201503338 - Laserfiche WebLink

Browse

��15�3335 AI1 insuranc�poiicie� required by �..ender and renewals of su�h pol�cies shali be subjec�to Lender's right t� disappro�re such pol�cies, shall include a s�andard m�r�gage clau�e, and shall name Lender as mo�gagee andl�r as an additional loss pa��e. L.�nder sha��hav�the rig�t to hoid�he poiic�es and renewa� ce�i�cat�s. �f L�nder r�quires, B�rr�wer shal� promptly gi�e�o L�nder al� receip�s of pazd prem�ums and renewai notic�s. �f Borrovver obtains any forrn of insurance co�erage, na��her�r�se requ�red�y Lender, fnr dama��o, flr des�ruct�on of, the Property, such policy sha1l include a s�andard mor�gage�lause and sha�i name L.ender as mar�gagee andlor as an add�t�ona� �oss pa�ee. �n the e�en�of loss, Barrawer shall gi�e pronlpt no��ce tn the insurance carri�r and L.�nder. Lender may rnake proof of loss if no�made promp�Iy by Borrower. Unless Lender and Barra�e�r otherwise agr�e in wri�ing, a�ay insurance proce�ds, whether or not th�underi�ing �nsurance was required by Lender, sha�l be applied�a restora�ion�r repair of�he Property, �f�he restora�ion or repair is�can�m.�.ca�l� feasib�e and Lender's secur��r �s no��essened. During such repair and restorat�on p�riod, Lender sha�� have��ae r��ht ta ha�d such �nsurance proceeds untii Lender has had an�pp�r�un��to inspect such Prope��to ensure the v�rork has been completed to Lend�r's satisfac��on, provided�hat such �nsp��tion shall be under�aken promptly. Lender may disburse proceeds f�r the repa�rs and restoration in a s�ngle payment or in a series of pro�ress payments as �he work is completed. Unless an agre�ment is made in v�ar�ting or App��abl�Law requ�r�s in�erest�a be pa�d on such insurance proceeds, L.ender sha�l na�be required to pay Borr�wer any in�eres�ar earnings on such pro�eeds. Fees for public ad�usters, or ather�h�rd par�ies, retained�y Borrnwer shall no�be paid out�f the insurance proce�ds and sha�l �e�he soie o�ligation of Borrower. �f�he restorat�on or repair�s no�economi.ca�ly feasib�e or L�nder's securi��v�rould�e lessened, �he insuran�e proceeds sha�i be appli�d��h�sums secured hy th�s Securit}� Instrument, whe�her or n�t then due, wi�h�he excess, if an�, pa�d ta Borrower. Such insurance proceeds shall b�app�ied in the�rder prov�ded for in Sec�ion�. �f Borrower ahandon�the Property, Lender may �Ie, negotiate and se�tle an�r availab�e insurance cla��m and relat�d xnatters. �f Borrower daes no�respflnd�i�hin 3D days ta a notice from Lender that�he insurance carri�r has offered to se�tle a cla�m, �hen L�nder may negotiate and se�tle the claim. The 3D�day period v�ri11 begin when�he notice is given. In e��her event, ar�f Lender acquires the Praper�y under Sec�ion 2Z�r a�h�rw�se, Borrnv�er hereby assigns to I.ender�a} Borrawer's rights �o any insurance proceeds �n an amaun� not�o ex�eed the am.oun�s unpa�d under the Note or this Securi�y �nstrument, and �h} any o�her of Barrow�r's righ�s �o�her�han the r�ght to any refund af un�arned premium�s pa�d by Borrov�rer}under aIl �nsurance pol�cies ca�ering the Prop�rty, insofar as s�ch r�gh�s are applicab�e�o the co�erage�f the Proper�y. Lender�na�use the�nsurance pro�eeds either ta repa�r or restore�he Property or�o pay amounts unpaid und�r the Note or th�s Security Instrument, vWhether or no��hen du�. �. Dccupancy. Barrower sha�i o�cupy, estab�zsh, and use the Proper�y as Borrower's princ��a� res�dence with�n 6�da�s after�he e�.ecutian�f�his �e�urity Instrument and sha11 con�inue�o oc�upy the Pr�perty as Borrovv�r's pr�ncipai residence for a��east one year af�er the date af occupancy, unless I.end�r othervvise agre�s in wri��ng, �rhich consen�shatl not be unreas�nabl� withheid, or uniess ext�nuating circumstances exis� v�rh�ch are beyond Borrower's control. 7. Preser�ation, Ma�ntenance and Protectifln vf the Property; Inspect�ons. Borr�wer sha��not destroy, damage or impair the Proper�y, a�iow th� Property�o deteriora�e ar comm�t was�e an the Proper�y. Whether or not B�rr�w�r xs residing in the Proper��, Barrower sha�� maintain�he Property in arder�o prevent the Property from de�eriorating ar decreasing in value due to its condit�on. Unless it is determined pursuant�o Section 5 �hat repair or restaration �s not economicai�y feas�ble, Borrovsrer sha�l promptly repair the Property �f damaged�o a�void fur�h�r deterioratian or damage. �f insurance or c�ndemna�ian proceeds are pazd�n connect�on wi�h damag�to, or the�aking of, �h�P�-aper�y, B�rrov�rer shali be responsible for repa�ring or restaring �he Prop�rty oniy if L.�nder has released�roc�eds for such purpases. Lender may disburse proceeds N�6ftA5KA-Single Famiiy-�annie Mael�reddie Mac UNIF�RM INSTRUMENT �arm 3fl2$1l�I VMP� VMP��NE�[13D23 WvlterS Ktuwer Financial Ser�ices Page 7 vf 17