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201308870 prompt notice to the insurance carrier and Lender. Lender may make proof of los if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in `oiiiug' any insurance proceeds. whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property. if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period Lender shall have the right to hold such insurance proceeds until Lender has had an opportoody to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may' diohu/moproco:do for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. 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 earni on such proceeds. Fees for public adjusters_ or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. Tithe restoration or repair is not economically feasible or Lender's security would be lessened, die 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 insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice ixgiv�u� |oebhcr event,oci[Lender acquires the PoopoA>� under Socdnu 21 or otherwise. Borrower hereby assigns to Lender(a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Debt hm<mmuni or this Security Instrument, and (b) any other of Borrower's rights (other than the riOt to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Debt Instrument or this Security Instrument, whether or not then duc' subject to the rights of ally lienholder with rights to insurance proceeds that are superior to Lender's rights. 5. Occupancy. Borrower shall oouupy' oyiub|ish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal rryidcucofxoiknyiono}ouru8urUbcduk: o[occxpuncy. uo|osxLundor otherwise agrees in writing, which consent shall not be unreasonably withheld or unless extenuating circumstances exist which are beyond Borrower's control. 6. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy. damage or inipair the Property, allow the Property to deteriorate or commit waste on the Property Whether or not Borrower is residing in the Property' Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 4 that repair or restoration is not economically feasible. Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borroier is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 7. Borrower's Loan Application. Borrower shall be in default i[ during the Loan application p000uos. Borrower or any persons or entities acting at the direction of Borrower or with Borrower's Borrower Initials -'171� 02013Guamianoocs wvge/^f/3/»nev NE Closed-End Junior Lien Security Instrument(12/23/2010) FIC#4829-1645-6456