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201208791
<br /> All�usuranvc policie�requixed by Lander�nd rene�uals of such policies sha11 l��cu6ject to�Lender's righC Co
<br /> disapprove sach polioies, s1�a11 inolude a sYpndard mortgage clause, a�id shall xizme L ender es mortgegee
<br /> and/or as au additional ]oss payee. l,ander shall have tlie riglrt to hol$khapolicies and renewal certl2iea�tes. IP
<br /> ].ender rec�iires, F3orrower shall��rompqy give to I,ender all receipL�s oPpaid premiums ttnd revewal nnficus.
<br /> If Borrower oUtains airy form of insui nnoe coverage, not otherwise required by Lender, for d�mage to, or
<br /> deshuocion of, Che Property, such policy shall inclaade a atandard mortgage clause and ah�ll name Lender As
<br /> mortgagee ancVor as an addifional loss payee.
<br /> In the event of lose, Borrower sha11 give pronipE notioe to the insurnnce carrier end Lender. Lender m�y
<br /> ixullce proof of loss if not made promptly Uy I�orro�ver. Unless l,ender and Rorro�n�er oilierwise agree in
<br /> r*n�ting, eriy insw�ancc proceeds, whcthor or not the uncierlying insurniice was required l�ry Lcnder, nh�ll l�c
<br /> applied to restora6on or repair of'the Property, if tl�e restoratiou or repair ie econoinically£easiUle azid
<br /> Lender's sectiuity i5 not lcaseried. lluring euch ropair and reeCoratioa peri�d, La�dcr shall have the rrght tG�
<br /> ltold sucli insurauce praoeeds imtil Leiider has had an o�portunity to inspect auoh Pro�erly lo eneure the
<br /> work has been completed to Lender's satisf'netion, provided that suoh inspectiou shall be widerYaken
<br /> prom�tly. Lander ivay disbm�se pxoceeds for the iepairs and restoration in a single payment or in � earies of
<br /> progresa payinents aa the work is ca�mpletied. Unlcce an agreemenC is made in wriring or Applioable Law
<br /> ra�uire,u intcrest to be paid on such inaurnnoe proceeds, Letlder sh�ll not Ue requirecl to pay Borrower any
<br /> inlerest ar eaming� on such proceeds. Fees for pablic adjusters, or oYher tliird paxGies, retained by Borrowar
<br /> shall not be paid ottt o�P T1ie iasurance proceeds and s1�all l�e the sole ob1igaEion of f3orrower. If thc�restoration
<br /> or repair is nof econoinieally feasible ar Lenden�'s sec�uily wonld be 1€ssened, lhe instv�uice proceeds shall be
<br /> �pplicd to flie stm�s secured by thia Security Tnstrument, whather or not then due, with tho excass, if'any,
<br /> paid to Borrower. Such iustiu'ance proceeds shall be app]ied iu the order provided for in Seckion 2.
<br /> I£Borrower absmdons tha ProperCy, Lender may�file, negotiate end seGkle any available insLu�mnce claim and
<br /> rel�fed ma.tters. If I3orrowcr d�res not rosponcl within 30 days fo a not'ica froni Leuder Lhat Ll�e insur�nce
<br /> carr'rer has offcrod to seLCle n elaiin, then Lender may negoliete tuid settle the claim. The 30-day period will
<br /> Ucgin when che uotice is given. ln eithea•event, or if I,ender acquires Yhe Property uuder SecCion 22 or
<br /> otherwise, I3orrower hereby assigns Yo Lencier (aj Borr�ower's rigl�ts to any insurance proceeds in an au�ount
<br /> not to exceed the atnounts tiinpzid under t1�e Note ��r tivs Sccuri'Cy Iustrmi�ent, and(b) any otlier of
<br /> ]�orrower's rights(othcr lhan Che righh to any refiind of iuie�u•ned premiume paid by Borrower) wider all
<br /> insurance policies covering t1�e Property, insofar as sucl�rightti aro appliuiUle to Uie ooverage oP Ll�ie
<br /> Property. Lender may usc the insuranoe proceecis eiClier to repair or rastore the Property or to pay�inounts
<br /> unpaid imde�� the Note or tl�is Security Ineh•umant, whethar or not then dne.
<br /> 6, Ueeupaney. Borrower shall occtipy, establish, and use Y1ie Proparty as Borrower's principul resi,dencc
<br /> within�60 d�ys flftar the execution of this Security 6�strument and shall a�ntin�ic to occ¢py the Properly as
<br /> Borrowar's principal residence for at 7cast one year aller Lhe dafe oF occnpency, unlese Leuder otherwiae
<br /> agrees iii writin�;, which conse�it ahall not l�e um�eason�bly witlrheld, or tufless extenuaking olrewnsCa�iees
<br /> cxist which u�e beyond I3orrower'e cont�ol.
<br /> 7. Preservation, Maintenance anti Protection of the PropQrty; Inspections. Borro�ver sl,all not d�troy,
<br /> dam�ge or impair the Property, a11ow the Prope�'ry to cictori��rtttc or co�rnnit waste on the Property, Wl�iether
<br /> or not Borrower is residiiig iii 11ie Proper6y, Bnriower shall meinCeixi the ProperCy in order to prevaut the
<br /> P�roporty Fi�ovi deCerior�ting or deereasing in v�lue due tio itis conditioii. Unless it is detennined pursuant to
<br /> Section 5 thatt reptur or restoration is not economically fcasiblq Borrower shall prompHy re�air the Property
<br /> if d�tnaged to avoid fimtl�cr cicCerioration or civi�age. If insurance ar covdemnationproceede az•e paid in
<br /> conncction with d�mage to, or the taking of, the Property, Borrower sha11 be responsiUle fox repairinb or
<br /> resloriiig the Property only iP Lender has released proceeds for such purposes. Lcndcr iroay disburse proceecls
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<br /> NE9RA51(ASingle Famlly-Fannte Mae7Fredtlle M ac t1NIFORM IN9l'RUM tIJ'I' For�n 3020 1107
<br /> VM P� VM I'6(NE)i�1051
<br /> W ollers Kluw er PIn2nCial Servicea Page 9 of 1 j
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