|
2� 17� 1287
<br /> services and subsequ�nt charges each time remappings�r similar changes occur which reasonably might
<br /> affect such de�erminatian or G�rtifi�ativn..B4rraw�r��all alsa�e�es�onsible for the payn��n�of any fe�s
<br /> imposed by th�Federal Emergency Mana�emen�Agency in.cannection with the revie�v of any flaod zone
<br /> det�rm�nation resulting fram an�bjectian by Barrawer,
<br /> If Borrower fails to maintain any of the c��erages described abo�e,Lender may obtain insurance co��rage,
<br /> a�Lender's option and Borr�wer's expense.Lender is under na obl�gation to purchase any particular type or
<br /> amount of co�erage.Therefore,such co�erage shall ca�er Lender,but rnight or might nat protect Borrower,
<br /> Borrower's e�uity�n the Proper�y,ar the Gontents of the Property,against any risk,hazard or Iiabilit�and
<br /> might prav�de great�r or lesser co�erage than was pre�iously in eff�ct, $orrower acknow�edg�s that the cost
<br /> of the insurance caverage so obtained might sig�ificantly exceed the cost af insurance that Borrower coul�
<br /> have obtained.Any ama�nts d�sbursed by Lender under this Sect�on 5 shalt becorne additional debt of
<br /> B�rrower secured by this Security Instrument.These am�unts sha11 bear interest at the Note rate frarn the
<br /> date of disbursement and shatl be payable,with such inter�st,upon notice from Lender ta Sorrawer
<br /> requesting pa�rn�nt.
<br /> All�asuraace policies required by L�nder and renevvats of such policies shall be�ub�ect to Lender's righ#�a
<br /> dis�ppra�e such policies,shall include a standard martgage clause,and shal�name Lender as martgagee
<br /> andlar as an additionalloss payee. Lend�r sha11 ha�e�he right to hold the policie�aad re�ewal c�r�i�cate�,
<br /> If Lend�r re�uires,Borrawer shall promptly give to L�nd�r al�receipts of paid premiums and renewal
<br /> notices. If Bflrrower obt�ins any form of insurance coverage, nat��her�i�e required by Lend�r,fvr damage
<br /> to,ar destructioa of,�he Praperty, st�ch poiic�shall include a standard mortgage clause and shal�narne
<br /> Lender as mor�gagee andlor as an additional lass payee.
<br /> Ia the event vf Ioss,Barrawer shall gi�e prompt not�ce to the insurance carrier and Lender. Lender may
<br /> �n�l�e pro�f af lass if not rnade prampt�y by Borrower,i�nless i.ender an�Borro�er othex�vise agree in
<br /> writing,any insurance proceeds,whether or nvt the underlyxng insurance was required by Lender,sha�1 be
<br /> applied ta restorati�n or repair of the�'fap�r�y,if the restoration or repair is economically feasibte and
<br /> Lender's security is n�t lessened, During such r�pair an�res�oration perio�.,Lender shall ha�e the right ta
<br /> h.�ld such insura�.ce proceeds unt�l Lende�has had an opportu�nity t�inspect su�i�Prop�rty ta en�ure the
<br /> work has been completed ta Lender's satisfaction,pravided that su�h inspe�ti�n shall be under�a.ken
<br /> pram�tly.Lend�er r�ay disburse proceeds for the repairs and rest�ration in a sing��payrnent or in a series of
<br /> p�agress paym�nts as the work is cornp�eted.Ualess an agreement is rnade�n writing ar Applicable Law
<br /> �equires int�rest to�e pa�d tin�u�h it�surance proceeds,Lender shall not be required to pay Borrou��r any
<br /> interest or earnings on such prpceeds. Fees for publ�c adjusters,or other third parties,retained by Borr�wer
<br /> sha1�nat be paid out o�th�insurar�c�pr��eeds and shatl be the sole abligation af Bofr�w�r, �f th�r�storation
<br /> or repair is nat economical�y feasible ar L�nder's security�vauld be l�ssened,the insurance proceeds shatl be
<br /> a�pl�ed ta the 5ums s��ured by this Security Instru�en�,�vhet�ier or not then.du�,with the excess,if any,
<br /> paid ta Borrower. �uch insurance proceeds sha11 be applied in the order pravided far in Sec�ior�2.
<br /> �f Bflrrower abandvns th�Froperty,�ender may file,negotiate and settle any a�ailable insurance claim and
<br /> related matters. If Borrower dQes not resp�nd within 3�days to a notice fram Lender tha�the insurance
<br /> carrier has affered to settle a claim,then Len.der may negotiate and settle the ciaim.The��-day period wi11
<br /> begin when the notice is given. �n either e�vent,or if Lender acqui�es the Propert�under 5ectian Z2 or
<br /> othervvise,Borrower her�by assign.s to Lender�a}�orrower's rights to any�nsurance pro�eeds in an�.mount
<br /> not ta ea�ceed the amounts unpaid under th�Note or this 5ecurity Instrument,and�b}any other of
<br /> Borrower`s rights(other than the right to any refund of un�arried premiums paid by Borrower)under a11
<br /> in�urance po�icies�o��ring the Property,insofar as su�h rights are applicable to the coverage af the
<br /> Pioperty.Lender may use t�e insu.rance pr�ceeds ei�her ta repair or restore the property or to pay am�unts
<br /> unpaid under the Nate or this Security in�trumeat,v�rhether�r not then due.
<br /> NE9RASI�CA-Single Family-Fanr�le MaelFre��ie Mac kJNIFQRM INSTFtIIil�IEI�T WiTH MERS �arm 3�28 tifal
<br /> VMP� VMP6A�NE3�i342).44
<br /> Woiters Kl�wer Finar�cial 5ervices Page?of 17
<br /> qo �o�$ z�i o �s 1
<br />
|