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201208302 All insurance policies required by Lender and renewals of such policies shall be subjec[to Lender's righ[to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If L.endet requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal no[ices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standazd mortgage clause and shall name Lender as mortgagee and/or as an additional loss payeE. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. L.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance procceds, whether or not the underlying insurance was required by Lender, shall be applied to resrontion or repair of the Property, if the restoradon or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an oppommity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such insp�tion shall be undertaken promptly. Lender may disburse procceds For the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, L.ender shall not be required to pay Borrower any interest or eamings on such pmceeds. Fces for public adjusters, or other third parties, retained by Borrower shall no[be paid out of the insurance pmceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance procceds shall be applied in the order provided for in Section 2. If Borrower a6andons the Propeny, l.ender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days[o a notice from Lender that the insurance carrier has offered to settle a claim, then L ender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Sec[ion 22 or otherwise, Borrower hereby assig�s to Lender(a)Borrower's rights to any insurance proceeds in an amount not ro excced the amounts unpaid under the Note or this Securiry Instnunent, and(b)any other of Borrower's rights(other than the right to any refimd of unearned premi�s paid by Borrower)under all insurance policies wvering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proc�ds either to repair or restore the PropeRy or[o pay amoun[s unpaid under the Note or ffiis Security Instrumem, whether or not then due. 6. Occupancy. Bonower shall occupy, establish, and use the Property as Bonower's principal residence within 60 days after the exe�ution of this Security Instrument and shall condinue to occupy the Property as Borrower's principal residence for at least one year after the da[e of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circums[ances exist which are beyond Borrower's control. 7. Preservetion, Maintenance and Protection of the Property; Inspectians. Bonower shall not destroy, damaoe or impair the Property, allow the Property to deteriorate or corrunit waste on the Property. Whether or not Borrower is residing in the Property, Bortower shall maintain the Property in order to preven[the Property from de[eriorating or decreasing in value due to its condition. Unless it is determined pursuant to S�tion 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds aze paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender Las released proceeds for such purposes. Lender may disburse procePds PlEBfl�SKA-SinBle Family-Fann�e Mae/Fredtlie Mx UNIFORM INSTRUMENT Farm 3028 1101 �MP VMPB�NEI(t 106).00 Woiters KWwer Financial5ervices Pepa]of 1]