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201208298
<br /> Al1 insurance policies rcquired by Lander and zenewals of such policies shatll be subject fo Lender's right To
<br /> clis�pprova such policies, ehall inchtdc a standard inortgago clause, and shall namo Lender na morGgagao
<br /> and/or as an Hdditional loss payec. I,ender shallliavc the right to hold thc policies and renewal ccrtificates. If
<br /> Lendar recluires, 13orrower shall promptly give to Leuder all receipts o'P�aid premiwns and re�iewal notices.
<br /> If Borrciwer ohYains any fonn of insurance covcrage, not otiherwiso required by Lender, for dan�age to, or
<br /> destrucliou of, the I'ro��crLq, eucli policy shall inelude a standard mortglge clause and s1�aI1 name Leitd�r a5
<br /> mortgagee and/or as �n addifional loss payee.
<br /> In the event of loss, Borrower shall gfive prompt notice to the insurauce carrior and Lencler. Lender inay
<br /> mnke pcoof oP 7oss if not madc pron7ptly by Borrower. Unlass Lendbr and Borrov�er oUierwiso agree in
<br /> writing, ��y ivsurance proweds, whether or noC Che tmdarlying iusurauce was requircd Uy Lender, shall Ue
<br /> applied to restor�tion or repair of the Property, if the restoration or repair ie econoinically feasihle antl
<br /> Lender's security is not lcsseried. Dm'ing euch re�air and restoratioii period, Lender shttll h�ve the right 10
<br /> hold such ineurance prooeeds wrtil Lendcr hns had a�i oppm�tuni[y to inspect euch Property Yo ensa�e the
<br /> work has been completed to Lender's satisfaction, provicied that suclt inspection shnll be undertalcen
<br /> promptly. Lendor inay disburse proceeds for the repaira nnd reatoration in a eingle payment or in a s�ies of'
<br /> progress payii�ents as til�e wor]< is completed. Unle.�s ati ngreement ie mttde in�miting or Applicable Latv
<br /> reqiures inCerest to be paid on snch insttrvice proceeds, Lender sl�all not be required Eo pay Bortower Any
<br /> intcreeC or earnings on suchpcoceeds. b'ces for public adjustiers, or other tl�ird parliea, ret�ined by Borrower
<br /> shall not Ue paid out of fhe insm ance proceeds and shall I�e the sole obligafion of Borro�ver. iF ihe restoration
<br /> or repair ie noC economica1ly feasible or Lendor's securiYy would be lessened, the insw<uiea proceeds sha11 be
<br /> applicd Co the stuns sccmed by this Security HistrumenE, whc$ier or not Uien duo, with tlie excass, if any,
<br /> paid to Bon'owcr. Snch insurance proceeds shell be applied in the order provicied far in Section 2.
<br /> if Bocrower aba��ciona Che Pro�erty, Le��d�r may£ile, nogotiete and settle any available insuruice claim and
<br /> related maCte�s. if Boxrower doee nof respond witliin 30 days to a notice fi-oin Lender that tho insurn�ice
<br /> caxrier has offcred to settle a claim, then Lender may negoYiate and set6le the c]aiin. The 30-day period will
<br /> l�egin when ihe notice is givcn. In either event, or if Lendar acqiures the Property under Section 22 or
<br /> otherwise, Boxrowen c�reby assigns to Londer (n) Borrowcr'F righte to aaiy inaurance proceeds in an amount
<br /> not to exceed t71e amotmts unpaid under the Note or$iis Security H�sfruinenC, and(b) any odler of
<br /> Borrower's righfs (other fl��tn the xight to any rofund oP tuiearned preiniums paid Uy Borrower)under all
<br /> iiisurance policie5 covering the Properly, insofaa•as such rights are applic�ble to the coverago of the
<br /> Property. Lcnder moy use th¢ insurance procecds either Co repair ox restore tihe Property ox to pey amounCs
<br /> twpaid under tha Nofc or thie Secm'Ity Inetrument, wl�etl�e;r or not then duc.
<br /> $. Oceupaney. Borrower shall occupy, establish, and use thc Property as Borrower's principal residence
<br /> within 60 da�ys after the execuYion of this SecuriYy lnst�'Etment Ftnd shall conkimie to occupy thc Property as
<br /> Borrower's principal residence for aC least ona year afler the datie of ocoupancy, unless Lcnder otherwisa
<br /> agrees in wrrting, which conscnC shall not be iim�cason¢bly withhcici, or unleas extonuating circwnstancc.e
<br /> exist wh'rch u�e beyond 13orrower's control. �
<br /> 7. Preservation, Maintenance and Protection of the Froperty; Inspections. Borrowez sliall nof des[roy,
<br /> dumage or impair t1�o Property, allow the Pxopart'�y to QeLerioratie or comuliC w�ate on the Property. V✓heUier
<br /> ar not Bomower is realding in tl�e Propertiy, Borrower shall maintaiii fhe Propexty in order to pxevei�t thc
<br /> Property fron�deterioratiug or ciecreasing in value due fo ifs coudifion. Ui�less iE is deterininecl pursnauf to
<br /> Seotion 5 thet repair ar restoration is noC economically feasible, Borrower�l�all promptily repair Che Property
<br /> if damaged to avoid fitrther deterioraLion or daxna�o. If insurazice or condemnation p�ncecds are peid in
<br /> cosuiecCion with damflge tq or Che Caking of, tUe Property, Borrower shall be responsible for repairing or
<br /> restoring thc Property ouly if I,ender has relcased proceeds for such purposes, L,caider may disUursc proceeds
<br /> x4ao2u�r
<br /> NF9RA51<rt-Single Famlly-Forinie.MeelRetltlle Mao 11MF(�FM 1NSl'RUMENT Form 30201107
<br /> vmN c� vn�i=s(Ne)(tioe�
<br /> YV�Ite�s Kluwer Financlal Servicea Page]of 1-
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