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201211196
<br /> .�ll insurance policies required by I,ender and renewals of such policies shall be subject to Lender s right to
<br /> disapprove such policies, shall include a standard mortgage clause, and shall name L.,nder as mortgagee
<br /> and/or as an additional Ioss payee. Lender shall haue the righT to hold the policies and renewal certificates. If
<br /> Lender requiras, Borrower shall promptly give to Lender all receipts of paid prc�niusns and renewal notices.
<br /> If Sorrower obtains any form of insurance coverage, not otherwise required by Lender, for dainage to, or
<br /> destruction of, the Properry, such policy shall include a standard mortgage c1aL�se and shall name Lender as
<br /> mortgagee and/ar as an additionalloss payee.
<br /> In the event of loss, Bonower shall give prompt notice to the iasucanee carrler and Lender. L,endOr may
<br /> make proof oFioss if not made promptty by Bonower. Unless Lender and Borrower otherwise agree in
<br /> writing, any insurance procceds, a•hether or not the underlying insurance was requued by Lender, shall be
<br /> applied to restoration or re�aiz of the Prpperty, if the xcstoration ar repair is economically feasible and
<br /> Lender's security is noY lessened. DUring such repai'r and restoration period, Lender shall have the right N
<br /> hold such insurance proceeds until Lexider has had an opporhuuty t�o 3nspect such Pioperty to ensure the
<br /> work has been completed to Lender's satisfacrion, provided that such inspection shall be undertaken
<br /> pxomptly. Lender may disburse proceeds fox the repairs and restoration in a single payment or in a series of
<br /> progress payments as the work is completed. Unless an agreement is macle in writing or AppHcable Law
<br /> requires interest to be paid on such insurance proceeds, I,ender shall not be reqtured to pay Borro�ver any
<br /> interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retaiued by Borrower
<br /> shall not be paid out of tbe insurance proceeds and snall be the sole obligation of Borrower. [f the restoration
<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 Inshument, whether or not then due, with the escess, if any,
<br /> paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br /> If Borrower abandons the Properry, L�dea ma9 file, negotiate and seftle any a�ailable insilrance claim and
<br /> related matters. If F3orrower does not respond within 30 days to a notice from Lender that the insurance
<br /> carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will
<br /> be�n when the notice is given. In either event, or if Lender acquires the Properiy under Section 22 or
<br /> othexwi9e, Borrower hereby assigns to Lender(a)Borrower's rights to any insurance proceeds in an amount
<br /> not to exceed the amounts unpaid under the Note or this Security Instnunent, and(b) any other of
<br /> Borrowei s rights(other Lhan the righi ro any refund of unearned premiums paid by Borrowerj under all
<br /> insv*rance policies eovering fl�e Property, insofac as such rights aze applicable to the coverage of tUe
<br /> Property. Lender may ase the insurauce proceeds either to repair or restore the Pxoperty or TA pay amoimts
<br /> unpaid under the Note or this Securit}�Insfrument, whether or not then due.
<br /> 6. OCCupancy. Borrower shall occupy, establish, and use the Properry as Borrower's pruicipal residence
<br /> . witl�in 60 days after the execution of this Security Instrument and shall continuc to occupy the Property as
<br /> Bonower's principal residence for at least onc yeaz after the date of occupancy, unless Lender otherwise
<br /> agre�in writing, which consent shall not be unreasonably withheld, ar unless extenua#ing circwnsfances
<br /> exist which aze beyond Borrower's control.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br /> dainage or impair fl,e Property, allow fhe Property to deteriorate or commit waste on the Property. Whettier
<br /> or no4 Borrower is r�siding in the Property, Borrower sha11 malntain the Pxoperry in order to prevent the
<br /> Property from deteriorating or decxeasing in value due to its condirion. Unless it is determined pursuant to
<br /> Section 5 that repair or restoration is not economically feasible, Borrower shall prompfly repair Lhe Properiy
<br /> if damaged to avoid fiuther deterioration or damage. If insurance or condemnation proceeds aze paid in
<br /> connec6on with daivage to, or the taking o� The Property, Bonower sUa11 bz responsible fqr r�aiuing or
<br /> restoring the Properiy only if Lender has teleascd proceeds for such�urposes. Lender may disburse proceeds
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