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201206276
<br /> All inaurancc policies required by Lender aild renewals of such pofieies sliall be subject to Lender's right to
<br /> disapprove such polieies, sl�al] include a skmdard morlgage clause, ancl shall name Lender as mortgagee
<br /> and/or as an additional loss payee. Lender shall l�ave t(ie right to hold the policias and renewa] certiticates. IP
<br /> Lender requires, Borrower shall prompl:ly give to Lender all recaipts oCpaid premiums and eenewal notices.
<br /> If Borrower obtaiiis any form of insuranee coverage, iiot othcrwise required by Lender, f'or damage Co, or
<br /> destruction oP, Che Property, such poliey shnll iuclude a sCandard mortgnge clfluse and shall name Lender as
<br /> mm Cgagee and/or as an additiona] ]oss payoc,
<br /> In �1�e cvent of logs, Borrower shall give��rompC notiee to the insurance �arrier and Lender. Lender may
<br /> malce prooP of loss iT uot inade pron�ipCly by Borrower. Unless Leildcr and Rorrower oYlierwise ugrce 3n
<br /> writing, any insurance proceeds, whe[her or not the imderlying insuranee was required by Lender, shall be
<br /> xpplied to resCoration or repair of Uie Property, iP 11�e cesCoration or repair is economically Peasible and
<br /> Lender's security is not lessenad. During such repair ai�d restoration period, Lender shall have the right Co
<br /> hold such insurance proceeds u»til Lendcr has l�ad an opportnnity to inspecC such Property to ensure t'he
<br /> worlc has been completed to Lender's satisfaction, pxovided that such inspeetion shall be undertaken
<br /> prom�tly. Lender may disbuise proceeds Por d�e cepairs and restoration in a single payment or in a series of
<br /> �rogress pay»lente as Che work is compleCed. Unless an agreemenC is made in wrlting or Applieable Law
<br /> requires intecesC Co be paid on such insurance procceds, Lender s1i211 not be required to pay Borrower any
<br /> inCctcsl or earaings on such proceeds. Fcos for puhlic itdjusters, or other lhird parties, retlined Uy Borrower
<br /> shall not be paid out of die ineutanec proceeds and shall be the sols obligation of Borrower. If thc restoraYion
<br /> or repair is not economicallq Peasible or Lendec's securify would be lessened, the iilsuranec proceeds shall be
<br /> applied to the sums secured by Chis Sectu�lty Instrumcnt, whetlier �r uot then due, with the excess, if any,
<br /> paid Yo Borrower. S�ch insura��ce proceeds shall be applied in tlie oedec providcd Por in Section 2,
<br /> If Borrower abtmdons Uze 1'roperty, Lender may file, negotiaCe and settle any avxilablc insurance claim a��d
<br /> relatul matters. I�P 73orrower does not xes�oiid wiChin 30 day,s to a notice fi�oin Lcnder thaY tlie insuramce
<br /> carricr has ofCered to settle n claim, then Lender may negoCi2te fmd settic the olaim. The 30-day period will
<br /> begin wlien die notice is given. In ci4her event, or if Lei�der ticquires Che Property under Section 22 or
<br /> oCherwise, Bonnwer liereby assigns fo Leader (a) Borrower's rights to any insueance��roceeds in an amount
<br /> not to exceed the amotmGs tmpaid under Ylie Note or Chis Securiey IusCruntent, and (b) any other of
<br /> Borroaver's rights (other Cl�an tlie right to any refund of unearned premiums paid by Sorrower) undee all
<br /> insurance policies covcring the Pro�erCy, insofar ns sucl� ri�;hts are applicable to the coverage oP the
<br /> Px�perty. Lender may use the insurance ��rocecds eilher to repair or restor�the I�roperCy oi to pay amounts
<br /> unpaid under the Note�or this Security lnsfrument, whether or not then due.
<br /> 6. Occupancy. Borrowar slia(I oceupy, establish, and use Che Property as Burrowcr's prinoipal residence
<br /> wiUiin 60 days after the execuYion of this Security Instrumenf and sl�all continue W oceu�y the ProperCy as
<br /> Boixower's principal cesidence for at le�st one year after Yl�e data ot'occupancy, unless Lender othcrwise
<br /> agrees in writing, which coi�sent shall not be uureasonaUly withhcld, or unless ex[ennating circumstaneeF
<br /> exist which are beyond Borrowcr's contr�l.
<br /> 7. Preservation, Maintenance and ProYec#ion of the Property; Inspections. Borrower shall nof destroy,
<br /> damage or iu�pair the Propec6y, allow tlie Propecry to dcCoriorate or commit waste oi7 tl�e Property. Whether
<br /> or not Borrower is residing in tlie Property, B�ceower shall maintain tlie Property in order•to preuent the
<br /> Properly from deteriorating or decrexsing in va[ue due to its condition. Unless it is determined pursuane to
<br /> Section 5 that repair or restc�ration is not economically feasible, Borrower shall promptly repair Che Peoperty
<br /> if damaged to avoid Yurther deCerioration or dam�ge. IY insurance or condemnation proceeds are paid in
<br /> com�ection wicli dai�7aga Lo, m� tl�e taking of, tl�e Properly, Borrower shall Ue responsible for repairing ax
<br /> restoring lhc Property only if Lender has relcasecl proceeds for sucli purposcs. I.ender may disUurse proceeds
<br /> aaooieoz
<br /> NE�FlASI</i-9ingle Fumlly�Fannle MaelFroddle Mapl1N�FORM INSTRUMENT Form 9028 110��
<br /> VMP� VMP8INEI(11061
<br /> Woltors I(luwnr I9nanclal Servlces Pa9c]oi t]
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