion shall be ui7dertal<eii
<br /> prompUy, Lender may disburse proceeds for the repnirs and restora�ion in a siugle payment or in a series of
<br /> progress pnyments as the work is compleCed, IInless an agreemeut ia made in writhig or ApplSeabLe Law
<br /> requires intereet Co be paid on such Insurai�ce pcocceds, Lender sliall not be required lo pay Borrower �ny
<br /> intereet or earnings on such pcoceeds. Fees for public adjusters, or other third pardes, ret�lined by Borrower
<br /> shall nol be gaid out of the insurauce procccds and shnll ba the sole obligation of Boctower. If tl�e restoration
<br /> or repair is noY economicalIy Yeasible or Lender's security would be lessened, Che insurance procccds sliall be
<br /> applied Co the sums secured by this Security Institunei�t, whethor ar noC Chen due, with the oxcess, if any,
<br /> paid Co Borrowec. Sucii insurance proceeds shall be appliccl in the order provided for in Scction 2.
<br /> If Bc�rrower abandons tl�e PruperCy, Lender may file, negotiato and settle a��y available insurance claim and
<br /> related matCers. If Bocrowcr does oot respond witliiii 30 days to a notiee from Lender Cha[ 4he insurance
<br /> carrier htis ofYered Co settle a claim, then Lender may negotiaCe and settle the claim. 'I'he 30-dny period will
<br /> bcgin when the noCice is given. In either event, or if Lender acquires tihc Pcoperty under Section 22 or
<br /> oCherwise, Borrower heieby assigns to i,ender (a)Boxrower's ri�hCs to any insuravice procaeds in an amount '
<br /> not to exceed the umounts unpaid under the Note or this Securiry instrpmen[, .tnd (b) auy o�her of
<br /> Borrower's rights (oUiee than the right Co any refund of unearned premiums paiid by Borrower}under all
<br /> insurance p�ficies covering the Property, insofar as sucli rights are applicable C'o the eoverabe c�f I'he
<br /> ProperCy. Lender maiy use tlie insuranee proceeds either to repaii or ceseoce the Property or t'o pay amounts
<br /> unpaid under the Notc or Chis SeeuriCy Instrumeiit, wheCher oc not tlien due.
<br /> 5, Oecupaney. Borrower shall occupy, establish, and use ctze 1'roperty as Bocrower's principal residence
<br /> within 60 d�rys afi�er [he execution oP tl�is Secwrity InstrumenY aud shail continuc Co occupy tl�e Properry as
<br /> Borrower`s principal residence for at least one year aPEer tlie date of occupancy, ui�less Lendec otl�erwise
<br /> agrees in wriYing, which consenC shall not he unreasonably withheld, oruiiless extenuating circumstanees
<br /> exist whicl� are beyond Borrower's oovtroL
<br /> 7. Preaervation, Maintenance�and ProYection of the Proper�ty; InspecYons. Borrowcr shall noC desh�oy,
<br /> damnge or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whethcr
<br /> oc not Borrower is residing in tlie PxoperCy, Borrower shall maintain the Property in order to prevent thc
<br /> Property frou�i deterioraCing or decretisi�ig in value due to its condition. Onless i[is deYennined�ursuanC Co
<br /> SecCion 5 that repair or restoration is nol economieally feasible, Borrotver shall promptly repair Phe Property
<br /> iC damaged Yo avoid further deterioration or damage, If insurancc or condem��aCion proceeds are paid iii
<br /> eonnection with damnge to, or the Calcing of, the Property, Rorrower shall be responsiblc Por repairing or
<br /> restariilg tl�e Properly only if L,ender has released prooeeds Por sucli purpases. Londer may disburse proeccds
<br /> 24001544
<br /> NEORASNA-Sl�nple family-Fannia MealFreddie Mac 11WFOPM WSTf1UMEVT Porm 3018 1107
<br /> VMF(ry VMP6(NE�.(�1061
<br /> Wollore IUuwnr Rnanclal Servloes Nad°�°���
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