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��15�454�
<br /> A��insurance p��icies requir�d by L�nder a�d renewals of such po�icies shall be sub�ect t❑ Lender's r�ght ta
<br /> di�apPra�e such poli�ies, ��ail inc�ude a standard rnor�gage ciause, and shall na.me Lende�as mortgagee
<br /> andlor as an additional I�s�paye�. L�nder shal�have�he r�gh��o h�id�he policies and renewa�c�rt�fzcat�s. �f
<br /> L,ende�requires, Borr�v�rer�ha11�ramptly g��e�o Lender all rece�pts of paid prerniun�and renev�ra�notices.
<br /> �f Barrower obtains any farm of insurance c��erage, ��t otherwise required by Lender, for damage to, or
<br /> d�struction of, �he Prop�r�y, such pol�cy shall �nclud� a standard mar�gage clau5e an�shall name Ltnder as
<br /> m�rtgagee andlar as an add��iona� �oss pa�ee.
<br /> �n the e�ent of l�ss, Barrov�aer sha�l g��e pramp�not�ce�a�he insuranc�carrier and Lende�. Lender may
<br /> make pro�f of�oss if not made pr�rnptly by Borrower. Un��ss Lender and Borrovver atherwi�e agre� in
<br /> writin�, any insurance�r��eeds, whethe�r or not th�underlying insurance was required by Lender, shall be
<br /> app�ied�a res��ra�ion or repa�r af�he Propert�r, if the restarat��n or repair is e�onarnicall�feas�b�e and
<br /> Lender's security is not les�ened. Dur�n�su�h repair and restaratian per�ad, L�rider sha��ha�e the r�ghY�o
<br /> ���id such insuranc�proce�ds unti� Lender has had an oppartunity to inspec�su�h Prape�ty�o ensure�he
<br /> work has been complet�d to Lender's sa�zsfac�ion, provided tha�such inspec�ion shal�be under�a�en
<br /> promptly. Lender may disburse proce�ds for the repa�rs and res��ra�ion�n a s�ngie pa�xnent or in a series of
<br /> progr�ss payrnents as�he wark�s�ornp�eted. I.�n�ess an agreement is mad�in writ�n�or Applicable Law
<br /> requires interest to b�paid on su�h insurance praceeds, Lender sha��n�t be required to pay Barrovver any
<br /> interest or�arnings an su�h prac�eds. Fees f�r publ�c adjusters, or oth�r�h�rd par��es, retained�y Borrower
<br /> shall n��b�paid�ut of the�nsurance proceeds and shall be�he sale obligation of Borrov�rer. If�he r�storatia�
<br /> or repair is nat ecanomical�y feas�ble ar Lender's security wou�d��lessened, �he�nsurance prnceeds shall be
<br /> app�ied���he sums seGured b�th�s Se�;uri���nstrument, whether or not�hen due, wi�h the excess, if any,
<br /> paid to Borrower. Su�h �nsurance praceeds shall be appl�ed in�he order provided for in 5ec�ion Z.
<br /> If Barrower a�andons th�Property, Lender may file, neg��iate and set��e an� avai�able insuranc�claim and
<br /> rela�ed ma�ters, �f Borrower d��s n��respand w�thin 3D da�s to a no�ice from Lendex that the�nsurance
<br /> carr�er has offered�o set�le a clai�n, �h�n i.ender xnay negotiate and�e�t�e�he claim, The 34-da�per�od w�l�
<br /> �egin when the notice is given. In�ither e�ent, �r if i.�n��r acqu�res the Pr�pert�under Sec�ion��or
<br /> otherwise, Borrower hereby as��gns�o Lender�a}B�rrower's rights t�an�insurance proc��ds in an amount
<br /> not to exc�ed the amaunts unpa�d under the No�e ar th�s Secur��y Ins�rument, and��}an��ther of
<br /> Borrower's r��hts(oth�r than the ri�ht to any r�fund of un�arned premiums paid by Borra��r}under a��
<br /> insuranc�pal�cies covering�he Prap�rty, insofar a� such rights are appl�cab�e ta the co�erag�of the
<br /> Property, Lend�r may us��he insurance proceeds e�ther to repair�r res�ore the Proper�y or ta pa�amaunts
<br /> unpa�d under the Note or�his Securi��Ins�run���nt, whether or not�hen due.
<br /> C. �ccupancy. Borrower sha�l occupy, es�abl�sh, and use the Pr�per�y as Borrovver's pr�ncipai residence
<br /> �v�rithin 6Q days af�er the execuC�on of th�s Security Ins�rumen�and shall continue ta accupy�he Praper�y as
<br /> Borrower's pr�ncipal residence fflr a�least ane year after the date of oc�upaney, unless Lender atherwise
<br /> agre�s in writing, vvh�ch�onsent sha11 not be unrea�onab�y withheld, or un�ess extenua�ing circumstances
<br /> exist which are beyond Borrawer's con�ral.
<br /> 7. Preser�at��n, Maintenance and Prate�tian nf the Prvperty: �nspections. Borrower sha��not des�roy,
<br /> damage ar�mpai r the Proper�y, allow the Propert�to det�riora�e or L�rnmit waste on the Praperty. �'VLl'�ether
<br /> or n�t Bnrrower is residing�n��e Proper�y, Borr�wer shal�main�ain the Property in order�a prevent�he
<br /> Pr�p�r�y fram d�t�r�flrating or de�reasing in value due to its c�nd�tion. Unless it is deternuned pursuant to
<br /> S�ctian 5 that re�a�r or rest�ratian is not�conornically feas�b�e, Borrawer shall pr��np�ly repair fhe Property
<br /> if darnaged to a��id furth�r d��erz�ra�ian�r damage. �f insuranc�or conci�rnnati�n proce�ds are paid in
<br /> c�nnec�ion wi�h damage to, or�he�aking af, the Property, Borrov��er sha�l be responsible for re�airing or
<br /> restorzng the Pr�per�y an1��f Lender has released prnc�eds f�r such purp�s�s. �.�nder may disburse p�roceed�
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<br /> Wotters Kluwer�inancial Ser�ices Page 7 of 17
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