|
2� 17��957
<br /> L�AN#:HQ'�1 fi'�8939�
<br /> �o Lender,but vnly so long as Bvrrower is performing such agreement;�b}contests#he f�en in good fa�th
<br /> by,o�defends agains�enforc�m�n�of the lien in,iegal proceedings which in L�nder's vpinion�perate t❑
<br /> pr�vent the enfvrcement vf#he I�en while�hose praceedings are pending,hut vnly un�ii such proceedings
<br />. are concluded;o��c�se�ures fror�the holder o��he lien an agreement satisfa�tory to Lender subordina�-
<br /> ing the[ien tv this Securi�lns��ument.��Lend�r de�ermin�s tha�any part of#he Property is subject tv a
<br /> I�en wh��h can a�tain p�ar�ty over t�€�s Secur�ty lnstrumen�,Lender may give Borrower a notice identifying
<br /> the lien.V1litt�in 10 days v��he da�e on vuhi�h�ha�na�ic�is given,Bor�ower shal�satis�y�he iien or take
<br /> one or more of�he actians se�forkh ab�ve�r�th€s SeGt��n 4.
<br /> �, P�ope�y�r�su��nce.�aRor�ver sha��keep the i�nprovements now existing�r hereaf�er�rected
<br /> vn�he Pr�p�rty insured agains�Ivss b�fr�,h��ards ancludeai vvith��the��rrn"extended c��erage,"and
<br /> any o�h��hazards inciuding,but no�ii�rti�ed�o,ea�thquak�s and�ca�ds,#or v�ehich Lender r��u�res�nsur-
<br /> a€�ce.Tt�is ir�surance sha�6 be ma�nta�ned in the amounts���cludir�g deduetib9�levefs}and for#he per�ods
<br /> that L�nde€�requir�s.W�a��e�der requi�-e��ur�uant�a�he preced�ng sentences can change durin�the
<br /> te�rn of�he Lvan.Th�insurance ca�rier prvvidirag�he�nsuran��shall be chosen by Borrawer subject to
<br /> L�r�der's right to disappr�ve Bvr�ower's choice,wh�ch right shai�no�be exercised unr�asonably.Lend�r
<br /> may require BaRower�o pay,in co�nec�ian w�th#his Laan,either:{a}a ane-�ime charge fvr flood zane
<br /> de�er-mination,certif€ca�ivn and tracking senri�es;vr(b}a on�-time charge�or flood�one determina#ivn
<br /> and cert�f cation services and subsequent charges each�irr-�e remappings ar sir-�ilar changes occur v►rhich
<br /> reasonab�y might affect such determina#€on vr ce�kifca�ivn. B�rrawer shall alsa ���espvnsib�e far the
<br /> payment af any fees imposed by the Federal Em�rgency Nianagemen�Agency in connecti�n wi�h�h�
<br /> review o�any�lovd zone determina�ivn resul�"rng from an flbject�on by BvRower.
<br /> If Bar�ower fai�s to main�ain any vf the coverages described abo�e, Lender may obtain insurance
<br /> cv�erage, a�Lender's❑ption and Bvrrower's expens�. Lend�r is under no vb�iga#ion t❑purchase any
<br /> particu[ar type or amoun�af ca�erage.Ther�fare,such caverage shal�ca�e�-Lender,bu�m�ght or might
<br /> not protec#Bvrrawer,Borrower's equ�ty in�he Pr�perty,or the canten�s vf the Prop�r#y,agains#any�sk,
<br /> ha�a�d❑��iabiiity and m�ght prov�de gre�t�r vr lesser ca�erage than was pre�ivusly�n effect.Bar�vwer
<br /> acknowledges tha��he cvs�vf�h��nsuran�e coverage sfl ob�ained m�ght significan�ly exceed the cvst
<br /> of insurance that Bvrrawer cou�d ha�e obtained.Any amounts disbursed by Lender under this Sect�on 5
<br /> shall become additional debt of Bor�-owe�secured hy this Se�urity instrument.These amvunts shall bear
<br /> interest a�the Note rate f�om�he date vf disbursement and shali be payable,wi�h such int�rest, upon
<br /> natice from Lender ta Borravrre�requesting paymen�.
<br /> AI!insurance palicies requi�ed by Lender and r�newa�s of such pv�icies shal�be subject�o Lender's
<br /> right to disapprove such po�icies,shall include a standard mo�gage clause,and shall name Lender as
<br /> ma��agee andlar as ar�add�tiona�fvss payee.�e�de�-sha!!have the righ�ta hofd�h�po�icies and renewal
<br /> c�rt�ficates.�f Lender�eqa��res,Borro►iver s��i�promp��y gi�e�o Lend�r al!rece�p�s af paid p�emiums and
<br /> renewaf r�otices.l�Borrower vb�ains any�v�ra o�ir�sur�nce cvverag�,no#o�henrvise r�quir��d by Lender,
<br /> fvr damage to,vr destruct��n or,�he P�-ope�y,suc�po�€cy st�al!include a s�anda�d mortgage�lause and
<br /> s�all name Lend�r as mortgagee andlor as an ad�l�t��nal�ass payee.
