|
200200/38
<br />coverage, not otherwise required by Ceader, for damage ln, or dcslruc[ion of, the Property, such policy shift] include a
<br />standard mortgage clause and shall name Lender as mortgagee and /or as an additional loss payee.
<br />In the event of lass, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof
<br />.floss ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in wnfing, anyinsurauceproceeds,
<br />whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ofthe Property, if
<br />the restoration or repair is economically feasible and Under's securityes net lessened. During such repair and restoration
<br />period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such
<br />Property ro ensure the work has been completed to Lender's satisfaction, provided thatsuch inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series ofprogress
<br />payments as the work is completed Lin less an agreement is made in writing or Applicable Law requires interest to be paid
<br />on such insurance proceeds, Lender shall not be required to pay Borrower Any interest or earnings on such proceeds. Fees
<br />for public adjusters, or other third parties, retained by Borrower shall not be paid out bribe insurance proceeds and shall be
<br />the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lenders security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Secmfly Instrument, whether or not then due,
<br />with file excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for fit Section 2.
<br />If Bonower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related
<br />matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a
<br />claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either
<br />event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's
<br />rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument,
<br />and (b) any other of Borrower's rights (other than the right to any rebind of unearned premiums paid by Borrower) under all
<br />insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Uniformity
<br />use the insurance proceeds either to repair or testae the Property or to pay amounts unpaid under the Note or this Security
<br />Instrument, whether or not then due
<br />6. Occupancy. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within
<br />60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal
<br />residence for at least one year after the date
<br />of occupancy, unless Lender otherwise agrees fn writing, which consent shall not be unreasonably withheld, or unless
<br />extenuating circumstances exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of/he Property; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate or commit waste
<br />on the Property . Whether or not Borrower is Iesublig in the Property, Borrower shall maintain the Property in order to
<br />prevent the Property from deteriorating or decreasing in value due to its condrtfen. Unless it is determined pursuant to
<br />Section 5 thatrepair or I estoratoa rs not newromrcally feasible, Borrower shall promptly repair the Property if damaged to
<br />avoid bother deterioration or damage. If
<br />taking of, the Property, Borrower shall t
<br />proceeds for such purposes. Leader
<br />alternators payments as the work is con
<br />restore the Property, Borrower is not Tell
<br />Lender or its agent may make rc
<br />Lender may inspect the interior of the for
<br />print to such an interior inspection speci.
<br />8. Borrower's Loan Appik
<br />Borrower or any persons or entities acti
<br />materially false, misleading, or maccurat
<br />information) in connection with the Loan.
<br />Borrower's occupancy of the Property as
<br />9. Protection of Lender's I
<br />(a) Borrower farts to perform the coven
<br />proceeding that might significantly affect
<br />prance or condemnation proceeds are paid in connection with damage to, or the
<br />esponsible far repairing ur restoring the Property only if Lender has released
<br />Infuse proceeds for the reports and restoration fn a single payment or in a series
<br />>bcd, IC'lie issuance or condemnation proceeds are not sufficient to repair or
<br />:d ofBorrower's obligation for the completion ofsuch repair or restoration.
<br />enable entries upon and inspections of the Property. lift has reasonable cause,
<br />)cements on file Property Lender shall give Borrower notice at the time ofor
<br />1g such reasonable cause.
<br />on. Borrower shall be in default it; during the Loan application process,
<br />at the direction of Borrower or with Borrower's Imowledge or consent gave
<br />ifonnation or statements to Lender (or failed to provide Lender with material
<br />laterral representations include,butaienolhmited to, representationsconcermng
<br />mowers principal residence.
<br />in
<br />as a proceeding in bankruptcy, probate, for carbon
<br />over this Security Instrument or to enforce laws or
<br />may do and cav for whatever is reasonable or app,
<br />Lender's actions can include, but are not hen
<br />rtv Instrument; (b) appearing in court; and
<br />'roparty and Rights Under this Security Inshvmenl. If
<br />cuts contained in this Security Instrument, (b) there is a legal
<br />in the Property and/or 1 ights under this Seem ityhustiuntent (such
<br />or forfeiture, for enforcement ofa Iran which may attain priority
<br />ions), or (c) Borrower has abandoned the Property, then Lender
<br />to protect Lender's interest in the Property and rights under thus
<br />g the value of the Property, and securing and/or repairing the
<br />to: (a) paying any sums secured by a Ifen which has priority over
<br />paving reasonable aftomeys' fee., to protect its interest in the
<br />the Property includes, but is not limited to, entering the Property to make repairs, change lacks, replace or board up doors
<br />and windows, drain water from pipes, eliminate but [ding or other code violations or dangerous roodur Arms, and have ufilifics
<br />turned on or off. A ]though Lender may take action Under this Section 9, Lender does not have to do so and is not under any
<br />duty oI obligation to do so. It is agreed that Lender incurs no Path lily for not taking any or all actions authorized under this
<br />Section 9.
<br />Any amounts disbursed
<br />Lender under this St the 9 shall become edateotldebt ofentan shall be Security Instrument These Amounts e fi rru shall det to Borrow m ice Note g rate
<br />payee the dale of disbursement and shall be payable,
<br />Milli such interest, upon notice ant I lxnder as Borrower requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the der agrees to the eITherg IfB.rr.wer
<br />acquires fee title to the Property, the leasehold and the fee fide shall not merge unless Lender agrees [o the merger in writing.
<br />10. Mortgage Insurance. o Lender required Mortgage
<br />su Insurance effect, a condition eamaking the Loan, of
<br />Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. r t for any reason, the Mortgage
<br />Insurance coverage required eq Lender make es to be available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to makebtain separately
<br />coverage insurance,
<br />Borrower shall pay tube premiums required to obtain coverage wee omtadyequ ag eIn to the Mortgage Insurance previously
<br />effect, at a cost substantially equivalent d the cost to Borrower uRhe Mortgage a Insurance e coverage effect, from an
<br />Borrower alternate mortgage insurer
<br />to so ecled by Lender_ It'suattire sepy atlyd equivalent Mortgage Insurance coverage rs not available,
<br />Borrower shall tobeine pay to Lender theamountsean separatelydesignated payments efti dabldue when theinsurance
<br />Mortgage g ceased to beSuch loss Lender will be accept, use and retain utwit payments as e fact that the Loan loss reserve in licuuf in
<br />Mortgage Insurance. not Te reserve shall pay Borrower any inter st of r earnings n on he fact I e er Loan rs der ultimately ano lard er
<br />Rill, qiu, Lendeserve not nnts if Mortgage Borrower env eiaere (in the amount t such loss reserve. Lender can no longs)
<br />require loss reserve payments if Mortgage insurance es avage le, the amount and en the period that Lender reignites)
<br />provided t by an insurer selected by Lender again becomes available, is obtained, and eInsur Insurance as separately making nathe
<br />payments towardlute was For Mortgage separately If Lenderrequired Mortgage premiums for Mortgage ance,
<br />Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums nt for or maintain ranee en Insurance in in effect, or to provide anon-refundable loss
<br />Borrower until Leader's requirement for for Mortgage Issuance ends rn accordance with any written agreement g between
<br />Borrower and Lender providing obligation for such repay ratti st t irl tTate pr vii es required by Applicable Law. Nothing in this
<br />Section I0 affects Borr'ower's eimse repay interest attire rate t provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance, '
<br />NnRRASRA Nngle Family — Fannie RIWFreddie MVe UNIFORM INSTRUMENT Form3028 1101 (pogo- 4(fApagr3)
<br />171,111 '1,N) .luhG
<br />GOIIA0015.4)
<br />
|