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201210951
<br /> All insurance policies required by Lender and rene�vals of such policies shall be subject to Lender's right to
<br /> disapprove such policies, shall include a standard mortgage clause, and shall naine Lender as martgagee
<br /> and/or as an additional loss payee. I,ender shall have the right to hold The policies and xenewal cerfificaCes. If
<br /> Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices.
<br /> If Borrower obtains any form of insurance coverage, not otherwise required by I,ender, for damage to, or
<br /> destruction of, the Property, such policy shall include a standatd mortgage clause and sha11 name Lender as
<br /> inortgagce and/or as an additional loss payee.
<br /> In the evcnt of loss, Borrower shall give prompt noticc to the insurance carrier and Lcrnder. Lender may
<br /> make proof of loss iP not made promptly by Borrower. Unless Lendcr and Borrocaer otherwise aerce in
<br /> writing, any insurance proceecls, whether or not the underlying insurance was required by Lender, shall be
<br /> applied to restorarion or repair of the Pxoperiy, if tfie sestoration or repa9r is eqonomically feasible and
<br /> Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to
<br /> hold such insu.rance proceeds until Lender has had an opportunity to inspecf such Praperty to ensure the
<br /> worle has been coinpleted to I,ender's safisfaction, pxovided that such inspection shall be undertakan
<br /> prompfly. Lender may disburse proceeds for the repairs and xestoration in a single payment or in a series of
<br /> progress paymeuts as the work is complcted Unless an agreement is made in wiiting or Applicable Law
<br /> requires inferest to be paid on Such insurance proceeds, Lender shall not be required to pay Borrower any
<br /> interest or earnings on such proceeds. Fzes for public adjiut�rs, or other third pazties, retained by Berrewer
<br /> shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. Lf the restoration
<br /> or repair is not economically feasible or Lender's security would be lessened, the insr¢ance proe;eeds sball be
<br /> applied[o the sums secured by this Security Instrument, whether or not then due, w�th die excess, if any,
<br /> paid to Borrower. Such insurance proeeeds shall be applied In the order provided for in Section 2_
<br /> If Barrower abandons the Property, Lender may file, negotiate and settle any available insurance claun and
<br /> related matters. If Sorrower does not respond witltin 3Q days to a noi*'ce from Leuder that Yhe insurance
<br /> cazrier has offered to Setfle a claim, tihen T,ender inay negotiate and settle the claim. The 30-day period will
<br /> begin when the notice is given. In either event, or if Lender acquires the Property under Sectian 22 or
<br /> otherwise, Borro«er hercby assi�is ta Lender(a) Borrower's rights to any insuranca proceeds in an ainoimt
<br /> not to�ceed the amounts wtpaid uncler the Note or this Seclui'[y Tnstamneut, and(bj any other o£
<br /> Bon-ower s rights (otl�er than the right to any refund of unearned premiums paid by Borrower)undcr ail..
<br /> iusurance pofici.es covecing ihe Pxoperty, insofai as sueh righks are applicable to the coverage of the
<br /> Property. Lender tnay use the insurance proceeds either to repair or restore the Property or to pay amounts
<br /> unpaid under the Note or this Security Instrument, whether ar not then due.
<br /> 6. Oeeupaney. Borro�ver shall occupy, establish, and use the Property as Borrower s principal residcnce
<br /> withiu 60 days after the exwuliun of Ilu� Secwily 1usLruiueuL and shull wnLinue to occupy the Property as
<br /> Boizower's principal residence for at Icait oue year after the date of occupancy, unless Lendei oTherwise
<br /> agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br /> exist weuch aze beyond Borrower's control.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall noz destroy,
<br /> damage or impair the Pxoyeriy, allow flxe Properry to deteriorate or coinmit waste on the Property. Whether
<br /> or not Borrower is residing in the Property, Borrower sF�all mainlain the Property in order to prevent the
<br /> Property from deteriorating or decreasing in value due to its condirion: Unless it is detem�ined p�u,uant to
<br /> Section 5 that repair or restoralion is not economically feaslble, Borrower shall promptly xepau the Pxop�xty
<br /> if damaged to avoid further deterioration or damage. If insurance or condemna#ion proceeds axe paid in
<br /> connection with d�unage to, or the taking o� the Fraperty, Borrower shall be responsible for repaning or
<br /> rzstoriqg the Prpperty only If Lend�has released pxoceeds for such put�posCs. I.ender may disburse proceeds
<br /> z�oosn�
<br /> NBZ\SKASingle Family-Fannie Mze/Fretldie M ac UNIFORid MSTRUMENT Porn 3028 9/01
<br /> VMP('v,, VMP6(NE)(�1057
<br /> Nlolters Kluw er Financizl.Services Psge]of i]
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