201508211 - Laserfiche WebLink

Browse

2� 15�8211 reasonab�y might affect such determination�r c�rtifica�ion. Borrower s�.all also be re�ponsib�e f�r the payment of any fees imp�sed by the F�derat Emergency Management Agency in c�nnection�vi�h the re�ie�of any flood zone d�term�nation result�ng from a�o�jection b}�Borrower. If Barrourer fail�to ma.intain any af the covera�es descr�bed ab�ve,Lend�r may vbta.in insuraace coverag�,at�.end�r's o��n an�Ba�a�er's ex��nse. Lende�-�s��d�r na�b��gat�v�.to purchase a�.y par�icu�ar type or am�unt of coverage.Therefore,such coverage sha��co�er I�ender,bu�might or rn�ght not protect Borrower,Borr�wer's equrty in�he Fraperty,ar the contents of th�Prv�ert�y,�ga�ns�an�r risk,hazard or�iability and might prvv�de great�r ar 1e�ser c��erage than v�as pre�riously in effec�. ��rrower acknowledges that the cost of�he insuranc�coverage s�o�tained might signifcantly exc�ed the cost of insuranc�that BQrrower could have obtained.Any amounts disburs�d by Lender under this Sectian 5 shall become additional�ebt of Bono�ver secured b�this Security Instrument. These a�nounts sha�l bear inter�st at the Nat�rate from the date of disbursement and sha11 be payable,�v��h such interest, upon noti�e from Lender�o Borrower requesting payment. �L��insu.rance policies required by i.ender and renewals of such po�i�ie�sha1�be su�ject to Lender's right �o disappro�e such policxes,sha�1 include a standard m�r�gage cl�use,ar�d sha11 nam�Lender as mortgage�andl�r as an addi�i�nai Ivss payee. L�nder sha��ha�re the rig�t t�ho�d�he policies and renewa� cer�ificates. If Lender requires,Borrower s�aa11 pr�mptly give to Lender a11 receipts�f paid premiums and rene�val no#iGes. If Bono�ver ob�ains any forrn of insuran�e coverage,nat otherwise requued by Lender, for damage to,or destruction�f,the Prapert�, such policy shal��nc�ude a standard mortgage c�ause and sha�1 name Lender as mortgagee andl�r as an additional loss pay�e. In the event af Ioss,Borro�ver sha�1 gr�e prompt no�ice ta the�nsurance carr�er and Lender. £,ender�a�r ma�e proof of�oss if aot made prornpt�y by$orra�er.Un�es�Lender and Barrower atherwise agree in �vriting,any insurance prac�eds,whether or not the underlying insuranc�was requi��d by Lender,sha11 be apptied to restoration or repair of the Proper�y, if the restaratian or repa�r is eGonamical��f�asible and Lender's�ecurity is not lessened, During such rega�.r and restorati�n�eriod,Lender shall have the right to hold such�nsurance pro�eeds until Lender has had an opportunity to inspect such Praperty t�ensure the work has been�ompleted to Lender's satisfactian�pro�id�d that such insp�ction sha11 b�undertaken promptly.Lender ma�disburse proceeds for the rep�i.rs and xestoration in a single payment or in a series of progr�ss paym�nts as the work is completed.Unless an agreem�nt is made in writing�r Applicable I�aw r�quires interes�to b�paid on s�.ch insurance proce�ds,Lender sha��not be re�uired to�ay Borrower any interest or earnings on such proceeds. Fees for pul�l�c adjust�rs,ar�ther third parties, retai�ed by 8orr��er sha��aat b��a�d out of the�nsuran�e p�c�ce�ds and sha��b�the sal�obligation of Borrovver. If the restoration or repai.r is�ot econamically feasi�le or L�nder's security wauld be les�ened,the ins�.rance prac��ds sha��be app�ie�to the sums secured b�th�s Secur�ty��.strument, whether or not then due,with the excess, if any,paid to$arrower. Such insurance praceeds sha11 be app�ied in the order pravided far in Sect�on�. If Borrotiv�r ab�.ndons the Pro�ert�,Lender ma�fi1e,negotiate and sett�e any availab�e i.nsuranc�claim and re�ated matters. If Barrotiver does no�respond�r�thin 3�days t�a notice from Lender that the �nsurance�arr��r has aff�r�d to sett�e�c�a�m�then Lender may ne�otiate a�nd settl�th�claim. The 3�-day period will begin�vh�n th�notice is�iven.In either event,or if L�nder acquixes the Property under �ection 22 or o�her�vrse,��-r��ver hex��y assYgns t��.ender�a��or�o�er's��ghts to any�nsura�.�� proceeds in an amvunt not to exceed the arr�ounts un.paid under the Note or this Securit}��nstrument,and (b�any other of�orrower's rrghts��ther than the right t�any refund of�n.earned�remiums pa��by FHA Deed af Trust Vll�tli MERS-NE 9I3Q12d14 Bankers SystemsT"" VM�� VMP4N(NE}�15Q$}.b4 Wolters Kluwer Fir�ancial Sen►ices Page 7 of 17 q�334f843�39 D�33 334 4717