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2� 1 ��4438
<br /> m�gh�na�pro�ect Barrawer, Borrower's �qu�ty in�he Property, or the con�ents of�he Property, against
<br /> any ris�, hazard or Iiab�li�y and might provide�reater or l�sser coverage�han was previous�y�n effec�.
<br /> Borraw�r ackno�vled�es that the cos�of tihe xnsurance�o�erage sfl obtained might si�nif�can�ly exceed
<br /> tihe cos�of insurance�ha�Borrovver could have �btained. Any amaun�s disbursed by Lender under th�s
<br /> Sec�ion 5 sha�l becnme add�t�ona� deb� of Borrower secured by this Secur��y Instrument. These
<br /> amoun�s shail bear in�eres� a� �he No�e ra�e fr�m the date of disbursemen� and shal� be payable, with
<br /> such in�eres�,upan no�ice fram Lend�r�o Borrower requesting payment.
<br /> AIl insurance pol�cies required by Lender and rene�rals of such palicies sha�� be subj ect ta L�nder's
<br /> r�gh��o disapprov� such policxes, shall include a standard mar�gag� clause, and shal� name Lender as
<br /> mor�gagee andl4r as an additional �oss pay�e. Lender sha11 ha�e th� righ� to hold the pol�c�es and
<br /> renewal certif�cat�s. If Lender requires, Borrower shal� promptly gi�e �o Lend�r a�1 r�ce�pts of paid
<br /> premiums and rene�va� na�ices. If B�rrow�r ab�ains any form of insurance coverag�, na� otherwise
<br /> r�qu�red by Lender, far damag�t�, or des�ruct�on of,the Proper�y, such pa�icy shall inc�ude a s�andard
<br /> mor�gage clause and sha��name Lend�r as mortgagee andl�r as an additional�oss payee.
<br /> �n �he even� of�oss, Borrower sha1l g�ve prompt not�ce to �he insurance carrier and Lender. Lender
<br /> ma� make praaf of�oss if n�t made promptly by Borr��er. LJn1�ss L�nder and B�rrawer o�h�rwise
<br /> agree in vvriting, any insurance proceeds, whether or na� �he underlying insurance �vas required by
<br /> Lender, sha�l be applied to res�oratzon or repair of �he Property, if �he restoration �r repa�r is
<br /> economically feasible and Lender's security is no��essened. During such repa�r and rest�ration period,
<br /> Lender shal� hav� the right to ho�d such insurance proceeds un�il Lender has had an oppar�unity �o
<br /> inspect su�h Property to ensure the work �as been comple�ed to Lender's sa�isfact�on, prov�ded that
<br /> such inspe��ion sha�� be under�a�en promp�ly. Lender may d�sburse praceeds far the repairs and
<br /> restora��on in a szngle payment or�n a ser�es�f progress paymen�s as th�wor�.is comple�ed.Unless an
<br /> agreement �s made zn writ�ng or Applicabie Law requires xnteres� to be paid on such insurance
<br /> proceeds, Lender sha11 na�be required�o pay Borrower any interest or earnings�n such pr�ceeds.Fees
<br /> for public adjus�ers, ar a�her third par�ies, retained by Borro�ver sha�l no�be pa�d ou�af�h� znsurance
<br /> proce�ds and shall be the s�1e ob��gatian of Barrower. If the rest�ra��an or repair is no� ec�nomically
<br /> feasibie or Lender's secur�ty �rould be lessened, �he insurance proceeds shall be app�ied to the sums
<br /> secured by�his Secur��y Ins�rument,whether or no��hen due,�vi�h the excess, if any,paid to Borrovver.
<br /> Such insuranCe proceeds sha��b�appiied in the ard�r provided for in Secti�n Z.
<br /> If Borro�ver abandans the Property, Lender may fi�e,negotiat�and se�tle any available insurance claim
<br /> and re�ated mat��rs. If Borro�er do�s not r�spond within 3� da�s �o a notice from Lender tha� the
<br /> insurance carrier has offer�d to set��� a. �Iaim., then Lend�r may negotiate and settle the c�a�m. The
<br /> 3�-day per�ad wi�� begin when the nat�ce is given. �n either e�ent, flr if Lender acquires the Proper�y
<br /> under Section �� flr other�vis�, Barrovver here�y assigns to Lender �a� B�rr��rer's righ�s �a any
<br /> insuran�e prflceeds in an amoun� nat �� exc�ed �he amaun�s unpa�d under the No�e or this Securit-�
<br /> Ins�rument, and �b) any o�her of Borrower's rights �other than the right to any refund of unearned
<br /> premiums paid by Borr�wer}under a1� insurance p�licies �o�ering the Proper�y, insafar as such r�gh�s
<br /> are app�icabl��o�he coverage af th� Property. Lender may use the insurance praceeds either to repair
<br /> or res�are the Property or to pay am.ounts unpa�d under the Nate or�his Security �nstrumen�, whe�her
<br /> or not�hen due.
<br /> �. �ccupancy. Borrower shall occupy, esta�lish, and use �he Property as Borro�er's princ�pa�r�sid�nc�
<br /> �rithin 6D days af�er the ex�cu�ian of th�s Securi�y Instrument and sha�� con�inu� to occupy the
<br /> Properry as Borro�ver's princ�pal resid�nce for at least one year after the date af occupancy, unless
<br /> Lender o�herwise agrees in writing, which c�nsent sha�� nfl� be unreasonably wi�hhe�d, or unless
<br /> ex�enuatin��ircums�ances exist which are bey�nd Borrower's con�ro�.
<br /> 7. �'reser�at�on, Nia�n�enance amd �'�ot�c�ion af the 1'�aperty; Ir�sp�ctivns. Borrower sha�1 no�
<br /> destr�y, dama�e t�r impair the Praper�y, allnw th� �'roperry �o det�r�orate or cammit �vaste �n th�
<br /> NEI3RA5I�A-Single Fam�ly-Far�uie Mael�'redd#e 1VIae UNIFURM I;VSTRUiNE;�T Fnrm 3f328 il�l
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