|
201211203
<br /> All insurance policies required by Lendex and renowals of�euch polioies shn11 be snbjoot to I�ender's right to
<br /> disapprove such polioies, shall includa a sta�iderd mortgage clai�,se, aud s1�a11 nazne Lender as niortgagee
<br /> and/or as a�i additional loss�ayee. Lendcz'shall have tihe right to hold fhe policies aud renew�l certifioates. If
<br /> Lender requiros, ,Borrowar shall promptly give 6n Lendcr all receipts of pttid prenuiunF and renewal noCices.
<br /> If Borrower obtains any form of insuraaica coverege, not olhorwise required by Lender, £or damagc fo, or
<br /> dastsuction of, the Property, �iwh policy shall inolude a standflrd mortgage clause aud ahall name Lencier as
<br /> il�ortgagee and/or as an additioiial loes payee.
<br /> In the event of loss, Borinwei• shall give prompt notice to the insurance carrier a�id Lender. Lender may
<br /> make proof'oP loss if not mlde prompUy liy Aorrower. Uuless Lender and Bcrrrower otherwise agree in
<br /> writing, ai�y insuranca proceeds, whether or iioti tl�o underlying insurenee wAe requirad l�y Le�ider, s1�a11 be
<br /> applied to restoration or repair of thc Properry, iP tlia resEoration or repair is ecovoinically feasible nud
<br /> Lendet's aecurity is not lessened. During�ucl�repair and restoration perind, L,ender shall have tha right to
<br /> hold snoh n�emttnce proceeds until Lender hAs had an opportunity to inspect such Properf}+to eusure the
<br /> work has been compleCed te>Le��der's satisfaction, provided thriC sucli inspeotion sliall be undert��lcen
<br /> promptly. Lender may clisbivse procecds for tl�e repairs and restorntion in a single paymant or in a series oP
<br /> p�rogrese payments as the work is ooinplatcd. iJi�less an agreeinent is mAde in wriling or ApplioaUie Law
<br /> requires inYerest to Ua paid on such insiu•ance procceds, Le�ider shall not be required to pay Borrower any
<br /> interesC or earnings on such lnoceeds. Fees fox publio adjustors, or other tliird paz•ties, rec�ined by Borrowar
<br /> shall not be paid onC oC tho insLu�uice proceeds and ehall be the sole oUligation of Borrower. If the restoralion
<br /> or repair is not eeonomically feasiblc�c�r Gender's seomity would be lessened, the iasuranca proeeecis shall be
<br /> applied to khe siuns secured by Yhis Seourity Insh'ument, whether or noE Yhen due, with Cl�o cxcoss, If auy,
<br /> paid fo Borrowcr. Suc1i insurauca proceeds shall be applied in the order provided Por in Section 2.
<br /> If Boirower abandons the Property, Lender m�y'file, negotiaCe aud settle any auailable insurnnee claim euid
<br /> relnteN mattera. If Borrower doos not respond witl�in 30 &1ys to a nntice fron�Lende� that the irisurance
<br /> carrier has ofTered to settle a clain�, Chen I,endex may negotiata and setYle the olaim. The 30-day pe��ic�d will
<br /> Uegin when the notice Is given. In either evenC, or if Lexidcr acquires the Proparty under Secrion 22 or
<br /> otherwise, Bm rower hereby assigns Yo Lender(n) I3oxrower's rights to any insuranoe proceeds in an�ui7ount
<br /> not Co exceed the arnounts unpaid Lulder t7�e NoCe or Ehis Securily It�sLiumenf, u1d(U) any other of
<br /> Borirowar's righte (other Chan Cho rigl�t to nny r�fund of wiea�ned premiume pnid hy Barrower)m�dor ell
<br /> ins�vance polic�cs oovering the Property, insofitr as such rights are a�aplioaUlo to the coverage of Uia
<br /> Propexty, Lender may nsa the insurnnce prooeeds either to repair or resCore fh�ProperEy or to paq e�motimts
<br /> uupaid under the Note or this Seenxity InaLnunent, whod�cr or not tlien due.
<br /> 6. Occupancy. Borrower shall oeoupy, establiah, and'use t1�e R�operty as Borrower's pxincipnl residence
<br /> wi�l�in 60 days after the exacution oP this Security Instrument and shall conti�me to occupy tlie Property As
<br /> Borrower's principal rosidcnce for at leasE ona yeax aftar tlte ditte of ocoupancy, Lwlese,Lrn�det otherwise
<br /> ngrees in writing, whieh conscnt eliall not Ue um�e�sonaUly witlilield, or unlese extenualing circumetances
<br /> exist wlilch nre beyond Iiairower's wnerol.
<br /> 7. Preservation, Maintenance and Protection of the PropeYty; Inspections. IIorrower ehall not destroy,
<br /> dvnage or iu�pair the Prop�rty, nllow Che Property to deteriorate or coimnit wasta on the ProperGy. Whether
<br /> or not 73orrower is residing in the Pi•operty, Borrowec shn11 m�intain thc Property in oi�der to prevent the
<br /> Property Crom deCoriorafi��g or decreasing in value due Yo its e�ndiriari. Unless iC ia detormined ptiusutult to
<br /> Section 5 that rep�ir or reatorafion is not ecouomically feasiUle, Borrower shall promptly repair 11ie Property
<br /> if daanagecl to avoid imther deteriorition or dnmage. If insur�nco or coudemnation proceeds are paid in
<br /> connecNou with daar+age to, or tlie taldng aP, the Property, Borrower shnll be re.4ponsiblo for repzirinb or
<br /> xestoi7ng the Property only if Lctiida'has relcased groceed,5 for such ptuposes. Lenelec may disbureo procceds
<br /> znaaasaa
<br /> NF�RASICA-Single Famlly-Fannlo M ao/FreAdie Mac UNIFORiv7 INSTRUIdE�T Faim 3020 1/01
<br /> VM P� NMPo(NE)11105)
<br /> Wolters Kluwer Flnanclsl5ervices Page 9 of 71
<br />
|