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2� 1 ���� 15
<br /> A�I insurance poticies required b�Lender and renewals of such polic�es shal�be sub�ect to Lender's r�gh��o
<br /> disappra�e such polic��s, shall include a standard mortgage clause, and shall name Lender as mor�gagee
<br /> andlor as an addi�ianal loss paye�. L.�nder shall ha�e�he right to hold th�policies and ren�wal c�r��fica�es. If
<br /> L,ender requires, B�rrov�er shail prompt��give to Lender a�i receipts of paid premiums and renewa� notices.
<br /> �f Borrower ob�ains any form of�nsurance c��erage, not ot�aerwise required by Lender, for dam.age�a, or
<br /> destructi�n of, the Proper�y, such pol�cy sha�i include a s�andard�m.ortga�e clause and sha�I name Lender as
<br /> mort�a�e�andlar as an addi�i�na� Ioss pay��.
<br /> �n�he event of�oss, Borrower shall give prompt notice�a �he�nsurance carrier and Lender. L.�nder may
<br /> make pr��f�f loss �f not made pr�mp��y b�B�rrov�rer. Unle�s Lender and Borrower�therwise agree in
<br /> wr�ting, an�insuran�e proceeds, whe�her or no��he underlying in�uranGe was required by Lender, sha�� �e
<br /> appl��d ta res�ora�ion or repair�f�h�Prop�rty, if the restorat��n or r�pair�s econ�mically feas��le and
<br /> L.ender's securi�y is not lessened. Durin�such repa�r and restora���n per�ad, Lender shall ha��the right to
<br /> hald such insurance praceeds unt�l Lender has had an opportun�ty�o inspect such Property�o ensure the
<br /> wark has been com�pleted�o Lender's sa�isfaction, provided �hat such inspecti�n shal��e under�aken
<br /> prompt�y. Lender ma� disburse proceeds for the repairs and restorati�n in a sing�e pa�m�n�or in a ser�es�f
<br /> progress paymen�s as�he work is comp�eted. t�n�ess an agreemen� is made in�vriting or Applicable Law
<br /> requires interest to be paid an such insurance proc��ds, Lender shall not be required to pay B�rrourer an�
<br /> in�erest ar�arnin�s �n such proceeds. Fees f�r pu�iic adju�ters, ar��her third par�ies, reta�ned by Borrower
<br /> sha�i nat be paid out of the insurance proceeds and sha��b�the so�e obligat�an of Borrower. �f�he restorat�an
<br /> �r repa�r is not ecan�mi.cal�y feas�ble�r Lender's securit�wou�d b�lessened, �he insura����proceeds shall be
<br /> appl�ed to th�sums secured b�th�s Security Instrument, ��rhether or not then due, vUith�he excess, �f any,
<br /> paid�o Borrovver. Such insurance pro�eeds shaii be applied in the arder pr�vided fnr in Se�tion�.
<br /> If BorrovWer abandons the Praper�y, Lender�nay fi��, n�gotia�� and se�t�e an�a�ailable insuranc��Iaim and
<br /> re�ated matters. �f Borrower does no� re�p�nd within 3�da��s to a no�ic� from Lend�r�hat the insurance
<br /> carrx�r has of#�er�d to se��le a�laim, �hen Lender ma� ne���iate and sett�e the claim. T��e 3n-day period v�riil
<br /> begin when the no�ice is given, �n ei�her e�en�, or if Lender acqu�res the Proper�y under Sectian 2��r
<br /> o�herwise, Borr�wer here��ass�gns to Lender�a} B�rrav�er's ri�hts to an� insurance prac�eds in an amount
<br /> nat t� exc�ed t�e arnoun�s unpa�d under the Nate ar this Security Instrument, and �b} any other of
<br /> Borrnwer's r�ghts �other than�he righ��o any refund of unearned premiums paid�y Borrower} under aI�
<br /> �nsurance po�icies caver�n� the Proper��, insofar as such r��hts are app�icab�e to �he co��rag�of the
<br /> Proper�y. Lender may use the insuranc�proc�eds�i�her ta repair or res�ore the Prop�r�y or to pay am�un�s
<br /> unpaid under th�No�e or this Secur�t��nstrumen�, �rhether or no�then due.
<br /> 6. �ccupan�y. Barrov�er shall o�cup�, es�ab��sh, and us�the Proper�� as Borrflwer's prin�ipa� r�sidence
<br /> wi�hin 6Q da�s after the execut�on of�h�s Securi�y �ns�rument and shal� con�inue�o a�cupy�he Proper�y as
<br /> B�rrov�rer'�princ�pal resid�n�e for at leas�one year af'ter the da�e of o�cupanc�, unless Lender otherwise
<br /> agre�s �n wr�ting, wh�ch consen�shall no�be unreasona��� withheld, or uniess e�tenua�in�circums�ances
<br /> exis�v�rh�ch are bey�nd Borrower's con�rol.
<br /> 7. Preser�atian, N�aintenance and Protection of the Property; �nspections. Borrawer sha�i not destr�y,
<br /> damage ar impair�he Pr�perty, a�lov�r the Property�a deteri�rate�r c�mmit waste on the Prop�rty. �N"he�h�r
<br /> or nat Borrower�s resid�ng in the Proper�y, B�rrov�er sha�� ma�ntain the Property in arder to pre��n��he
<br /> Proper�y fram deteriora�ing or decreasing in value due t� �ts �onditian. Uniess �t is determined pursuan�to
<br /> Sec�ion 5 �ha�repa�r or restoration is no�ec�nomicall� feasib�e, Borro�ver sha11 prampt�y repa�r the Proper�� ,
<br /> if damag�d to a�aid fur�her deter�orat��n ar�amage. �f insurance�r condemnat�on proceeds are paid in
<br /> connec�ian with damage ta, or the�akzng of, the Praperty, Borrovwer shall be responsible for repairing�r
<br /> restoring the Property aniy if Lender has re�eased proc�eds for su�h purposes. Lender ma�d�sburse proceeds
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<br /> VMP Q VMPfitNE��t 3�2y
<br /> Wo�ters Kluw�r F�r�anc�at Ser�ices Page 7 of 17
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