|
201207���
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br />di.sapprove such policies, sha11 include a standard mortgage clause, and shall name Lender as mortgagee
<br />and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />Lender requires, Borrower shall prompfly give to Lender all receipts of paid premiums and renewal notices.
<br />ff Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as
<br />mortgagee andlor as an additional loss payee.
<br />In the event of loss, Borrower shall give prompt nodce to the �*+�*ansp carrier and Lender. Lender may
<br />make proof of loss if not made prompfly by Borrower. Unless Lender and Borrower otherwise agree in
<br />writing, any insurance proceeds, whether or not the underlying insivauce was required by Lender, 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 and restoration period, Lender shall have the right to
<br />hold such insurance proceeds until I,ender has had an opporiunity to inspect such Pro�rty to ensure the
<br />work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promp@y. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of
<br />progress payments as the work is completed. Unless an agreement is made in writing or Applicable I.aw
<br />requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower
<br />shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration
<br />or repair is not economically feasible or Lender's security would be lessened tI1C �ncnran P p��� ��
<br />applied f.o the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such �n�*�nce groceeds 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 �nc„*an�P claim and
<br />related matters. If Borrower does not respond within 30 days to a notice from Leuder that the insurance
<br />carrier has offered to settle a claim, then Lender may negotiate and settle the claim, The 30-day period will
<br />begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or
<br />otherwise, Borrower hereby assigns to J.ender (a) Borrower's rights to any �nc�,�,nsp proceeds in an amount
<br />not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of
<br />Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under alI
<br />insurance policies covering the Property, insofar as such rights are applicable to the coverage of the
<br />Property. Lender may use the �nc�ransP proceeds either to repair or restore the Property or to pay amounts
<br />uupaid under the Note or this 5ecurity Instrament, whether or not then due.
<br />6. Occupency. Borrower shall occupy, establish, and use the Property as Bonower's principal residence
<br />within 60 days after the execution of this Security Instrument and shall continue to occupy the Progerty as
<br />Borrower's principal residence for at least one year after the da.te of occupancy, unless Lender otherwise
<br />agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br />exist which aze beyond Borrower's control.
<br />7. Preservation, Meintenance end Profiec#ion of the Property; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate ox commit waste on the Property. Whether
<br />or not Borrower is residing in the Properiy, Borrower shall maintain the Properiy in order to prevent the
<br />Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />Section 5 tha,t repair or restoration is not economically feasible, Borrower shall prompfly repair the Property
<br />if damaged to avoid further deterioration or da.mage. ff�nc��*ansP or condemnation proceeds are paid in
<br />connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds
<br />PIEBRASiCA•Singta Femfly-Fartrtte Mae/Freddfa AAac UNIFOAM INSTRUMENT Form 3026 1/01
<br />� � VMP81NE1 111061.00
<br />Wolters Kluwet Flnefuial Servlces Page 7 of 17
<br />
|