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2� 1 �� 1 �74
<br /> A�� insurance po�icies required b� I.end�r and renewals of such pol�c�es sha�i be sub�ect to Lender's rxght to
<br /> disappro�e such po�icies, shall inciude a standard mortgage c�ause, and sha�� nam.e Lender as mortgag�e
<br /> andlor as an addi�ional loss payee, Lend�r sha11 ha�e the rzght to hfl�d�he poli��es and r�newal certi�cate�. �f
<br /> Lender requires, Borrow�r shall promp�ly g��e to Lender all receipts of paid prem�un�.s and renev�ral n�tices.
<br /> �f Borrou�er obtains any form of�nsuranc�coverage, nat otherwise r�quired by Lender, for damage to, or
<br /> des�ruc�ion�f, the Property, such paiicy shal� include a s�andard mortgage c�aus�and shall name L�nder as
<br /> mor�gagee andlor as an addit�ona� loss pay�e.
<br /> �n the e�rent of�oss, Borrovver shall gi�e promp�notice�o the �nsurance carrier and Lender. Lender may
<br /> make proof of�oss if not made promptly��Borrawer. Uni�ss I..�nder ar�d Borrower�therwise agree in
<br /> wri�ing, any insurance proceeds, whether or not the underlying insurance was required by L,�nder, shall b�
<br /> appl�ed t� restorat�on or repa�r of the Proper��r, xf the res�ora�i�n or repa�r�s e�onom�cally feasibie and
<br /> Lender's security is na�iessened. During such repair and restora��an p�r�ad, L.�nder sha11 ha�e the right to
<br /> hold such insurance pr�ceeds untii Lender has had an oppor�u�ity t�inspect such Froperty to ensure�he
<br /> �rork has been completed�o I�ender's satisfac�ian, prflv�ded that such inspec�ifln shall�e undertaken
<br /> prompt�y. I�ender rr�ay d�sburse praceeds for the repa�rs and restoration in a sin��e pa�ment nr in a series of
<br /> pragress payments as the w�rk is compl�ted. Un�ess an agreem�nt is made �n writing�r Appl�ca�le Lavv
<br /> requires interest to be paid an such insurance proceeds, Lender shal�not be required�o pay Borr�v�er any
<br /> in�erest or earn�ngs on such proceeds. Fees f�r pub��c adjus�ers, or ather�hird par�ies, retained by Borrovver
<br /> shai�no�be paid out of�he�nsurance praceeds and shall �be the so�e ob�i�at�on of Barrower. �f�he restorat�on
<br /> �r repa�r is not ecanomically feasib��or Lender's se�urit�wouid be�essened, �h�xnsurance proceeds sha��be
<br /> applied�o�he sums secured by th�s Security �nstrument, whether or n���hen due, wath the excess, if any,
<br /> pa��to Borrnwer. Such�nsurance proce�ds shall be a�pi�ed in the order provided f�r in Section�,
<br /> �f Borrower abandons�he Property, Lender may ���, ne�o�iat�and sett�e an�r avaiiab�e�nsurance claim and
<br /> r�la�ed m�a�ters. If B�rrower does no�respond within 3Q da�s�o a n�tice fram i.ender that�he insurance
<br /> Garrier has�ffere�.�o set��e a c�a�m, then Lender may neg�tia�e and se��le�he claim. The 30-da�period will
<br /> beg�n vvhen the n�t�ce is���en. �n ei�h�r e�rent, or�f L,ender a�quires�he Proper�y under Section�2 or
<br /> otherw�se, Borrower her�by ass�gns to Lender(a} Borrower's rxgh�s�o any insurance�roceeds in an amount
<br /> n�t to��ceed the amounts unpa�d under the No�e or�his S�cur�t� �n��rument, and�b} any�ther of
<br /> Borrower's rights �o�her�han�he right�o any refund of unearned premiums pa�d b�Borrov�rer}under al�
<br /> insurance policies cover�ng th�Froper�y, �nsofar as such rights are app�icable to the coverage af th�
<br /> Propert�r. Lender m�ay use�he insurance pro��eds e��her t� repair or restare the Proper�y or t�pay amounts
<br /> unpaid under the Not�or t�is Security Instrurnent, vvhe�her�r no�then du�.
<br /> �. �ccupancy. Borrov�er sha1�occupy, establish, and use the Proper�y as Borrower's�rinc�pal residence
<br /> ►�ithin 6�days after the e�.�cu�ion of th�s Security �nstrumen�and sha��con��nue��occupy t�e Pr�per�y as
<br /> Borr�wer's principa� res�dence for at�east one�ear after�he date of�C�upancy, un�ess Lender otherwise
<br /> agrees in v�riting, which cansen�sha11 not b�unreasonabl�����aheid, or un�ess ext�nuatin�c�rcums�an�es
<br /> exis�v�hich are�eyond Borrovver's contrn�.
<br /> 7. Preser�ation, Maintenance and Pratect�on of the Property: �nspecti�ns. B�rro�ver�hall no�des�roy�,
<br /> damage or�mpair�he Pr�perty, allaw the Proper�y to deteriora�e�r�omm�t vvas��on�he Pr�p�rt�r. Whet�.�r
<br /> or not Borrower is residing in the Property, Borrower shall main�ain the Praperty in order to pre�en�the
<br /> Property from de�er�ora�ing or decreasing in�va�ue due to its c�nd��i�n. Un�ess i� is de�ermined pursuant�o
<br /> Section 5 tha�repair ar restoration is not economically feas�ble, B�rrflwer sha��promptly repair the Property
<br /> if damaged to a�aid further de��rinra�i�n or damage. �f insurance or condemnation praceeds are paid in
<br /> connect��n v�r�th damage to, ar the taking of, the Proper�y, Borrower shall be resp�ns�ble for repa�r�ng or
<br /> r�storing the Prop�r��r on�y if Lend�r has re�eased proceeds far suGh purposes. Lender may dis�urse proceeds
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<br /> Watters Kluwer F�nancial 5er�ices Page 7 of 17
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