|
��1 5���7�
<br /> A11 insuran�e pol�cies requir�d by Lender and r�newal�of such p�li�ies shal�b�subject to Lender's r��ht ta
<br /> disaP�ro�e suGh po��cies, shal� inciude a s�andard mort�age ciause, a.nd siaall na���e Lender as mortgagee
<br /> andlor as an add�ti�na��oss payee. Lender sha11 have�he right to hold the po�icies and ren�vval certificates. �f
<br /> Lender require�, Borrfl��r sha11 promp�l�give to Lend�r all�ec�ipts�f paid pre���iu��zs and renewal notic�s.
<br /> �f Bo�rrawer obtains any forrn of�nsurance�o�erage, nat athervvise required b�Lender, for darna�e�o, �r
<br /> destruction of, the Property, such po�icy shail �nclude a�tandard mor��age clause and shal�nauz�e Lender as
<br /> martgagee and�or as an add�tional Ioss payee.
<br /> �n the�ven�af loss, Barrouier sha��g��ve pramp�na�ice to�he insurance�arri�r and Lender. L,�nder ma�
<br /> make praof of lass �f not made prornp�ly by Borrower, Unless L,�nder and Borrov�er otherw�se agree�n
<br /> wri��ng, any�nsurance proceeds, v�he�h�r ar no�the underl�ing insurance vvas requ��ed by Lender, shal�be
<br /> appl�ed ta res�ora�ion or repair af the Property, if th�r�storation�r repair is econ�mica��y feasib�e and
<br /> Lender's securi�y is no�lessen�d. Durin�such repa�r and res�oration period, Lender�hall have the right��
<br /> ha�d such�nsura��ce p�roceed�unti�Lender has had an�pportunit��o inspeet sueh Praperty�o ensure th�
<br /> wor�has been comple�ed�o I,ender's sa�isfaction, provided tha�su�h inspec��an shail be undertaken
<br /> prompt�y. Lender rnay disburse p�roce�ds for�he repairs and restoratian in a single payment or zn a series of
<br /> progress payments as�he worl�is�ompleted. Un�ess an a�r�ement is made�n wr�ting�r Applicable Lavv
<br /> requires int�res�to b�paid on such insurance prflceeds, �..�nder sha��not l�e required tn pay Borrow�r any
<br /> �nter�st or earnings nn su�h praceeds. Fees for public adjus�ers, or other third parties, re�ained by Borrourer
<br /> �hall nat be paid ou��f th�insurance proceed�and sha11 be�he�a�e abl�ga�ian of Borrower. �f�he restarat��n
<br /> ar repair is not econ�mi�ally feasibie�r Lfender's se�urity wouid be lessen�d, the insurance proceeds shall be
<br /> appl�ed to�he sums se�ur�d by this SeLurit� Instrument, whe�her or n�t�hen du�, �v�th the e�cess, if any,
<br /> paid ta Borrawer. Su�h�nsurance proceeds sha11 be appl�ed in�he orde�pro�ided for in 5ec�xon�.
<br /> �f Borrfl�er abandans the Proper�y, Lender ma�file, ne�otia�e and se�tie an� aWaiiab�e insurance clairn and
<br /> related mat�ers. �f Borrawer does no�respand v�ith�n 3�days to a natice fram Lender�hat the insuranc�
<br /> carrier has offered t❑se�tle a claim, �hen L.�nder may nego�ia�e and sett�e th�Gla�m. The 3�-day period wil�
<br /> begin when the not�ce�s g�ven. �n ei�her even�, or if Lender acquires the Proper�y under Sect�an 22 ar
<br /> otherwise, B�rrow�r here�y assigns�o Lender�a} B�rr��ver's rights to any insu�rance p�o��eds in an amoun�
<br /> no�ta�xceed�he amoun�s unpaid under the Note�r t�is Securi�� Instrumen�, and�b}any other of
<br /> Borrower's r�ghts�other�han�he right�a any r�fund of unearn��i premiums pa�d by Borrawer}und�r ali
<br /> insurance polici�s cov�r�ng�h�Praperty, ins�far as such rzghts are applicab�e�o the co�rerage of�he
<br /> Proper�y, Lender may us��h�insurance pra�eeds either ta repair�r res�ore th�Property or to pay amounts
<br /> unpaid under�he N�te or�his Security Ins�rument, vvhether or not then due.
<br /> �. C�ccupancy. Borrower sha11 occup�, establish, and use the Prop��t�as Borr��nr�r's pr�ncipa.� re�idence
<br /> ��vithin d0 days af�er the executian of�h�s Secur�ty Instrument and sha�i��ntinu��o ac�upy�he Praper�y as
<br /> Borrow�r's principa� residence for a�Ieast�ne�ear after�he date of o�cupancy, unless Lender othe�-v�rise
<br /> agrees in writ�ng, which consent shal�not be unreasonably vvithheld, ar un�ess ex�enuating��rcumstances
<br /> ex�st which are beyQnd Borro�ver's controi.
<br /> 7. Preserva�ian, Maintenance and Protectivn of the Pra�er�y; Inspecti�ns, Borrow�r sha1�not destro�,
<br /> damage ar impair�he Proper��r, a�low the Proper���U deteriorate or cam�m.i�was�e an�he Pr�pert�. ��.ether
<br /> �r n�t Borravver is residing in�he Proper�y, Borr�wer sha�X rnaintain the Proper���n orde�r ta pr��ent th�
<br /> Property frorn deter�orating ar decreasing�n�alue due ta ��s condition. Unless it is de�ermined pursuan���
<br /> Se�tion 5 �hat repair or r�storation is not econonuca��y feasible, Borraw�r shal�promptly repair the Proper�y
<br /> if damaged tQ ava�d further de�er�ora�ia�.❑r damag�. �f insurance or candemnation pr�cee�is ar�paid in
<br /> connection wi�h damage to, or the taking of, th�Prnp�r�y, Borrower shall be respansible far repa�ring or
<br /> restoring the Proper�y anty if Lender has release�pr�ceeds for such purposes. Lender may d��hur��proc��ds
<br /> N�8AA5KA-Single�arr�ily-Fannie MaelFreddie Mac UNIFQRM INSTRUM�NT Farm 3��8 1 J01
<br /> VMP[� VMP6{NE�{130�y
<br /> Walters Kluwer�inancial Servi�es Page 7 af 17
<br />
|