|
201207026
<br /> All insarance polioies iaquixed Uy Lender nnd renewals of such policies shall be subject to Lender°s right to
<br /> diastpprove such policias, sl�all uicluda a standard mortgage clause, aaid sha11 uaine Lendar as xi3ortgagee
<br /> aud/or as an additiona1 'ioss payea Lcirdcr ehall have ffie righl lo hold ilie policiee and rencwal certificates. If
<br /> L.ondcr rcq�ures, Borrower shall promptly give to Lender all receipts of paid prenuume anel renewal notices.
<br /> IP Borroiver obeains any£orm of insurance coverage, not otherwise reqaired Uy Lender, for damage to, or
<br /> deslruotian of, the Property, such policy shall include a staudard inm tgage clanse aud s1�a11 name l,ender as
<br /> mortga�gee aud/or as an adc1itional loss paycc.
<br /> In the avent of loss, Borrower shall give prampR notice to thc in�ivanco carrier and Lcndcr. Lender may
<br /> inalce proof a£1oes if not made pmn�ptly by Borro�v�x. Unlese Lendec and IIorrowex otherwiae agre�in
<br /> wril'zng, azry insurence pxoceed�s, whether or not the underlying insurance wae required hy T,en$er, cha71 Ue
<br /> al�plied to restoratioi�or repzic oP the Property, if the resYoration or repair is eeonomically feasibla nnd
<br /> Lendei's secmi[y is not lesaened. Dtuing sueh repair �id resl'oration period, Lender shall have the rlght to
<br /> � hold such insurance proceeds tmCIl Lender has had an opportuuity ta inspect such Prop�rry to e�isure El�e
<br /> work has been completed to]�ndor's saNsfaction, p�ovicled that snch inspection shall be undertalcen
<br /> promptly. 7.andar�may disburse proceecls for Che repnirs and restoratiou in a single payment oc in n series of
<br /> progrc;ss}�aymcnts aR the work is completed. Unless ui agreeinent is inade in writing or ApplicaUle I,aw
<br /> requires interest tio be peid on such instu'auca proceeds, Lende��s1�all not be rcc�uired to pay Borrowcn�any
<br /> interest or eernings on sucli proceecls. L'ees for puUlic adjustere, or oU�er cliird parfies, reCained by Borrower
<br /> s1�a11 not be�aid ont of t1�c iusurance proceeds and sPi211 be the sole obligation�of IIoirower. I£the restoration
<br /> or rcpair u not econou7ically feasiUle or Lender's seotu'ity would Ue lesaened, the insurance proceeds sl�all bo
<br /> appliP,d to the sums sectued by tl�is Security]nstrw��euti, whcthcr or tiot Then due, witli thc excess, if nuy,
<br /> Z�tiid to Borrower. Such insurauca proaceds slaall be applied in the orcier pxovided for in Section 2.
<br /> If Borcower abandons the Properry, T,c��d�n-inay file, negoCiate and settle nny available insurance olaim nnd
<br /> xelated matters. If Borrower doea nol respond withiu 30 d�ys to a notice f'rom Lender tkat the insm�aiice
<br /> carr'rcr lias ofPered ho seCtle a olaim, then Lender may uegotiate aud settle Uie claiin. The 30-dery period wi11
<br /> begin when th�norice is given. In eillier avent, or if Lander acquires the 1'roperty undcr SccLion 22 or
<br /> otherwise, Borrower hereby assignis to l.cndor(a)Bon�ower's righ�s Co nny insurance proceeds in an nmount
<br /> not fo exoeed the amounts unp�id under the NoCe ar this Seourity Inatrument, and (b}any olher of
<br /> Borrower's righCs(oClier than khe xight to any reftitnd of unearned premitiuns paid by]3on'ower) �mdcr all
<br /> insnrance pol.icies covcring the Propc�rly, insofm� �s such rights Are appliclble to the coverage�f the
<br /> Prope�ty. Leader may uae the ineur<�nce proceeds either to repair or rostorc$�c Proporty oz•to p�y amounCs
<br /> unpaid undei the Note or this 5ecuri,ty lush•pinei�t, wheCher or noE then due.
<br /> 6. DCCupanCy. Borrot�er ehall occupy, estabTish, and use 11�e Property as Barrower'e principal rasidenae
<br /> within 60 days afte�•tl�c oxecuLion of this Sacurity Inetrtunent and attall contiuue to oacupy tl�e Property as
<br /> Borrowei's�3rinci��1 residence£or nt least one yeu affer the date of occupancy, tiuiless T ende�� othcrwisc
<br /> agrees in writing which covsent shall noL Ue Lwreasonahly witl�hcld, or unlecs oxtcnua6ing circ�rmatances
<br /> exist which u�e bayond Roirower's cr�nh ol.
<br /> 7. Presorvation, Maintenance and Protection of the Property; Inspections. Borrower shnll szot<lestroy,
<br /> damage oi�impair thc 1'roper6q, allow the Property to deteriorate or coirunit waste on the Property. Whether
<br /> or not Borrowex is residing in the Pt•oparty, Bon•owar sha71 maintana the I'roperty in orfler to prcve:nk thc
<br /> Propexty &otu deteriorating or decr�asiug ii�valuc duc to iCe conclilion. Unless ik is deCermined�ursuent to
<br /> 5action 5 that repair or restoration is not economicnlly fensible, Borrower shall prumptly repair the Properiy
<br /> if damagcd to avoid f�uCher deteriorafion or c�pmage. I£insurtuica or oondemnation proceeds arc paid in
<br /> comiecfion wilh dnmage to, or tlie tnlcing of, 11ie Property, Borrowcr shall Ue reepc�nsib'fe for repairing or
<br /> restoi7ng the Property only if Lender hHs relcased pruweds �Por eiwh purposea.�Lender may disburae proceeda
<br /> 29001916
<br /> Nf_fIRA 51(A-Sin91e f-am ily-Pannle W ae/Reddle fd ac UNIFORh1 INSTRUM ENT Form 3028 1�01
<br /> Vh1 P� VM P6(N F)(1106)
<br /> W ollere.Kluw er Financlal 6ervlase Pa9e'I of 19
<br />
|