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��15�4541
<br /> Ali insurance policie�requir�d by L�nder and renewa�s af such�a�lic��� shall�e subje�t�o Lender's righ��a
<br /> disapprove such pol�c�e�, �ha�� inc�ude a standard mar�gage c�ause, and shall name Lender as mo€��a�ee
<br /> andlor as an addit�onal loss payee. L�nd�r shal�hav�the r�gh��fl hold�he policie� and renewa�certificates. �f
<br /> Lender rcquires, Borrov�er sha��prornptly give to Lender all receipts af paid premiums and renewal notices.
<br /> If Borrower obtains an�farm of insurance co�erage, n�t a���rwise requ�red by L,�nder, for daux�age to, or
<br /> des�ruct�on af, the Proper�y, such p��ic�shall �nc�ude a standa�rd m�rtgage clause and shall name Lender as
<br /> mor�gagee andlor as an addi��Qnal loss�a�ee.
<br /> In�he event of I��s, Borrawer sha�i g�ve prompt no�.ice�o�he insurance carrier and Lender. Lend�r may
<br /> make prQaf af loss if no�rnade prornptZy by Borrower. Uniess Lender and Borrawe�r otherw�se agre�in
<br /> wrxting, an�insurance praceeds, w��ether ar not the underly�ng i�surance was requ�red by L.ender, sha11 b�
<br /> applied ta restorati�n�r r�pair�f the Propert�, if the re�tora�x�n or repa�r�s econam�call�feasib�e and
<br /> Lender's secur��y i�na��e�sened. During such r�pair and restoration period, Lender shall ha�e the r�ght to
<br /> hal�such insurance proceeds unt�� Lender has�ad�n oppar�unity to�nspec�such Proper���o ensure�he
<br /> vvark has been compl�ted to Lender'�sa�isfactian, pravided that such �nspection shall�e under�aken
<br /> pr�mp�ly. Lender rnay disburse prflceeds f�r the repaxrs and restoratian in a sing�e pa�men�or in a series of
<br /> progr�ss payment5 as the v�ork�s Gornpleted. Unless an agreen�en�is made in wri�ing or Appli�ab�e Lavv
<br /> requ�res in�eres��o be pa�d on such insurance proceeds, Lend�r sha�l not be requir�d to pa�Borrower an�
<br /> interest�r earnings on such praceeds. Fees far pub1��ad�ust�rs, ar��her�hird par�xes, re�ained b�B�rr�vv�r
<br /> shall no�b�pa�d out of the insuran�e proceeds and shall be the sale ob��gation of B�rrawer. �f the restoration
<br /> or repair is not ec�nom�ca��y feasib�e or Lender's securit�wou�d be Iessened, the insurance praceeds sha11 be
<br /> appiied to the sums se�ured by this Se�urity Ins�rument, whether ar nat�h�n due, with the e��ess, xf an�,
<br /> pa�d�o Borro�ver, Su�h insuranc�prac�ds shall b�applied in the�rder provided for in Sect�an 2.
<br /> �f Borrower a�andans the Praper�y, Lender rnay�1e, nego�iate and set�le any available insuranCe c�a�m and
<br /> rela��d ma��ers. If Barrawer does no�respflnd u�i�h�n 3�days�o a notice fr�m Lender�hat the insuranc�
<br /> carrz�r has offered ta se�.tle a cla�m, �hen Lender may n�go��ate and settle�he��aim.. The 3Q-day per�od will
<br /> �egin when the nati�e�s g��en. In either e�ent, or if Lend�r acqu�res�he Proper�y under Sec�ian 2�ar
<br /> atherwise, Borrawe�hereby assigns ta Lender(a} Barrawer's rights�o any insurance prflceeds in an amount
<br /> nflt�o exceed the amounts unpaid under the Nate�r��is Secur����ns�rument, and�b} an�other of
<br /> Borrower's r��h�s �ather than�he right�a an�refund of unearned premiunr��paid b�r Borrower�under ail
<br /> insurance pol�cies covering the Proper�y, insofar as�uch r��hts are appli�ab�e xa the ca�erage of the
<br /> Proper�y. L.�nder rna�use�he insurance proc�eds ei�her�o repair ar restore the Proper�y or ta pa�amaunt�
<br /> unpa�d under the l���e or this Securi�y�nstrument, whe�her or not then due.
<br /> 6. C�ccupanc�. Borrower shall occup�, es�ablisn, and use the Pr�perty as B�rr�wer's pr�ncipal res�d�nce
<br /> v�rithin 6�da�s af�er the execu�ian�f�h�s Security�nstrumen�and sha��c�ntinue to occupy�he Proper�y as
<br /> S�rrower's prin�ipai residence for at least one y�ar after�he date of accupanc�, unl�ss L,ender�t�erw�se
<br /> agrees in wr�t�ng, v�rhich consen�sha�l nvt he unreas�nab�y v�i�hhe�d, or un�ess extenuating circumstanc�s
<br /> e�ist which are beyond Borrawer's contro�.
<br /> 7. Preser►►ation, Maintenanc� and Protection ❑f the Rroperty: �nspectivns. Borrower shali no�destroy,
<br /> damage ar impair the Property, a��aw�he Pr�p��y�o deteriorate or cam�mi�was�e on th�Proper�y. V�hether
<br /> �r n��Borrov��r i�res�d�ng�n�h�Praper�y, B�rrower shall ma�n�a�n the Pr�pert��n order to pre�en�th�
<br /> Proper�y fr�m de�er�ora�ing or decreasing in�a�u�due�o i�s condit��n. Ur�.less �t is de�erm�ned pu.rsuant to
<br /> 5ec���n 5 that repair or rest�ra��on�s not�conomica���feasihle, Borro�er sha��prampt�y repair the Propert.�r
<br /> if damaged to a�o�d further deter��ra��on ar damage. �f insurance or cond�rnnatian pr�cee�s are paid in
<br /> �onnection w�th darnage to, or�he tak�ng af, the Property, Borrower shall be responsible for repairing�r
<br /> r�s�aring�he�raper�y on�y xf Lender has re�eased pr�ceeds far such purpos��. L�nder may dzsburse proc�eds
<br /> N�BAASKA-Single Famiiy-Fannie Mael�reddie Mac UNtFQRM fNSTRUM�NT Forn'+30�8 i ID1
<br /> VMP Q VMP6(NEf(1�42�
<br /> W�Iters Kiuwer Fin�ncial Ser�ices Page 7 0�17
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