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201211193
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Last modified
7/20/2017 10:08:24 AM
Creation date
12/31/2012 10:18:59 AM
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DEEDS
Inst Number
201211193
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201211193 <br /> All insurauce policies required by Lender and renewals of such policies shall be subject to Lender's right to <br /> disapprove such policies, shall inclnde a standard mortgage clause, and shall name Lender as mortgagee <br /> and/or ac an additional loss payce. Lendex sha11 have the right to hold the policies and renewal certificates. I£ <br /> Lender requires, Borrowea� shall promptly give to Lendei all receipts ofpaid premiums and renewal norices. <br /> If Borrower obtains any form of inswance covcrage, not otherwise required by Len�er, for daIliELge to, or <br /> destruclion of, the Property, such policy shall include a standard rnortgage clause and shall nune Lender as <br /> inortgagee and/or as an additional loss payee. � <br /> In the event of loss, Borrower shall give prompt norice to the insurance carrier and Lender. Lender may <br /> make pxoof oP loss if not made promptly by Borrower. Unless Lender and Borrower othercvise agree in <br /> writing, any insurance proceeds, whethea or not the underlying insurance was requirefl by Lenda, sha11 be <br /> applied to restoration or repair of the Property, if the restoration or repair is econoinically feasible and <br /> Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to <br /> hold such insuranec proceeds until Lendcr has had an opporiunity to inspect such Property to ensure the <br /> work has been completed t�Lender's satisfacfion; provided that stuh inspection shal]be undertaken <br /> pxomptly. Lender may di9burse proceeds far the repairs and reStoratioa in a singte pa�nent or in a series of <br /> progress pa}�ments as the work is completeci. Unless an agreement is made in writing or Applicable La� <br /> requires interest to be gaid on such insurance procec�s, Lender shall not be required to pay Borrower any <br /> interest or eanungs on such proceeds. Fces for public adju.sters, or other third parties, retained hy Borrower <br /> shall noY Ue paid out of the insuiance proceeds and shal]be the sole obligation of Bonower. If the iestoration <br /> or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be <br /> applied to the sums secured by this Security Instrument, whether or not then due, �vifli the excess, if any, <br /> paid to Borrower. Sucl�insurance proceeds shxll be applied in the order provided for in Scction 2. <br /> If Borrpwer abandons the Property, Lender may file, negotiate and settle any available insurance cla.im and <br /> rclated matters. If Borrower docs not respond�vithin 30 days to a notice from Lender that the insurance <br /> carries has offered to settle a cla'm, then I.ender may negotiate and settle the claim. The 30-day period will <br /> be�in when fhe notice is given. In either event, or:f Lender acquires the Property under SecYion 22 or <br /> otherwise, Borrower hereby assigns to Lender(a)Borrower's rights to any insurance�roceeds in an amount <br /> not to�ceed the amoiurts unpaid under the NoLe or this Security Instrument, and(b) any other of <br /> Borrower's rights(other than Che right to anp refund of unearncd premiums paid by Borrower)under all <br /> insisance polici�s covering the Propesty, insofar as such rights aze applicable to the eoverage of the <br /> Properiy. Lendei'may use the insurance proceeds either to repair or testore the Propexty or to pay amounts <br /> unpaid under the Note or this Sec�ity Instnunent, whether or not then due. <br /> 6. OccupanCy. Borrower shall occupy, establish, and nse the Properry as Borrower's principa:residence <br /> within 60 days after the execution of this Security Instnunent and shall continuc to occupy fhe Pioperty as <br /> Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise <br /> agrces in writing, wluch consent shall not be unreasonaUly withheld, ox unless extenuarinn ciraunstances <br /> exist which aze beyond Borrower's control. <br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower sha11 not destroy, <br /> damage ar impair the Property, allow the Pxoperty to deterioxate or comtnit w�ste on the Pr�perty. Whethes <br /> or not Bonower is residing in the Property, Bortower shall mainTain the Properfy in ordex to prevent The <br /> Praperiy f'rom deterioraCing or decreasing in value due to its condition. Unless it is determined pursu�Y Lo <br /> Secrion 5 that repair or restoration is not econornically feasible, Borrower shall promptly repair the Property <br /> if damaged to avoid further deterioration or datnaga If insurance ar condemnation proceeds are paid in <br /> coaaectlon�vith damage to, or the taking o£, the Property, Sorrower sha11 be responsible fox xepairin�or <br /> restoring the Properry anly if Lender lias rel.ased proceeds for such purposes. Lender may clisburse proceeds <br /> 2400322] <br /> NEBW SKA-Single Famiiy-Fannie MaeiRetldie Mac UNIFORM INSTRUMENT Form 3028 V01 <br /> ��'�°� Vh9P6(NE)(i�OS) <br /> W o�ters Kluwe�Finencial Services Page Z of t 9 <br />
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