201602198 - Laserfiche WebLink

Browse

2� 1 ��2198 r�asonabl�might affect such determination or cer�ification.Bonower sh�ll als�be responsible for t�e pa�me�.�af any fees imposed by the Federa�Emergency Management Agenc��n connection with the re�iew of any fl�od zone determination resulting from an obj e�tion by Barrower. If Borravt�er fai�s ta maintain any of the co�erages described abo�e,Lender may abtain insurance coverage,at Lender's option and Borrower's expense. Lender is under na obligation ta purchase an� par�icular�ype or amoun�of coverag�.Ther�fore,suGh cQverage s�.a��cover Lender,but mi�ht or migh� n�t protect Bon��ver,Borrower's equit�in tbe Property,or the contents of the Property,against any risk,ha�ard or liability and might pro�ide grea�er or lesser coverage than was previousiy in eff�ct. Bono�er ackn.o��edges t�iat�he cost of the in�urance coverage sa obtain.ed mig'�t significantly�xc�ed the cost of insurance that Borrower cQu�d have obta.ined.Any amounts disbursed by Lender under this Section 5 sha11 become add��ional debt of Borrower��cu.red by this S�curity Instrument. These amounts shall'bear intere�t at the l�ote rate from the date of disbursement and sha��be payable,w�th such interest, upan natice from Lender ta Borrower request�ng gaymen�, A11 insurance pal��ies required by Lender an.d re�ewals of such policies�ha�Il�be subject to Lender's right to disapprave such p�licies, sha�i inctude a sta.ndard mor�gage clause,and sha11 nam�Lender as mortgagee andlor as an addit�onal loss payee. Lender�hall have the right to ho�d the po�icies and rene�ua� c��tificates.��'�,ender requires,Barro�vef s�all pr�mptly give t�Lender alI receipts vf paid premiums and renewal notices. If$orrawer obtains any form of i�.suranc�coverage, not o�herwi�e required by Lender, for damage to,or destruc�i�n of,the Prop�rty, �u�h policy shall include a standard mortgage c�ause at�d shall name Lender as martgagee and.l�r as an add�tianal loss payee. In the event of loss, Borrower sha11 give prornpt notice to the insurance earrier and Lender. Lender may mak�pr�o f o�F�o ss if not made prom�tly by B�rro�ver.U�.less Lender�nd Barro�er otherv�r�se agre�in writing,any insurance praceeds,whether or not the underl��ng insurar�ce�vas required by Lender, sha11 be app�ied to res�oration or repair of�he Property, if the restoration or repair is economicall�feasibl�and Lender's security is not lessened.During�uch repair and r��taration periad,Lend�r sha11 ha�e the right t�ho�d such insurance proceeds until Lender has had an oppor�unity to�nspect such Property to ensure the�uor1�has been completed to Lender's satisfaction,provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of pro�ress paym�nts as the work is campleted. Unless an agreement is made in writing or App�icable Law re�uires interest to be paid on sucb�nsurance proceeds,Lender shall nat be required to pay Borrower any interest or earnings on such praceeds. Fees far public adjusters,or other third parties, re�ained by BorrQwer shall not be pa�d ou�of the insuranee pr�ceeds an.d sha11 be the sole obligation of Borrower. If the restoration or re�ai.r is raot economica��y feasib�e or Lend�r's security�uould be lessened,the insurance pxoceeds sha11 be applied to the sums secured by this Security Ins��rument, whether or not�hen due,with the excess, if any,paid to Barrawer. Such insurance proceeds sha11 be applied in the order provided for in Section 2, If Borrower abandons th�Froperty,Lend�r may file,n�got�ate and sett�e any available insurance claim and related matters. If Barrower does nat r�spond within 3�da�ys to a notice from Len�ler that the insurance carrier has offer�d to settle a c�aim,then Lender may negatiate and settl�the claim. The 30-day period wili begin when the notice is given. In either et�ent�or�f Lend�r acyuires the Praperty under Section�2 or other�ise, �3orrower hereby assigns to Le�der(a}Borrovver's rights to any insurance proceed5 in an amount not to exceed the amounts unpaid under the rTote or this Security Instrument,and �b}any other of Borrower's rights(other than the right to any refund of unearned premiums paid by FHA❑eed of Trust With AlIERS-NE 9134l��14 Bankers SystemsTti+ VMP� VMP4N(NE}�9546).0� Wolters Kluwer Financial 5ervices Page 7 of 1? q�335385�8$9 �233 359 �717