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��14��771 <br /> A�1 ,insuran�e poli�ies r�qui�ed �y L�tadez� and rene�als of su�l� po�i�ies shall b� su��e�� �o L�n�l�r's right ta <br /> �zsapprov� such palici�s, sha�l in��ud� a stan��ard mortga�e clause, anc� shatl name L�nder as m���tigagee <br /> andlor as an a�diti�n�� l�ss payee, L���ler shall h��re the righ� ta ho1� the polici�s �nd �ene�v al ��r�ific�t�s, If <br /> Len���r r�quires, Bflrr�w�i� shall p���tnptl� gi�� ta Lend�r alI re��ipts �f pa�d �r�miunas a��d ren�wal notic�s. <br /> If Barro�ei� obtains an� form �f i�asuran�� c�v�rag�, nat ot��r�is� t�equire�i by L�n�ler, for clamage �o, �i� <br /> �estru�ti�� af, th� P��op���y, su�h �ol�c� sha�l incl��c�e a stan��ard m�rtgage clause and sl�a�� ��ame Let��.er as <br /> mor�gagee and�or as ai� adc�i�io�ial l�ss pa�ee, <br /> I11 �I1� �V�n� ��IOSS, B�rrower shal� gi�re p�=�nnpt nati�e to �he �nsuran�� carr��r �nd ����der, Len�ier may <br /> m ak� p��oo� af�oss �f not m ade protn�Ot1� �y B orro�v er, U nless L�nder. anc� B orrow er atherw ise ag��ee in <br /> writing, any insuran,c� p��oc�ecls, v�h�ther az� no� the ��nderlyin� insuran�� was ���qui��e�l by Lel�der, sl�a�l be <br /> app�ie�l �� r�stora�ion �r repair of ti�� Property, if the res�oratiorr or r�pair is ecanom�cally feasi��e and <br /> Lerrd�r's s��u��i�y is �ro�lesse�a�d, During such repair an� restora�ion pet�io�, Le���ler shall have th� right ta <br /> ho�d su�h insu��ance proc���is unti� Lender l�as h�� an oppflrtun�ty to inspe�t sl�ch Proper�y �fl ensure the <br /> w�rl� has �een complete�� �a Lentler'� s�.tisfac�ion, pro�ided tla�t s��ch inspec�i�n �ha�l be und�r�ak�n <br /> pramptly. L�ndet� may �lis�u��se p��ace��s f�r the repaixs and a�esto���ti�n in a single payment ��� in a se��ics af <br /> pi•ogress paym�n�s as t1�e �ork is camp�ete��, Unless an agz��emen� is made in v�riting or App�icabl� La� <br /> r��quir�s inter�st to be pairl ot� such insu���nce proc��ds, L�n�l-er shall �ao� �e ��eqt�i��ed �a pay B��r�w�r any <br /> in�e���st or �a��nings ota such proceeds, Fees for pu�li� at�juste��s, ox othe�� thi��ci parties, ��etaineci by Borra�v�i� <br /> shall n�t�� p�id oE�t of the insuranc� pt�ocee�s and sha11 b� t��e sol� a�ligatian o�Borra�v��, I��h� xestoz�atio�� <br /> or r�p�ir is n�t���nonaicall�r ��asible or L�nde�'s s�cu�ity wa��ld �� ��ssened, �he ins��ran�� pra��eds sh��� be <br /> ap�lied to ��� sum s secur�d b� this S��urity �nstrun�.en�, wl��th�r ar irot �hen due, �r i�h ���e �xcess, if an�r, <br /> pa��i to Borrower. Sucl� insurance pxo�e�ds shal� �e app�i�c� in the �rc�er pr�vid�� for in S��tian 2, <br /> If B arraw er ab�n�or�s �he Prap��t�, L�nd�r m a� file, negotiate an� settle an� av aila�le insui�an�e ci�i�n and <br /> i��lated m att�rs. If B arraw er do�s iaot respon� �v ith�n 3� �ays to a n�tice fr�m Lencler th�t tl�e i�asui�an�e <br /> �ar��er has off�red to settle a �Iain�, then Lend�r may nego�i�te ar�d set�I� the claim. TI�e 3D��la� p�riotl wiil <br /> �egi� whe� th� na��ce is gi��en, rn �itl���+ event, ar if L����er a�quires the Pt�operty under Section 22 or <br /> otheru�ise, B�rt�flwer h�re�y assigtas �� Lend�r �a� B�rr�wer's rigllts to any znsuranc� pi�aceeds in an amoun� <br /> na� to ex��ed t�e amou�ats t�np.aic� u�a�er �he Note o�� thi-s Sec��ri�y Ii�strument, an�� �b} an� oth�r o� <br /> B or�a�v�r's rights �o�h�r tl�an tl�� i�ight t� any r�fund af un�a��ned prem i�m s paid by B�ort��w er} under all <br /> i�su:ran�� policies co�ering t��e Prope��ty, insafar as sucl� righ�s ar� applica��� to �h� �av�rage of th� <br /> Pro��rty. L�nder m�y us� th� insurance proc�e�ds eith�r to repaix� o�� r�sto�e �he Pr�perty o� to p�y am�un�s <br /> unpai� under the Not� or this S��urit� �ns�ru�entf �vh.etlae� �r not t��n t�t�e. <br /> 6. �ccu pan cy� B orrower sha�� occup�f e�tablish, and ��se �.he P��ope��ty as Boz�ro�r et�'s princip�l resici�nc� <br /> �i�h�� �� da�s afte� the �x�cu�i�n of this Security Instrument �n� sha�l contin��e to oc�upy th� Property as <br /> Borro�er's principal r�si�l�nce fo�� at �ea�t on� yea�� af��� tl�e tlate of occup�ncy, unl�ss Len�ier ath�rwis� <br /> ag rees in w ri�ing, �hich consent shall �o t b� unt��asa��a�ly w ithh�l�i., ar unl�ss extetltXa�ing �ircum stanc�.s <br /> exis� �v hich ai�� h�yoi�d B oi�r��er's cailtr�l, <br /> 7. Preservation, M ainfi�na�ce and Pra�ection of the P�o�erfiy; Inspec�ions. Bo�row�r sh.a11 not�lestro�, <br /> damag� o� i�npair th� Pi�o��rty, allo� th� P��op�rt� to �etie��iai�a�e or cammit �vast� o�a th� Prop�r��, ��ae�la��� <br /> or no� Bor��o��r is r�s�ding in th� Propert�, �or��ower s�a�I maintain th� Property in order to �revent the <br /> Pr�p�xt� �rona c�et�riarat�ng or decr�asing tn value c���e to its ��nc�i�ion. Unlcs� it is �e�ermine� pu��su�n� to <br /> Sectioi� 5 that repair ar ��stora�ion is i��t �con�micall� �easib��, Boi�rov��r sh�ll pramptly repait� �he Pi�opet�t� <br /> if damag�d ta a�aid f��rther det�rioration or �amage, rf insuran�� ar caild�mnatian pra�eeds ar� pa�d ini <br /> connec�ian �rith �la�aaag� ��, ot� �he takii�g of, t�l� Prop�rty, Barrawe�� sha�l b� responsible fo� t���a�iring ar <br /> i��sto��ir�g the P��op�r�y only if I_,en�ler has t��l�as�c� procee�s far sE�ch pu��pases. 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