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2� 1 ����83
<br /> All ulsuranc,�policxes requir�€by L�nder and r�nev�als of such policies sha1.I be subje�t to Lender's right to
<br /> disappro�e such po�icxes, shal�incxud�a standard mor�gag�clause, an.d sha��n,ame Lend�r a�mor�gag�
<br /> andlflr as an addi�ional Iass payee. Lender shail have the right�o hold th.e palicies and ren�wal certi�icat�. If
<br /> Lender r�quir�s, Borrower sha��prompt�y g��e ta I�nder alx reCerpts of paid premiums and renewal not�ces.
<br /> If B�rro�ver obtains any form of insurance ca�erage, nat othearwi.se requir�d.b�Lender, for damage ta, or
<br /> des�ruction of, the Property, such golicy shall inc�ude a stand.ard mortgage��ause and sha�.l name Lender as
<br /> m�r�gage�andlor as an add��ional loss payee.
<br /> In�h,e��ent af 1oss, Borrow�r sha11 gi�e prompt naxice to t�.e insurance carrier and Lend�r. Lender may
<br /> make pr�af of loss if not made promptl�by Borrower, Unless Lender and Barrower atherwise agree in
<br /> w�rx,ting, any insurance pro�ds, whether or not the underlying ix�surance vv�as requir�b�r Lender, shall be
<br /> appl�e.�i ta restora�ion or repair of�he Prope�ty, �f�he restora��on or r�pa�r�s economi.cally feasible and _
<br /> L�nder"s securxt�y is not le�sen�i. Durz.ng such repair and restora�ion p�r�od, Lender sh.al�ha�e the r�ght�o
<br /> hold such�uEranr,�pro�s until Lender has ha.d.an oppor�uxlity to inspect such Proper�y to ensure�he
<br /> work has b�n completed to Lend�r's satisfa�t�on, pro�%ded that such inspectian sha11 be undertaken
<br /> promp�Iy. Lender may disburse proc�.s for the repairs and restoratinn in a sing�e payment or in a ser�es of
<br /> pragress payments as the work is campleted. Unless an agreement is m�ade in vvritrng ar Applicable Law
<br /> requires interes�to be paxd on such u�surance pro�eeds, Lender sha11 not be required�o pay Borrov�rer an�r
<br /> intere5t or earnings an such proce�l.s. Fees far pubxic adjusters, or other th.�.rd parties, reta�ned b�Bonower
<br /> shal�not��pa�d vut of fi�ie insurance proc,e�ds and shall be�he sole ob�igatian of Borraw�r. If the restora�tion
<br /> or repa�r is nnt economical�y feasibl�ar Lender's secur�ty would be Iessened, �h�u�urance proce,�ds shal�be
<br /> applied to the sums secured�y this S�curity Instru.ment, whe�her or no�then due, with�ie excess, if any,
<br /> paid to Borrov�rer. Such insurance proce�ds sha��be applied in�he order prv�ided for in Section 2.
<br /> If Borrovver abandons the Property, Lender may file, negotiate and settle any a�ailab��insurance c�aim and
<br /> rela�ed matters. If Borrower does not respand wit�iin 3a days to a natice frvm Lender that�he insuran�e
<br /> carr�ier has offered to s��tXe a c�ai.m, then Lender may negotiat�and s�tt1e�he c�aim. The 30-day p�riod wiil
<br /> hegin v�rhen�h�not�c.�xs given. In ex�her�vent, or if L,�nder acquues the Proper�y under�ction 22�r
<br /> otller�rise, Barrawer hereby assigns to I.ender(a} Borro►�rer"s rx.ghts�o any insurance pr�c,eeds in an amount
<br /> not to exceed the amounxs unpaid under�he No�e or this Secwr�.ty Instrwment, and(b} any other of
<br /> Borrov��r's r��hhts�other than the righ�to any refund of unearned pr�mi.ums pa�d b�Borro�ver}under alI
<br /> in�uranc,�poxxcies coWering the ProperCy, insofar as such righ�Cs are applir�ble to�he co�erage of�ie
<br /> Property. Lender may use the insuran�proceeds ex�her to repair or restore�ie Prop�rty or�a pay amoun�s
<br /> unpaid under the Nvte or�his S�ur�ty In.strument, v�rhet�ier or not�ien due.
<br /> �. �ccupancy. B�rrower sha��vccupy, establish, and use�he Prop�rty as Borrower's pr�ncipal residence
<br /> wi.thin�0 days aft�r the�xecution of this Se�ul~i.ty Ins�rument and sh.a�I continue ta occupy the Property as
<br /> Barrower's princxpai residence far at�ea.st one year after�he dat�of o�cupancy, unless Lender o�herwxse
<br /> agrees in writing, which con�ent sha1�not be unreasona��y wx.thhexd, or uniess�x�enua�x.ng c�rcumstan.ces
<br /> exi.s�wh�ch are beyond�rr�wer's cantrol.
<br /> 7. Pr�s�r►ration. 11�aintenance and Protection of the Property; �nsp�ctions. Borrower sha�I nat destroy,
<br /> dama.ge ar impair the Prop�rfiy, allnw the Property�o deter�orat�or commit vvaste on t�he Propert�y. Whether
<br /> nr not Borrower xs residing i.n.the Pr�perty, Barrawer sha��ma�ntain�h.e Property�n arder to pre�ent the
<br /> Proper�y from deteriorating or decreasing in�aiue due ro xts conditxon. Uniess it is determined pursuant t�
<br /> Section 5�hat repair or restora�ion Ys not economical.�y feasrbxe, Barrower sha1�promptly repai.r the Proper�
<br /> if damaged ta a�oid further d��er�.oration or damage. If Ynsuran�e or condemnation proceed.s are pa�d xn
<br /> connection wi�h.dama.ge to, or the taking of, �he Praperty, Borrower shall be respon��ble for repairing vr
<br /> restaring the Property only if Lender has reZeased pra�ds far such purposes. Lender may disburse pr�ceeds
<br /> N�BRASPCA-Singls Fami�y-Fannis Mael�reddie fifiac UNIFORM 1NSTRLIMENT �orm 3D2S 1101
<br /> VMP� VMP��NE�[�3Q�f.OQ
<br /> Wa�ters K[uwer Financia[Services Page 7 af'i 7
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