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201209340 services and subsequenl charges each time remappings or similar changes occur which reasona6ly might affect such determination or certifica[ion. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulling from an o6jection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligaiion to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, bul might or mighl not protect Borrower, Borrower's equily in the Property, or the contents of Ihe Property, against any dsk, hazard or liabilily and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that Ihe cost of the insurance coverage so obtained might significantly exceed the cosl of insurance that Borrower could have obtained. Any amoun[s disbursed by Lender under this Section 5 shall become addilional debl of Borrower secured by this Security Instmmenl. These amounts shall bear interesl at Ihe Note rale from the date of disbursement and shall be payable, wi[h such interest, upon notice from Lender [o Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subjecl to Lender's right to disapprove such policies, shall include a standard mor[gage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have lhe righ[ ro hold the policies and renewal cerlitica[es. If Lender requires, Borrower shall prompdy give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not olherwise required by Lender, for damage lo, or destruction of, the Property, such policy shall include a s[andard morlgage clause and shall name Lender as mortgagee and/or as an addilional loss payee. In lhe event of loss, Borrower shall give prompt notice lo fhe insurance carrier and Lender. Lender may make proof of loss if not made prompdy by Borrower. Unless Lender and Borrower ofherwise agree in writing, any insurance proceeds, whe[her or nol lhe underlying insurance was required by Lender, shall be applied to res[oration or repair of Ihe Properly, if the restoration or repair is ewnomically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have [he right to hold such insurance proceeds until Lender has had an opportuni�y [o inspect such Property lo ensure lhe work has been completed to Lender's salisfaction, provided tha[ such inspection shall be underlaken promptly. Lender may disburse proceeds For the repairs and restoration in a single payment or in a series of progress payments as the work is compleled. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other lhird parties, retained by Borrower shall nol be paid out of the insurance proceeds and shall be Ilce sole obligation of Borrower. If Ihe restoration or repair is not economically feasible or Lender's security would be lessened, [he 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 inswance proceeds shall be applied in the order provided for in Sec[ion 2. If Boreower abandons Ihe Property, Lender may file, negotiate and settle any available insurance claim and rela[ed matlers. If Borrower does not respond within 30 days to a no[ice from Lender that the insurance carrier has offered lo settle a claim, then Lender may negoliate and selde [he 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 othenvise, Borrower hereby assigns to Lender (a) Borrower's righls to any insurance proceeds in an amount not to exceed lhe amounts unpaid under the Note or lhis Security Instmmenl, and (b) any olher of Borrower's rights (other [han the righl to any refand of unearned premiums paid by Borrower) under all insurance policies covering Ihe Property, insofar as such rights are applicable to the coverage of the Property. Lender may use Ihe insurance proceeds either lo repair or restore the Property or to pay amounts unpaid ander the Note or lhis Sewrity Instrumen[, whether or not then due. 001123233t51 Cttipank 32.63.13 V3 NE9RASNA-Single Family-Fannie Mae/Freatlie Mac UWFORM INSTRUMENT WITH MERS Form 3028 V01 VMP p VMP6P�NE)(1105�.00 Wdters Kluwx Financial Servires Page]of'1]