201207542 - Laserfiche WebLink

Browse

201207542 All insutance policies reqiured by Lencier and renew�ils oP such polioies chall bo subject to l.cnder's right Yo disapprove such policies, shall inelude a stcjndtucl mortgage olaxise, and shall n�une Le�icler aa mortgagee and/or as �i�dditionalloss payee. I,ender shall l�ave tlie right to hold tihe policies and renewal certificates. If Lcndor ra�uires, Borrower shall promptly b�vc to Lcnder all rcccipts of paid pretniums and renewal noCices. IF Borrower obt��iva any form of inaurance covernga, noC other�vise required by Lender, for d�mage to, or destsuction of, the Property, such policy shall include a standtu•cl mortgage clause nnd shnll name Lender as mortgagee aud/or es au additional loss payee. In the event o£lass, Boirower ehnll give proivpt notice to the insuranca eurier and Lender. Lender may inake proaf'of losa if not made prompCly Uy Borrowex. Unless Leaider and Borrower otherwise agree in writing, any insurance procecds, whether or not tUe imdcrlying inenrance was required by Lcnder, shtdl Uc applied to reetorntion or repair of Yhe Properry, if"the restoration or repair is ecovomically f'easible and I.ender's secnrity is iiot le�sened. Durittg such repair �u�d rwstoration pc;riod, Lcnder shall have tho right to hold euch ineurance prooeeds until Leniier has had nn o�portunity Co inspect suoh Property to ensnre the work has been completed fo Lender's satisfaction, provlded tliat suah inspection sha11 be,undertaken promptly. Lender may disburse proczeds for the repairs aud restoration in a singTe��ayment or in a�ei'ie� of progress payinents as the work is cotrrplcted Unlcss an agrecincnt is made in wri�ing or Applic�ble Law requires inTereat to Uc paid on such insurance�roceeds, Lender shell vot be requireel W pny Borrower nny interest or earnings ou�uch prooeeds. P ees for�uUlic adjusters, or other third perties, retained by Borrower shnll not 6e paid out of the insurance piroceeds and shall Ue the sole obligation of Borrower. lf the restore�tian or rapair is not econoinically feasible or Leudet's secw�ity would bc lesscncd, tl�e ine�n<wcc proceed� Fhall be aj�plied to the sunu sccured by tUis Swurity Insh uu�ent, wheCher or not tl�en due, with the excess, if any, paid lo Bon�ower. Such insuranoe proceeds shA11 be applied in tha ordar provided for iu Section 2. IP Borrower abtmdons the Propei[y, Lender mny �ile; ttegotioYe and settle any aunilable insurance claun and relatad m�ttters. If Borrower does not respond witliiu 30 days to a notice from L,encier that the insnrance carrie��has of'1'ered to settle� claim, the��Lender may negotiato v�d sotille tihc claim. The 30-day period will Uegni wl�en the nc�tice is given. In cithcr cvent, or if Lender acquires the Property under Section 22 or othorwisq Borrower hai•eby assigns co Lender{a)13orrower's righYs to any insuranca proceeds in an amomit not to exoeed the Funounta unpaicl under the Note or Chis Security Insi�rmnent, �nd(U) any other of Borrower's rights (oi:her�lien the righf ta any�efund of�mearnod prcn�iums�aid by Be�rrowcr) imder all inscu nnce polioies oovering Hie Property, insofnr as such righCs ara�pplicaUle to the coverage of the Property. Lender may use the insm�ance proceede eitha��to rep�ir or resfnrc tlto k'roperty or to pay amo�mts unpaid nnd€r the Notc or this Seourity Instrument, whether or not then due. 6. Oceupancy. Borrowor sliall c�ccu��y, esLublislz, and use fhe Propexty As Borrower's princip�l resitlence within 60 days afler the execntion of tlus Seoudty Instrutnant and shall conCinue to occupy Uie Property as Borrower's princip�l residence for Tt least one yeu-after tl�e datc of oocupancy, unlass Londcr otherwiec a�grees�in writing, which consent s1�a11 not bo�mrcaeonably withl�eld, or nnlers ext�mta[ing cireumstanceS exist which ar�bayond Borrp�vcr's conCrol. 7. Preservation, MaintenanCe and Protection of the ProperCy; Inspections. Bo�rower shnll not destroy, d�u��agc or ii�eiir the Properly, allow Hie Property to deterioraCe or eoixunit waste on the Property. VJheYher or not Borrower ia reaiding in tihe ProperCy, Boi�rower she11 n�iaintain tUe Property in or-der to prevcnt tlie Property Prom deteriorating or decreasing in valuo duo to ite condiCion, Unlese ik is determined putsuant to Scction 5 that rcpa'v or resCoratipi'i ia noC economieally feAeible, Bortrower ahnll promptly repair the Property if dunaged to avaid fiirther deterioratioix or daixutige. If instn'ance or condemnation proceeda are paid in conneotion with dunage Co, or the{alcing of, the Pro}�erry, Borrowor shall bc r�poneible for repairiilg or reetorin6 the Property only if Lcnder l�as released�roceeds for euck purposea. Leuder maty disUurse proceeda — "---- —` '— --- 2A00'2096 NEk3RN'SKA-61npleFnmlly-P'ennle Ivine/Freddle Mao UNIFORM IN9TRUMENT Gorm SOaO 1701 VM P�y VAh P6(NE)(110G) W olters Kluw er Flnanolal 9ervioeF Page]oi 19