|
202206769
<br />(e) Insurance Settlements; Assignment of Proceeds. If Borrower abandons the Property, Lender may file,
<br />ne otiate, and settle any available insurance claim and related matters. If Borrower does not respond within 30 days
<br />to notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle
<br />th claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property
<br />er Section 26 or otherwise, Borrower is unconditionally assigning to Lender (i) Borrower' s rights to any insurance
<br />pr ceeds in an amount not to exceed the amounts unpaid under the Note and this Security Instrument, and (ii) any
<br />of -r of Borrower' s rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />in . ance policies covering the Property, to the extent that such rights are applicable to the coverage of the Property.
<br />If ender files, negotiates, or settles a claim, Borrower agrees that any insurance proceeds may be made payable
<br />di -ctly to Lender without the need to include Borrower as an additional loss payee. Lender may use the insurance
<br />pr ceeds either to repair or restore the Property (as provided in Section 5(d)) or to pay amounts unpaid under the Note
<br />o his Security Instrument, whether or not then due.
<br />6. Occupancy. Borrower must occupy, establish, and use the Property as Borrower' s principal residence within
<br />61 days after the execution of this Security Instrument and must continue to occupy the Property as Borrower' s
<br />p cipal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which
<br />c sent will not be unreasonably withheld, or unless extenuating circumstances exist that are beyond Borrower' s
<br />cs trol.
<br />7. Preservation, Maintenance, and Protection of the Property; Inspections. Borrower will not destroy,
<br />• age, or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Whether or not
<br />B rower is residing in the Property, Borrower must maintain the Property in order to prevent the Property from
<br />deriorating or decreasing in value due to its condition. Unless Lender determines pursuant to Section 5 that repair
<br />o restoration is not economically feasible, Borrower will promptly repair the Property if damaged to avoid further
<br />d. erioration or damage.
<br />If insurance or condemnation proceeds are paid to Lender in connection with damage to, or the taking of, the
<br />P perty, Borrower will be responsible for repairing or restoring the Property only if Lender has released proceeds
<br />f. such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of
<br />p gress payments as the work is completed, depending on the size of the repair or restoration, the terms of the repair
<br />a;. eement, and whether Borrower is in Default on the Loan. Lender may make such disbursements directly to
<br />B ,rrower, to the person repairing or restoring the Property, or payable jointly to both. If the insurance or
<br />c denmation proceeds are not sufficient to repair or restore the Property, Borrower remains obligated to complete
<br />s h repair or restoration.
<br />Lender may make reasonable entries upon and inspections of the Property. If Lender has reasonable cause,
<br />L:nder may inspect the interior of the improvements on the Property. Lender will give Borrower notice at the time
<br />o or prior to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower will be in Default if, during the Loan application process,
<br />rrower or any persons or entities acting at Borrower' s direction or with Borrower' s knowledge or consent gave
<br />terially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with
<br />terial information) in connection with the Loan, including, but not limited to, overstating Borrower' s income or
<br />a..ets, understating or failing to provide documentation of Borrower' s debt obligations and liabilities, and
<br />srepresenting Borrower' s occupancy or intended occupancy of the Property as Borrower' s principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument.
<br />(a) Protection of Lender's Interest. If: (i) Borrower fails to perform the covenants and agreements contained
<br />i
<br />this Security Instrument; (ii) there is a legal proceeding or government order that might significantly affect Lender' s
<br />i erest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for
<br />c ndemnation or forfeiture, for enforcement of a lien that has priority or may attain priority over this Security
<br />Itrument, or to enforce laws or regulations); or (iii) Lender reasonably believes that Borrower has abandoned the
<br />operty, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender' s interest in the
<br />F
<br />:RASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />rm 3028 07/2021
<br />Page 8 of 19
<br />*DocMagic
<br />
|