201605790 - Laserfiche WebLink

Browse

2� 1 ��579� reasonably m�ght affect�uch determination vr certi�cation. Borrower shall also be responsible for the payment of any fees impased by the Federa�Emergency Management Agency in connect�on with the revie�v vf an�flood zane determinat�on resulting�rom an abjection by Borrower. If Borrower fails to maintain any of th�c�verages described above,Lend�r may obtain.in.surance co�erag�,at L�nder's�ption and Borrawer's expense.Lender is under na obligation to purchase any particular type or amount af coverage.Therefore, such�overage shall cover L�nder,but might or m�ght nat�rotect Barrowerg Borrawer's equity in the Prop�rty,or the canten�s af the Pr�per�y,again�t any risk,h,aza�rd or�iabilYty and might provide greater or�e�ser coverage than was previously in effect. Barrower ac�nowled�es that the cost of the�nsurance coverag�s�obtained might significantly exeeed the cos�flf insu.ranc�that Borrower could have obtained. Any am�unts disbu�rsed b�Lender under this Sect�on 5 shalt b�cvrne addi��anal debt of�vrro�ver secur�d by this Security�nstrument. These amaunts �hal�bear interest a�the Note ra�e from the date of disbursement and sha��be payable,vvi�h such i�terest, upon natice from Lender to�orro�vver requesting pa�rment. All in�urance policies required by Lender and renewals of such policies sha11�e subject to Lender's right to disapprove such policies, sha11 include a standard m�r�gage c�ause,and sha11 name Lender as mort�agee andlor as an additionalloss payee. Lender�hall ha��the right to hold the policies and ren�wa� certificates. If L�nder re�uires,B�rr�wer sha11 promptly give to L�nder a11 rec�ipts of paid pr�miums and renewal notices. If Borro�ver obtains any form�f insurance coverage,not otherwise required by Lend�r, for damage�o,or�estruct�on of,the Property, such palicy sha11 include a standard mortgage clause and shall name Lender as m�rtgag�e andlor as an additionalloss payee. In the event of 1oss,Barrower shal�give prompt notice to the insurance carr�er and Lender, Lender may make proof of loss�f nat made promptly by��rrower.Unless Le�der and Bflrrotiver otherwise agree in writing,any insuran�e proceeds,vvhether or not the un.derlying insurance was requ�red by Lender, sha11 be applied to restoration or repair of the Property, if the restoration or repair is economical�y feasible and Lender's security is not lessened. I]uring such repair and restorati�n period,Lender sha�1 ha�e the right to hold such insurance proeeeds until Lender has had an oppartunity to inspect such Prop�rty to ensure the work has been comple�ed to Lender's satisfac�iQn,provided that such inspeetion sha11 b�undertaken promptly. Lender may d�sburse proceeds for�he repairs and restaration in a sing�e payment or in a series of progress payments as�he w�rk�s Gomp�eted.Un�e�s an agreement is made in�vriting or App�ica�le Law requir�s interest to be paid on such insurance proceeds,Le�der sha1�not be required to pay $orrower any interest or earnings on such proceeds. Fees for�ub�ic adjusters,or other third parties, retained by Borrower shall nat be paid out of th�insuranee proceeds and sha11 be the sa�e obligation�f Borrower.If the restoration or repair is not economically feasible or Lender's security would�ae lessened,the insuran�e proceeds sha11�e applied to�he sums secured�y this Security Instrument, �vhether or not then due,with the excess, if any,paid to�orrower. Such insuranc�proceeds sha�l be applied in the order pro��ded for�n Section 2. If Borrawer abandons the Prop�rty,Lender may fi1e,nego�ia�e and settle any ava�la�le�nsurance claim and related matters. If Borrower does aot respond within 3U days ta a notice from Lend�r that the xnsurance ca�rier has off�r�d to s�ttle a claim,then Lender may n�gotiate and seitle the claim. The 30-day p�riod wi�l begin when the n.atice is given. In either event,or if Lender acquires the Pr�perty under Section�2 or other�vise,Borro�ver hereby assign.s#o Lender(a}Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the l�ote or�his Security In.strum�nt,and �b}any other of Borrower's rights�other than the righ�to any refund af unearn�d premiums paid by FHA Deed of Trust With MERS-NE 9l34I2014 Bankers SystemsTM+ VMP� VMP�N�NE3�154B].4Q Wol#ers Kluwer Finan�ial Services Page 7'of 1? q�335981�158 �233 354 �717 ,