200005488 - Laserfiche WebLink

Browse

Jun- 30 -1)D 13:12 From- T -601 P 17 F -139 200005488 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender 1113Y disburse proceeds for the repairs and restoration in a single payment or in it series of progress payments is the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to t)e paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest. or earnings on yuck proceeds. T=ees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. if the restoration or repair is not economically feasible ar Lender's security would be lessened, the insurance prucoeds shioll be appliecl to the sums secured by kris Security Instrument, whether or not then due, with the excess, if any, paid it) Borrower. Such insurance proceeds slhall be applied in the order provided for in Section 2. I( Borrower ahautdons the Property, Tender may tile, negotiate and settle any available insurance claim and relaWd matters. if Burrower does not respond within 30 days to it notice from Lender that the insurance carrier has offered to setle a claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. in either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of imearried premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Not: or this Security Instrument, whether or not then due. 6. ovcupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security InsiTualent and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating ciranns[:ulctw exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit wash on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if tlarnaged to avoid further deterioration or damage. I1' insurance or condemnation proceeds are paid in connection with cl;amage to, or the talking oi`, the Property, Borrower shall he responsible for repairing of restoring the Property only it Lender has releaaed proceeds for such purposes. Lender may disburse proceed: for the repairs and restoration in a single payment or in a series of progress payments its tine work "s completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. II it 11w; reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. iorrower's Loun Application. Borrower shall be in default if, during tlae Loan applicatiorh process, Borrower or .thy persons ar entities acting at the direction of Borrower or with Borrower's i:nowledge or consent gave materially false, misleading, or inaccurate, information or statements to Lender (or failed to provide Lender with material information) in connection with the Lowi. Material represenutions include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. ®- BA(NE) (0905).02 D j%� 7200303 -00 InUial ") � Page 9 or is Morin 3028 3/99