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201504333 IF Barrower fails�u iziainlain any uf lhe cov�rages described above, Lender may obYain insw•ance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase Any particular type or ainount of coverage. Therefore, such coverage shall cover Lender, hut migh.t or�night not protect Borrower, Borrower's equi#y in tk�e Property, or the contents of the Property, against any risk, hazud or liability and inighi provide greater or lesser coverage than was previously in efFect. Borrower acknowledges that the cost of the insurance coverage so obtained inight significantXy exceed the oosl uC insurance that Borrower could have oUtained. Aiiy atnounts disbursed by Lender under this Section 5 shall becoine additional debt of Iion•ower secured by t1�is Security Instnunent. These Funounts sha11 bear interest at the Note rate froin the date of disbursesnent and shall he payahle, with such interest, upon nofice froin Lender to Borrower requestzng payinent. All insur�lce policies eequired by Lender and res�ewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a staudard inortgage clause, and shall�aatne J,ender as mortgagee andlor as an additao��al Eoss payee. Lender shall have tl�e right to hold the policies and renewal certificates. If Lender requires, Borrower sha11 proznptly give to Lender all receipEs of paid premiums and renewal notices. If Borrower obtains any�forin of insurance coverage, not okherwise required by Lend�r, for da�nage to, or destruction o�, the Property, such policy shall iilclude a standard mortgage clause and shall natne Lender as mortgagee and/or as an additional lass payee. In ihe e�etrl uf lu�s, �orruwer shall�ive prompt notice to the iiisurance carrier and Lender. Lender inay malce proof of loss if not inade promptly by Borrower. Unless Lender and Borrower otherwzse Agree in writing, any insurance proceeds, wl�ether or not Che underlying insurance�vas required hy i,ende�•, sha11 be applied to restoration or repair oF lhe Prap�rty, if th.e restoration or repair is econoinically feasible and Lender's security is not lessened. Dtaring such repair and restoration period, Lender sha11 ha�e the right to hold such insurance proceeds until Lender has had an opportunity to ii�spect such Property to ensure lhe wurk ti�s been coinpleted co Lender's satisfactioii, provided that such inspeeiion shall Ue undertaken proinptly. Lender inay disb�u-se procceds for the repairs and restoration in a si��le paynaent or in a serics af prog�•ess paytnents as the work is campleted. Unless an agreement is made in writing or Applic�ble Law requires interest to be paid on such instu•axace procaeds, Lender shall not be req��ired to pay Borrower any interest or earnings on such proceeds. Fees for puUlic adjusters, or other third parties, retained by Borrower shall nat be pnid out of the insurance proceeds and shall be the sale abiig�tion of Borrower. I£th�r�storatian ar repair is not econoinically feasible or Lender's security would be lessened, the insurance proceeds shall be applied#a the sums secured by this Security Instruinent, whether or not then due, with the excess, if any, paid to Snrrower. Such insurance proceeds shall be applied in the order provided for in�ection 2. I£Sorrower abandons the Properry, Lender rnay i'ile, negotiate and settle a��y available insurance clai�x► and related matters. If Boirower does nol respond within 30 days to a notice froin Lender that the insurance carrier has oFfered lo settle a claini, theii Lender may negotiate and settle the claatn. The 30-day� �eriod wilf bagin whcn the notice is given. In either er�enl, ar if Lender acquires the Property under Section 22 or ofherwise, Borrower herehy assigns to Lertdet(a)I3orrawer's rights to any insurance proceeds in an amount not Co exeeed Che unounts unpaid under tlle Note or tlus Security Inst�luneuC, atia (b}any other of Borro��v�r's rights{other than the right Co any refund of unearned preiniums paid by $orrower) under all insurailce policies covering the Property, insofar as such rights are applicaUle to f11e coverage of t�e Praperty. Lender may use the insurance proceeds either to repair or restore the Property or to pay ainounts unpaid uncler the Note or this SecuriCy Instr�unent, whether or not tllen duo. oastsuzssa FHA�ee6 af Trusi-NE Sl3Dr2014 8ankers SystemsrM VM P� VM P4R{N�;�(16021.01 Woltars Klu�ver Flnancial Serviaes Page 7 of 16