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201207510 All insurance policies required hy Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall includc a standard mortgage clause, and shal] name Lender as mortgagee �d/or as an additional loss payee. Lender shall have the Yight to hold the policies and renewal cer[ifica[ea If I,ender requires, Boaower shall pmmptly gtve to L�der all receipts of paid premiums and renewal notices_ If Borrower obtains any form of insurance wverage, not otherwise required by Lender, for dainage to, oi destruction of, the Properry, such poliey shall include a standard mortgage clause and shall name Lender as moxtgagee and/or as an additional loss payee. In thc event of loss, Bonower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if noY made promptly by Bosower. Unless Lender and Borrower otherwise agree:n writing, any insL�ance proceeds, u�hether or not the uaderlying insurance was required by Lender, shall be applied to resforation or repau of the Pxoperty; if the restoxati4n or repair ia economically feasible and Lender's security is not lessened. During such reyair and restorntion period, Lender shall have the right fo hold such insurance proceeds unril Lender has had an op�aortunity to inspect such Property to cnsure the wark has been eoinpleted to Lender's satisfaetion, provided that such inspecfion sl�all be und�taken promptly. Lender may disburse proceeds for the repairs and restora[ion in a single payment or in a series of progress payments as the work is campleted. Unless an agecrnent is made in writing or Applicable Law requires iateresi to be paid on such insuranpe proceeds, Lender shall not be xequired to pay Borrower �ay interest or earnings on such pioceeds. Fees for public adjnsters, or other third parhes, retained by Borrower shall not be paid out of the insurance pxoceeds and sha11 be the sole obligation of Borrower. If ti�e restoration or repair is not economically feasible or Lender's seeurity would be lessened, the insurance proceeds stiall be applied to the sums secured by this Security Instaunent, whether oz not then due, with the excess, if any, paid to Borrower. Such insurance procceds shall be applied in the ordcr provided for in Scetion 2. If Borrower abandans the Property, Lender may file, negoriate and settle any available insurance claim and related matters. If Boirower does not respond within 30 days to a notice froin Lender that the insurance cazrier has offered to settle a claim, then Lender may neg�tiate and settle the claim The 30-day period will begin when the notice is given. In either evenL or if Lender acquires thc Property under Sec,-tion 22 or otherwise, Borrower hereby assigns Lo Lcnder(a) Borrower's rights to any insurancc proceeds in an amowit not to excced the amounts unpaid undet the Note or trus Security 7nstrument, and(b)any otfier of Borrower's rights(�ther fhan the right to any rcfund of uneamed preuuLuns paid by Borrower) under all insurancc policies covering the Property, insofaz as such righis are applicable to fl�e coverage of the � Property. Lender may use the insurance procceds either to repair or restote the Propen.y or to pay amounts � unpaid under the Note or this Sectuity Inshument, whether or not then due. 6. OCCupaney. Borrower shall occupy, establish, and use the Property as Borrower's principa] residence wifhin 60 days af'ter the execution of this Security InsLrumenx and shall eontinue ta oceupy Ch,e Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrces in.v✓riting, which consent shall not be unreasonably withheld, or unless extenuating cireLunstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower sball not destroy, damage or unpair flic Property, allow the Propezty to deteriorate or commit waste on the Yroperty. �R'hether - or not Borrower is residing in the Property, BorroR�er shall maintain the Property in order to prevent the Property&om deteriorating or decreasing in value due to its condition. Unless it in determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prompUy repair fhe Property iP dainaged to avoid fiuther deterioraricm or damage. If snsurancc or condemnarion proceeds are paid in connection with damage to, pr th�taking of, the Pxoperty, Borrower shall be responsible for repa�ing or restoring the Properry only if Lender has released proceeds for such purposes. Lender may disbursc proceeds z=eozeea NEEkSKRSingle Fanity-Fannie MaelFreddielA ac 11W FORlA INSTRIJM pJT Form 3028 1/01 vm P� vm Ps(rve)��a s) VJoltus Klvvr er Financial Services Page T of i]