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201206722
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Last modified
7/20/2017 9:46:22 AM
Creation date
8/15/2012 12:04:55 PM
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DEEDS
Inst Number
201206722
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201206722 <br /> services md subaequent charges each time remappinga or similar changes occur which rea,4onably might <br /> affect such determination or certificarion. Borrower shall also be respansSble for the payment of any fces <br /> imposefl by the Federal Emergency Management Agaicy in crnmec[ion with the review of any flood zone <br /> determination resulting from an objection by Horrower. <br /> If Borrower fails to msintain atty of the coverages described above, Lender may obtain inaurance coverage, <br /> at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type ar <br /> amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, <br /> Borrower's equity in the Property, or the contents of the Property, against any risk, Lazard or liability and <br /> might provide greater or lesser coverage than was previously in effect. Horrower acknowledges tbat the cost <br /> of the insurance coverage sa o6tained might significantly excxed the cost of insurance that Borrower could <br /> have obtained. Any amounts disbwsed by Lender under this Section 5 shall become additianal debt of <br /> Boirower secured by 8ris Security Instrument. These amounts shall bear interest at the Note rate&om the <br /> date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower <br /> requesting payment. <br /> All insurance policies required by L.ender and renewals of such policies shall be subject to Lender's right to <br /> disapprove such policies, shall include a standard mor[gage clause, and shall name Lender as mortgagee <br /> and/or as an addiHonal loss payee. Lender shall have the right to hold the policies md renewal ceitificabes. <br /> If Lender requires, Borrower shall promptly give to Lender all raceipts of paid premiums mid renewal <br /> notices. If Borrowa obtains any form of insivance coverage, not otherwise required by Lender, for damage <br /> to, or desuvctioo of, the Property, sucL policy shall include a stsndard mortgage clause and shall name <br /> Leuder as mortgagce and/or as an addirional loss payee. <br /> In the eveM of loss, Borrower shall give prompt notice to the insurance carrier and L.euder. Lender may <br /> make proof of loss if not made promptly by Borrower. Unless I,ender and Borrower otherwise agree in <br /> writing, any insurance proceeds, whether or not the underlying insurance was required by Lznder, shall be <br /> applied to restoration or repair of the Property, if the restoration or repair is economically feasible and <br /> Lender's security is not lessened. During such repair a�d restoration period, Lender shall have the right W <br /> hold such insurance procceds unril Lender has had an opportunity to inspect such Property to ensure the <br /> work has been completed to Lender's satisfaction, provided that such inspection sLall6e imdertaken <br /> promptly. Lender may disburse procc�ds for the repairs and restorarion in a single payment or in a series of <br /> progress payments as the work is completad. Unless an ageement is made in writing or Applicable Law <br /> requires interest to be paid on such iusurance proceed.s, Lender shall nat be required to pay Borrower any <br /> interest or earnings on such proceeds. Fecc for public adjusters, or other third partiea, re[ained by Horrower <br /> shall not be paid out of the inswance proceeds and shall be the sole obligation of Borrower. If the restoration <br /> or repair is not economically feasible or I.ender's security would be lessened, tUe insurance proceeds shall be <br /> applied to the swns s�ured by this Security Instrumart, whether or not then due, with the excess, if any, <br /> paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. <br /> If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance daim and <br /> related matters. If Borrower does not respond within 30 days to a notice fram Lender that the insurance <br /> carrier has offered to settle a claim, tlie�Lender may negotiate and settle the claim The 30-day pa�iod will <br /> begin when the notice is 8ven. In either event, or if Lender acquires the Property under Section 22 or <br /> otherwise, Horrower hereby assigns to Lender(a)Borrower's rights to any insurance proceEds in an amount <br /> not to excceed the amounts uupaid under the Note or tlils SecuriTy Instrument, and(b)any other of <br /> Horrower's rights(other than the right w any refund of unearned premiums paid by Borrower)under all <br /> insiaance policies covering the Property, insofaz as such rights are applicable to the coverage of tlie <br /> Property. Lender may use the insurance proceEds either to repair or restore the Property ar to pay amounts <br /> unpaid under the Note or this Sacurity Instniment, whether or not then due. <br /> 2300260433 D VMNE <br /> NEBI7ASKASInpla FamNy-Fennle Mea/Freddle Mec UNIFOPM INSTFUMFNT WRH MERS Fp�n 30P8 1A01 <br /> VMP W VMPBA(NE)P 1051 <br /> WdMre Kluws Finencisl Sarviw Pops]of 1] <br />
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