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200411991
<br />DOC ID #: 0006534127711004
<br />5. Preporty InsanUee, Borrower shell keep the improvements now existing or hereafter erected on the
<br />Property insured against lees by Sro, hazards incladed lvhitin the term "extended oovernge," and any otber
<br />hazards including but not limited to, arthgoalxes and floods, for which Lender requires faavanon, 7-his
<br />insurance shall be maintained in the amounts (including dedtntble levels) and for the periods that Larder
<br />requires. What Lander requires pursuant to the preceding sentences an change during the term of the Loan.
<br />The insurance carrier providing the inautwroe shall be chosen by Borrower subject to Lader'e right to
<br />disapprove Bomower's choice, which right abail not be exortloW unreasonably. Lender may require Borrower
<br />to pay, in connection with this Loan, either. (a) a one -time charge for flood zone determination, certifcoation
<br />and backing savices;.or (b) a one -time charge for flood zone determicetion and eartifioation services and
<br />subsequent charges each time remappingt or similar changes occur which reasonably might affect such
<br />determination or aertifloaton. Borrower shell also be responsible for the payment of any flees imposed by the
<br />Federal Emergency Management Agency in camection with the review of any flood zone determination
<br />resulting from an objection by Borrower.
<br />If Borrower 114111 to maintain any of the coverages described above, Lender may obtain insurance
<br />coverage, at Lenders option and Borrower's expense. Lender is under no obligation to purchase any particular
<br />type or amount of coverage. Tbombrr, such coverage shall cover Lander, but might or might not protect
<br />Borrower, Borrower's equity in the Property, or the contacts of the Property, against any risk„ hazard or
<br />liability and might provide greaser or lesser coverage than was previously in effect. Borrower acknowledges
<br />that the cost of the insurance coverage so obtained might signiifcenty exceed the cost of Insurance that
<br />Borrower could have obtained. Any amounts disbursed by Larder under this Section 5 shall beoome additional
<br />debt of Borrower secured by this Security Instrument Then amounts shall bar Interest at the Note rate from
<br />the data of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower
<br />requesting payment.
<br />All insurance policies required by Lander and renewals of such policies shall be subject to Lender's right
<br />to disapprove such policies, shall include a standard mortgage clause, and shall name Leader as mortgagee
<br />andlor as an additional low payee. Lender shall have the right to hold the policies and renewal catificates. if
<br />Leader requires, Borrower shall promptly give to Lander all receipts of paid premiums and renewal notices. If
<br />Borrower obtains any form of insurance coverage, not otherwise required by Leader, for damage to. or
<br />destruction of, the Property. such policy shell include a standard mortgage chute and shell name Lender as
<br />mortgagee and/or as an additional sort payee.
<br />In the event Olin", Borrower shall give prompt notice to the insurance carrier and Lender. Lander may
<br />make proof of lose if not made promptly by Borrower. Unless Larder and Borrower otherwise agree in
<br />writing, any insurance proceeds, wbMhw or not the Underlying insurance was required by Lender, shall be
<br />applied to restoration or repair of the Property, if the restoration or repair is aoonomicaAy feasible and
<br />Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold
<br />such insurance proceeds until Lender has bad an opportunity to inspect such Property to ensure the work has
<br />been completed to Lender's, satisfaction, provided that such inspection shall be under aken promptly. Lender
<br />may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments
<br />as the work is completed. Unless an agreement is nude in writing or Applicable Law requires intereat to be
<br />paid on much insurance proceeds, Lender shell not be required to pay Borrower any Internet or earnings on
<br />such proceeds. Pees for public adjustors, or other third parties, retained by Borrower shall not be paid out of
<br />the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair in not
<br />economically feasible or Lender's security would he leesorw4 the insurance proceeds shall be applied to the
<br />ohms secured by this Security Inatrumen; whather or not then due, with the excess, if any. paid to Borrower.
<br />Such insurance proceeds shed be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim
<br />and related matters. If Borrower does not respond within 30 days to a notice ffom Lander that the insurance
<br />carrier ben offered to settle a claim, than Lander may negotiate and settle the claim. The 30-day period will
<br />begin when the notice is given. In after event, or If Leader acquires the Property under Section 22 or
<br />otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an anhohmt
<br />M to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's
<br />rights (otter than the right to any rafmnd of unearned premiums paid by Borrower) under all insurance policies
<br />covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use
<br />the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under die Note or this
<br />Security Instrument, whether or not than due.
<br />6.Oceapaney. Borrower shall occupy, establish, and use the Property as Borrower's principal reside nee
<br />within 60 days otter the execution of this Security Instrument and shall continue to occupy the Property as
<br />Bormwe'm principal residence for at least one year agar &a date of occupancy, unless Lender otherwise
<br />&great in writing, which comment shall not be unreasonably withheld, or unless extenuating ciroumstaticos exist
<br />which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the PropeMyi bspectiont. Borrower shall not
<br />destroy, damage or impair the Property, allow the Property to deteriorate or oommit waste on the Property.
<br />Whether or riot Borrower is rcmding in the Property, Borrower sbail maintain the Property in order to prevent
<br />the Property f is deteriorating or decreasing in value due to be condition. Unless it is determined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if
<br />48L'0A11'101(atta)Ah CdiL (01101) tots s era 71 Fonn'028 1101
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