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201206748 All insurance policies required by Lender and renewals of;uch policies sha11 he subject to Lenda's right to disapprove su.ch policies, shall include a s[andard mortgage clause, and sha11 name Lendcr as mnrt�agee and/or as arL addirional loss payee. Lender shall Aave flie right to hold the policies and renewal certificates. If Lender xequires, Boaower shall prouipfly giVe to Lender all receipts of paid pxemim��astd renewal norices. If Borrower obtaina any form�f insurance coverage, not otherwise required by�Lender, for damage to, or destruetion of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an addirional loss payee. In the event of loss, Sorrower shall give pxompt aotice to the insurance carrier and I.ender. Lepdea may make proof of loss if not made promp[ly by Borro�uer. Unless Lender and Borrower otherc�e a�-ee in writing; any insiu-ance proceeds, whethu or noY the unclerlying insurance was required by Lender, shall be appGed to xestoratian or repau' of the Property, if the restoration or repair is aconomically feasible aiid Lender°s securiiy is not lessened. During such repair and restoration period, Lender shall have the right to hold such iv,urance proceeds until Lender has had an opportunity to inspect such Properiy to ensure the woxk has been coinpleTed to Lender's satisfaction; provided Y1iat such inspecfion shall be undertaken prompdy. Lender may disburse proceeds for the repairs and restoration in a single paymcnt or in a series of progress payu7enfs as the work is completed. Unlese an agfeemenC is made in writing ar Applicable Law rcquires inferest to be paid on such insr�ance proceeds, Leader shall not be required to pay Borrowei any interest or eamings on suCh proceeds. Fee.i ffir puUlic adjusters, or other third parties, retamed by Borrower shall not b�paid out of the insurance pracceds and shall be the sole obligation of Borrower. Tf the iestoraticn or repair is not economically feasible or Lender's security would be lesszried, the insurance proceeds shall be applied to the sums secured by tl�is Security Instnunent, whether or not then due, with the excess; if any, paid ta Boxrower. Such insurance proceeds sha11 be applied in ihe order provided for in Sectlon 2. If Borro�ver abatidons the Property, Lender may fi1e, negotiate and settle any available insurance claitn and related malteas. If Borrower does not respond within 30 days to a noflce from Lender fhat the insurauce earrier has ofEeied to settle a clarzn, then Lender may negotlate and setEle the claim. The 30.day perjod will begin when the notice is g�ven. In either event, or if Lender acquires the Property under Section 22 or othe�wise, Borrower hereby assi�s To Lender(s) Borrower's rightS to any insuzanee proceeds u1 an amoimt not Lo exceed thc amounts unpaid under the Note or this Sec;urity Instrument, and(b) any other of Borrower's rights(other than the right to any refiand of unearned premiusns paid by Bc>rrower)wider a11 insuranec policie� covering the Properiy, insofar as such ri�ts are appl;cable to the coverage of the Propert,y. Lender may use the in.curance proceeds either to repair or restore ihe Yrope�ty or to nay amounts unpaid under the Note or thia Security TnstiurnenY, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc die Properry as Borrower s principal residence wiilriu 60 days aIler�Lhe rxeculion of this Security Insmunent and shall continue to occupy the Property as Borrower's principal residence for at least one year a$er the date of occupancy, unless Lender otherwise agrees in writing, which consenC shall ntit Ue unreasonably withheld, or unless exCenuaring circumstances exist wbicli ase bevond Borrowex's conttol. 7. Preservation, M aintenance and Protection of fhe Property; Inspections. Borrower shall not desfroy; damage or impair the Property, allow the Property to deteriorafe or comuut wasfe on the Property. Whether or not Borrower is residing in the Property, F3orrower snall main[ain the Proyeriy in order#o prevent the Properiy from deteriorating or decreassg in value due to its coudition. Unlzss it ic determincd pursuanf Yo Section 5 tl�nt repair or restoration is not economically feasible; Borrower shall promptly repair the Property if damaged to avoid further deteriorarion or damage. if insurance or condemnation procceds aze paid in canneetion with.damage to, or the taking o� the Propeity, Borrower shall Ue responsible for sepairing�r restoring the Property only if Lender has released proceeds for such purposes. Lender may disUurse proceeds 24001�83 NB.'ill5 W15ingle Fanity-Fannie G1 aeffredtlie!A ac U W FORA9 INSTRUM BJT Porm 3028 t 101 VMP(`g VMP6(NE)(i 1 OS) 'JVolters Kluwer Financizl Servicss Page]of 1]