200105157 - Laserfiche WebLink

Browse

200105157 work has been completedto Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lendermay disburse proceedsfor the repairs and restorationin a single paymentor in a series of progresspaymentsas the work is completed.Unlessan agreements madein writing or ApplicableLaw requiresinterestto be paid on such insuranceproceeds,Lendershall not be requiredto pay Borrowerany interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrowershall not be paid out of the insuranceproceedsand shall be the sole obligationof Borrower. If the restorationor repairis not economicallyfeasibleor Lender'ssecuritywould be lessened,the insurance proceedsshall be appliedto the sums secured by this Security Instrument,whetheror not then due, with the excess, if any, paid to Borrower.Such insuranceproceedsshall be appliedin the orderprovidedfor in Section 2. If Borrower abandonsthe� Property, Lendermay file, negotiate and settle any available insurance claim and relatedmatters.If Borrowerdoes not respondwithin 30 days to a notice from Lenderthat the insurancecarrierhas offeredto settlea claim, then Lendermay negotiateand 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 proceedsin an amountnot to exceedthe amountsunpaidunder the Note or this Security Instrument,and (b) any other of Borrower's rights (other than the right to any refund of unearnedpremiums paid by Borrower)under all insurancepolicies covering the Property, insofar as such rights are applicableto the coverageof the Property. Lendermay use the insuranceproceedseitherto repairor restorethe Propertyor to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residencewithin 60 days after the executionof this Security Instrumentand shall continueto occupy the Propertyas Borrower'sprincipalresidencefor at least one year afterthe dateof occupancy,unless Lender otherwise agrees in writing, which consent shall not be unreasonablywithheld, or unless extenuating circumstances 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 deteriorateor commit waste on the Property. Whetheror not Borroweris residing in the Property, Borrowershall maintainthe Property in order to preventthe Propertyfrom deterioratingor decreasingin value due to its condition. Unless it is determinedpursuantto Section 5 that repair or restorationis not economicallyfeasible, Borrowershall promptly repair the Property if damaged to avoid further deteriorationor damage. If insurance or condemnatiorproceedsare paid in connectionwith damageto, or the taking of, the Property, Borrower shall be responsiblefor repairingor restoringthe Propertyonly if Lenderhas releasedproceedsfor such purposes. Lendermay disburseproceedsfor the repairsandrestorationin a single paymentor in a seriesof progress paymentsas the work is completed.If the insuranceor condemnatiorproceedsare not sufficient to repairor restorethe Property, Borroweris not relievedof Borrower'sobligationfor the completionof such repair or restoration. Lender or its agent may make reasonableentries upon and inspections of the Property. If it has reasonablecause, Lendermay inspect the interiorof the improvementam the Property. Lendershall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledgeor consentgave materiallyfalse, misleading,or inaccurateinformationor statementso Lender (or failed to provide Lender with material information) in connection with the Loan. Material representationsnclude, but are not limited to, representationsoncerning Borrower's occupancy of the Property as Borrower's principal residence. dM 6A(NE) (0005) Page 7 of 15 Form 3028 1/01