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��14��1��
<br /> All insuranc�policies requ�red by L�ender and rene�vais of such pol�cies shall be subjec�to Lend�r's r�ght to
<br /> disappro�e su�h policies, sha�i inc�ude a standard m.ortgag�ciause, and shall name Lender as mor�gagee
<br /> andlor as an addit�anal�fls�payee. Lender shall ha�e�he ri�ht to�aold the policies and r�newal cert�fica�es. �f
<br /> Lender requ�res, Borrower shall pramptl}��i�e to Lender a�� rece�p�s of paid premiums and renewal no�ices.
<br /> �f B�rrower abtains any form of insuran��c��erage, not athe�-v��se r�quired b�r Len�er, for damage ta, or
<br /> destruction of, th�Proper��, �uch po�icy shal� in�lude a s�andard mor�ga��ciause and shali nam�I.�nder as
<br /> mnrt�agee andlor a� an additionai loss payee.
<br /> In the even�of�oss, Borrower shall gi�e prompt notice to fhe insurance carrier and Lender. Lender may
<br /> make proof of loss �f na�made pr�mp�ly by Borrower. Unl�ss Lender and Borrawer otherwise agree in
<br /> v�rr��ing, any �nsurance proce�ds, whe�her or not the underlying �nsuranc�v�ras requ�red b� I,�nd�r, shall be
<br /> appli�d to r�s�orati�n or repair of�he Proper�y, �f the restora�ion or repair is econam�ca�l�feasib��and
<br /> Lend�r's s�curity is no�less�ned. During such repa�r and r�st�rat�on period, Lender sha��ha�e�he righ�t�
<br /> hoid such insurance proceeds unti� Lender has had an oppor�un���t� inspect such Pr�per��r t��nsure�he
<br /> work has been completed to L.�nd�r's sa�isfaction, pro��ded tha�such �nspec��on shall�e undertak�n
<br /> promp�ly. Lend�r may disburse proceeds for the repairs and restora�ion�n a single payment or in a ser�es af
<br /> progress payments as the work�s comp�e�ed. Un�ess an agreement is made in vvrit�ng or App�icab�e Law
<br /> requires interest to be pa�d on such insurance proc�eds, Lender shali not b�requir�d��pay Borro�rer any
<br /> interest or earn�ngs on such proceeds. F�es for public adjus�ers, or o�her third par�ies, retained by Borrower
<br /> shaii not be paid out of�he insura.�ce proce�ds and shal� �e the sale o�li�at�on of Borrov�r�r. If the r�s�orati�n
<br /> ar r�pair is n�t economica�ly feasible or Lender's securi�y v�ould be Iessened, th�insurance proceeds sha11 be
<br /> appi�ed to the sums s�cured by th�s Security �ns�rumen�, �nrhether or no�then due, with�he excess, �f any,
<br /> paid to Barrower. 5uch insuranc�prnceeds sha11 be applied in the order pro��ded for in S�ct�on�.
<br /> �f Borrow�r abandons �he Propert�, Lender may file, nego�iate and set��e any a�railable insuranGe�la�m and
<br /> r��a�ed mat�ers. If Borrower daes not respond w�thin 3D da�s�o a n���ce from L�nd�r�hat�he insuranc�
<br /> carr�er has affered�o settle a c�aim, then Lender xnay negotia�e and settle th�c�aim, Th�34-day period wi1�
<br /> begin v�hen�he no��ce�s g��en. �n ei�her��en�, or if Lender acqu�res the Proper�y under Sectian 2��r
<br /> ❑t�erw�s�, Borrower hereby assigns to Lend�r�a}Borrower's ri�h�s to an� �nsuranc�proceeds �n an amaunt
<br /> no�t� exce�d�he amoun�s unpa�d under�he Not�ar this Securit�Instrument, and�b} any other of
<br /> Borrflvwer's rights ��ther�han the righ��o any refund of unearned prem�ums pa�d by Borrower}under aIi
<br /> insurance po�icies co�ering�he Proper��, insofar as such rights are appl�cab�e to�h��o�erage nf the
<br /> Propert�. I.ender may use�he insuran��proceeds e�ther�o repa�r or restore the Prapert�or to pay amaunts
<br /> unpaid under the Not�or this Security �nstrumen�, whe�her or nat then due,
<br /> 6. D��upancy. Borrov��r shai� occupy, es�ab�ish, and use the Propert� as Borrower's principal residence
<br /> within 6D days after th�executi�n of this Security Ins�rumen�and sha�� c�ntinue to occupy�he Property as
<br /> Borro�er's principal residen�e for at�eas�one year af�er t�.e date of occupanc�r, unless Lender otherwise
<br /> agrees in writing, whi�h eonsent sha�I nat be unreas�nably wi�hheld, or unl�ss �xtenua�ing circums�ances
<br /> exist which are be�ond Borr�wer's cantrol.
<br /> 7. Preser�ati�n, Ma�ntenance and Protectivn flf the Property; lnspections. Borrov�er shal� not des�roy,
<br /> damage or impair�he Proper�y, allow the Proper�y to de�eriarate ar c�mmi�waste on th�Property. �he�her
<br /> or not B�rrov�►ler is resid�ng in the Praper�y, Borrov�rer shai� main�ain the Praper�y in order�o pre�ent the
<br /> Property from de�er�orat�ng�r decreas�ng in�alue due�o its condition. IJnless i�is determined pursuant to
<br /> Sectian 5 tha� repa�r or restora�ion�s n��economi�ally feas�b�e, Borro,c�v�r shal�promp�I�repa�r the Froper�y
<br /> �f damaged�o avaid fur�her deteriora�ian or damage. If insurance or�ondem�n.atio�.praceeds are paid in
<br /> cann.ec�i�n with damage to, or the�aking of, �he Property, B�rro�er shall �e re�pansib�e fflr repairing or
<br /> res�oring the Property onl� �f Ler�der has released proceeds f�r such purposes. L,�nd�r may disburse pr�ceeds
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<br /> Wolters Kl�awer Finar�cia#Ser�ices Page 7 of 17
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