201209312 - Laserfiche WebLink

Browse

201209312 All insurance policics required by Lender�id renewals of such policies shall be subject to L,ender's right to disapprove such policies, shall iuolude a standa-d mortgage clause, and stiall nasne Lender as martgag€e and/or as an additional loss payee. Lender shall have the right to hold the policies and renewai certifieates. If Lender requires, Borrower shall prompdy givc to I.ender all receipts of paid premiucns and renewal nolices. If Borrower obtains any fonn of insurance coverage, not otherwise required by Lender, for damage to, or deshuction of, the Properry, scich policy sha11 include a standard mortgage clause and shall name Lender as mortgagee end/or as an additional loss payee. In the event of loss, Borrower shall a ve prompt notice to thc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. linless Lcnder and Borrower otherwise agree in a�riting, any iasurance procceds, whether or not thc underlying insurancc was required by Lender, shall be appIied to restoration or r�air of the Propesty, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and reskoration period Lender shall hace the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided tUat such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration.in a single payuient or in a series of progess payments as[he work is compleYed. Unless an ab eement is made in wzitiv.g or Applicable Law requires interest to be paid oa such insurance proceeds, Lender shall not be requircd to pay Borrower any interest or eamings on such proceeds. Fees for public adjusters, ar otliex Lhirdpartias, retained by Barrower shall not be paid out of the insisance proceeds and shall be the sqle obligation of Borrower. If the restorarion or repair;s not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied Lo the sum�securcd by this Security Instrumcnt, whether or nol the�due, with the excess, if any, paid to Borrou-er. Such insurans;e proceeds shall be applied iu flie order provided for m Section 2. If Borrower abandons tb.e Property, Lender may file, negoriate and settle any availahle insurance claim and xelated matCers. If Borrower does nM respond within 30 da}�s tp a noLice from Lender that the insurance carriex has offezed to settle a claiin, then Lender may negotiaTe and settle the claim. The 30-day period will begni when the notice is given. In eithcr event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assi�s to Lender(a) Borrower's rights to any insurance proczeds in an ain�unt not to exceed the amounts unpaid under the Note or this Security Instrument, and(b) any other of Borrower's ri�ts(other thau the tight m any refiind of unearned preuiiuius paid by Borrower)under all insivance policies covering the Yiopezty, insafar as such rights aze appllcable to the coverage of the Propest�r. Lender may use the insivanee proceeds cither to repair or restore the Property or to pay amounts unpa:d under the Note or tkvs Security Instrument, whether or not then due. 6. Occupancy. Sorrowei Shall occupy, establish, and use th�Pxoperty as Borro�er's principal residenoe wiihin 60 days after the execution of this Securii}�Instrument and shall continuc to oc�upy the Froyerry as Borrower's principal residence for at]east one yeaz after the date of occupancy, unless Lender otherwise agrees in�yriting, which consent shall not be unrzasonably withheld, or iuiless extenuating circtiunstances er�ist which are beyond Borrower's controL 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrowc7 shall not destroy, damage or impair the Property, allow the Property to deteriorate or conunit waste on the Progaty. Whether or not Porro�uer is residing in tihe Property, Bonowzr shall maintain the Property in order Lo prevcnt the Property from deteriarating or decreasing in value due to its condition. Unless iF is dctemiiried pursuant to Section 5 that zepair or restoration is nat econornically feasible, Borcowa sha11 pzamptly repair the Properry if dz.maged to avoid furthcr deterioratio�oi damage. If ynsurance or condemnafion proeeeds aze paid in connection with damage to, or the taking of, the Property, Borrower sLall be responsible for repauuig or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds 24002658 NEE.RFSKF-Single Fami;y-Fannie M xe/F�eticle Mac UNIFORM INSTRUME�T Fam 3028 1/01 VMP� VM P6(Ne)(11 a5) Yl'oRers Klc'.ve�Einancial Services Page�of 1]