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200200982
<br />coverage, not otherwise required by Landon for damage to, or destruction of, the property, such policy shall include a
<br />Standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
<br />In the event of loss, Borrower shall give prompt notice to the insuranceven'far and Lender. Lender may make proof
<br />ofloss ifnolinadepromplly by Borrower. Unless Lendcrand Bomoweleductwise agree inwriting,any inswmrceproceeds,
<br />whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ofthc Property, if
<br />the restorafiun or re air is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, Lender shalPhnve the right to hold such insurance proceeds until Lender' has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress'
<br />payments as the work is completed. Unless an agreement is made in writing or Applicable Lew requires interest to be paid
<br />on such insurance proceeds, Lender shrill 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 of the insurance proceeds and shall be
<br />the sole obligation of Borrower, if file 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 Security instrument, whether or not then due,
<br />with the excess, ifuny, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />IfRorrowcr 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, than Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given, In either
<br />event, car 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 die right to any refund of unearned premiums paid by Borrower) under all
<br />insurance policies covering the Property, Insofar as such rights are applicable to the coverage ofthe Property bender may
<br />use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security
<br />instrument, whether or not then due.
<br />6. occupancy. Borrower shhall occupy, establish, and use the Properly as Borrower's principal residence within
<br />60 days after the execution ofthis Security Instrument and shall canine to occupy the Property as Borrower's principal
<br />residence for at least one year offer the date or unless
<br />of occupancy unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld,
<br />extenuating circumstances exist which are beyond Borrower's control.
<br />7. Preservat ion, Maintenance and Protection of the Properly; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate or commit waste
<br />an the Properly. Whether or lot Borrower is residing in the 1'mperty, Borrower shall maintain the Properly in order to
<br />prevent the Property Loan deterioratinot g or decreasing in value due to its condition. Unless 11 is determined pursuant to
<br />Section 5 that repair or restoration is neconomically feasible, Borrower shall promptly repair the Prophertty ifd damaged to
<br />taking of the Property, Borrower shall be responsmte for repmnng or resmrm.g me —'s,"
<br />proceeds �..v •• -•• - -• --
<br />proceeds for such purposes. Lender only dishurs. proceeds for the repairs and restoration in a single payment or in a series
<br />ofprogress payments as the work is completed. Ifthe insurance or condemnation proceeds are not sufficient to repair or
<br />restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />Lander or its agent may make reasonable entries upon and inspections oflhe Property. If it has reasonable cause,
<br />Lender may inspect the interior ofthe improvements on the Property. Lender shall give Borrower notice at the time otter
<br />prior to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Appllontion. Borrower shall be in default it; during file Loan application process,
<br />Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material
<br />information) in connection with the Loan. Material representations include, but are not limits fo,representalionsconeerning
<br />Borrower's 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. If
<br />(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal
<br />proceeding that might significantly affect Lender's interest in the Property and /or rights under this Security Instrument (such
<br />as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement ofa lien which may attain priority
<br />ever this Security Instrument ix to enforce laws or regulations), ur (c) Borrower has abandoned the proper, then Lender
<br />may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this
<br />Security Instrument, including p od"ting and /ar assessing the value of the Property, and securing and/or repairing the
<br />Property. Lender's actions can include, but are not limited lo:(a) paying any sums secured by a lien which has priority ova
<br />o ;. q—., av 1—trnment (b) mucanng in court; and Let paying reasonable attorneys' fees to protect its interest in the
<br />theproperry, includes, but is not hailed lo, entering the rropeoyu, ranee rcpun a,...•...e...,.. •- • - - - --- - -- - --
<br />and windows, dram wider fiom pipes, eliminate building or other code violations or dangerous conditions, and haveullllties
<br />turned on o' off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any
<br />duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this
<br />Section 9.
<br />Any amounts h disbursed
<br />amounts nt lender under res Section 9 shall become additional debt ofBorrower secured y This
<br />Security instrument, Those amounts shat l beer Interest at We Note rate firm the data ofdisbursemenl and shall be payable,
<br />with such interest, upon notice fium Lender to Borrower requesting payment. .
<br />If Otis Security Instrument is on a Iessehu d, Borrower shall comply with all the provisions of lease. IfBOrower
<br />acqu lres fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />30. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
<br />Borrower shall pay the premiums required to maintain the Mortgage Ii eurance in effect. If, for any reason, the Mortgage
<br />Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to make separately designated payments toward the premiums fur Mortgage Insurance,
<br />Borrower shall pay the premiums required to ubmin coverage substantially equivalent to die Mortgage Insurrince prev iti Zln
<br />in effect, at a cost substantially equivalent to the coal to Borrower ofthe Mortgage Insurance previously in effect,
<br />alternate mortgage insurer selected by Lender. Ifsubstantially equivalent Mortgage Insurance coverage is not available,
<br />Borrower shall continue to pay to Lender the amount ofthe separately designated payments that were due whur life insurance
<br />coverage ceased to be in effect. Lender will accept, use and retain these payments as a non - refundable loss reserve in lieu of
<br />Mortgage Insurance. Such loss reserve shall be nom- retundable,not withstanding the fact that the loan is ultimately paid in
<br />bill, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. lender can no longer
<br />require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires)
<br />provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated
<br />payments fovurd the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition ufmaking the
<br />Loan and Borrower was required to make separately designated payments toward the premiums Cur Mortgage Insurance,
<br />Borrw
<br />cover shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide It non -ref ridable loss
<br />reserve, until lender's requirement for Mortgage Insurance ends in accordance with any written agreement between
<br />Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this
<br />Section 10 affects Borrower's obligation to pay Interest at the rate 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. Bon'ower is not a party to the Mortgage Insurance,
<br />N&13e,00I" Single ready -Faaa le MrdFrenle Mae UNIFORM WS RUMMI Fmm1038 1101 U.ngeJoJBpages)
<br />9754CVQ101) 011ae]
<br />GOTO(OOalnuna)
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