|
202503228
<br />amounts (including deductible levels) and periods and the insurance carrier shall be subject to Lender's
<br />approval. Lender reserves the right to make reasonable changes to the insurance requirements while this
<br />Deed of Trust is in effect.
<br />B. Maintaining Insurance. If Borrower fails to maintain any of the coverages described above,
<br />Lender may at its option obtain insurance coverage, which shall become additional debt of Borrower
<br />secured by this Deed of Trust. Borrower acknowledges that the cost of the insurance coverage so obtained
<br />might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts paid by
<br />Lender under this Section shall bear interest at the same rate as the Principal Amount in the Note.
<br />C. Insurance Beneficiaries. All insurance policies shall include a standard mortgage clause, and
<br />shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the
<br />policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of
<br />paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise
<br />required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard
<br />mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
<br />D. Event of Loss. In the event of loss, Borrower shall give prompt notice to the insurance carrier
<br />and Lender. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or
<br />not the underlying insurance was required by Lender, shall be applied to restoration or repair of the
<br />Property, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance
<br />proceeds shall be applied to the sums secured by this Deed of Trust, whether or not then due, with the
<br />excess, if any, paid to Borrower.
<br />11. Occupancy. Borrower shall occupy, establish and use the Property as Borrower's principal residence
<br />after the execution of this Deed of Trust, unless Lender otherwise agrees in writing, which consent shall not
<br />be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
<br />12. Maintenance and Repair. Borrower shall not destroy, damage or impair the Property, allow the
<br />Property to deteriorate or commit waste on the Property. Regardless of if Borrower is residing in the
<br />Property, Borrower shall maintain the Property and shall not allow the Property to deteriorate or decrease
<br />in value due to its condition. If the Property is damaged, Borrower shall promptly repair the Property to
<br />avoid further deterioration or damage, unless repair or restoration is not economically feasible.
<br />13. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or
<br />release of any hazardous substances, or threaten to release any hazardous substances, on or in the
<br />Property. In addition, Borrower shall not do, or allow anyone else to do, anything affecting the Property
<br />Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any
<br />environmental law or which, due to the presence, use or release of a hazardous substance, creates a
<br />condition that adversely affects the value of the Property. Hazardous substances include substances
<br />defined as toxic or hazardous substances, pollutants, or wastes by environmental law, gasoline, kerosene,
<br />other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials
<br />containing asbestos or formaldehyde, and radioactive materials.
<br />14. Inspections. Lender or its agent may make reasonable entries upon and inspections of the Property.
<br />4/10
<br />
|