<br /> in�he even�of�vss,Borrower shail gi�e p�omp�nvt�ce���he insurar�ce ea�rier a�d Le���r.Lender
<br /> may mak�provf of ioss i�not made prorr€p�1y by Bo€�arr►�er.�n�ess Le�der and Borrawer❑th�nrvise agree
<br /> in wri�ing, any insurance proceeds,�rhe�her ar n�t�h� un�er�ying insurance was required by Lender,
<br /> shail be app�ied to restaE ation or�epair v��h�Prope�,���he�estara#ian Qr repa�r is ecanamically feasible
<br /> ar�d Lender's securi�j�s r�ot iessened.Qurfr�g such repa�r and res�orativn period,Lender shal�have the
<br /> right�v hald such�nsura�ce proceed��nfil Len�er has had an vpportuni�y�v inspecfi such Proper�y tv
<br /> ensure�he wflrk has been corn��e#ed�v L�nde�'s sa�is#ac�ian, pr�vided thaf su�h inspec��on sha�l be
<br /> undertaken promp�ly.Lender may d�sb�rse pra�eeds�ar the repairs and res#ara�ivn in a sing�e payrr�en�
<br /> or in a series vf progress paymen�s as the work is cvmpieted,Unless an agreement is made in writing❑r
<br /> Applicable Law requir�s in�erest to be pai�on such�r�suranc�p�ace�ds,Lender sha��nvt b�fequired�o
<br /> pay Bvrrower any inte�-es�vr earnings on sueh pr�ceeds.Fees�o�pu�lic adjus�ers,vr o�her�hird part�es,
<br /> retained by Borrvwer shall nvt be paid❑u�of�he ir�suranc�proceeds and sha��b�the so�e❑b�iga�ior�of
<br /> Bvrrow�r.If the r�stvration�r repair is nv�ecvnor�ical�y feas�hie or Lender's se�ur�ty wou�d be lessened,
<br /> the insurance proceeds shal�be app�ied tv�h�sums secured by�his 5ecuri�y instrument,whe�her or not
<br /> then due,with�he excess,if any,paid to Barrower.Such insurance pr�ceeds shall be applied in the��der
<br /> p�ovid�d f�r in Section 2.
<br /> If BoRawe�r abandvns�he Prvp�rty,Lender may f le,negvfiiate and settle any ava�lab�e insurance claim
<br /> and rela�ed matters.If Barraw�r does nv���sp�nd vvi�hin 3D days ta a notice frvm Lender�hat the insurance
<br /> car�er has offer�d tv set�le a�laim,then Lender may negatiate and sett�e the�laim.The 3a�day period
<br /> wilI begin when�he notice is given.�n e��her e�pn�, or�f Lender acquires�he Property under 5�ction 24
<br /> vr o�herwise,g��ower hereby assEgns�o Lender(a}Borrvwer's rights to any insurance proceeds in an
<br /> amoun�nvt to exceed the am�unts unpaid unde��he lVate or�his 5ecuri�y Ins�rument,and�b}any�ther
<br /> of BoRower's rights€other than�he right�v�n��ef�an�af uneamed pr�miums paid by Borrvwe�}under
<br /> aIf insurance pa�ici�s cover�ng the Praperty,;ns�fa��s such r�ghts are applicable t�the co�erage of the
<br /> Property.L�nder may�se the insurance procee�s ei�her ta repair�r restor��he Prvperty or tv pay amvun�s
<br /> unpaid u�der�he N�te vr this Security Lnstrum�n�,wi-�ether vr nv��hen due.
<br /> G. �ccupancy. Borrvwer sha�i occupy, estabf�sh, and use the Praperty�s Borrower's princ�pal
<br /> residenc�w€�hin GD days aft�r the executivn of th�s Secu�ity ir�strument and sha�l co��ir�ue tv�ccupy
<br /> NE6RA5�CA-5ingie F'amily-F�nnie MaelFrecidi��a��1�tIFQRM 1MS�'R�MfENT �o�m�ozs�io�
<br /> Modi#ied for FHA 9IZ0�4{HUD Han�hook 4000.1} �176$��€�5: �
<br /> EIIi�Mae,�nc. Pag��a'�11 NEEFHAI5DE a915
<br /> NEEDEED�CLS}
<br /> 9�I2fi1���6�7:3�AM PST
<br />
|