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MAR.21.20O2 12 :42PM
<br />20020 423'7
<br />N0.078 P.29f72
<br />or certification, Borrower shell also be resppnsible for the payment of any fees imposed by
<br />the Federal Emergency Management Agency in connection with the review of any flood
<br />zone determination resulting from an AhjegtlQn �y Borrower.
<br />If Borrower fails to maintain any of the coverages described above, lender may obteln
<br />insurance coverage, at gender's option and Borrower's expense, Lender is under no
<br />obligation to purchase any particular type or amount of coverage, Therefore, such coverage
<br />shall cover Lender,- but might or might not protect Borrower, Borrower's equity in ttte
<br />Property, or the contents of the Property, against any risk, hazard or liability and might
<br />provide greater or lesser coverage than was previously in effect, G orrower acknQwiedges
<br />that the Post of the insurance coverage so ohtained might significantly exceed the cost of
<br />insurance #hat borrower could have pptained. Any amounts disbursed by Lender under
<br />this Beqtlon 5 shell bQcpme additional debt Qf Borrower secured by this Sepurlty Instrument,
<br />These amounts shall beer interest at the Note rate from the date of disbursement and shall
<br />be payable, with such interest, upon notice from Lender to Borrower requesting payment.
<br />All insurance policies required by lender and renewals of such policies shall be subject
<br />to Lender's right to disapprove such policies, shall include a standard/ mortgage clause, and
<br />shall name Lender as mortgapee and/or as an additional loss payee, Lender -shall have the
<br />right to hold the policies and renewal certificates. If Lender requires, gorrower shall
<br />promptly give to Lender all receipts of paid premiums and renewal notices, If Borrower
<br />obtains any form of insurance coverage, not otherwise required by sender, for damage to,
<br />or destruction of, the Properly, svrh policy shall include a standard mortgage clause and
<br />shall name Dander as mortgagee and /or as an 000itipgA1 loss payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and
<br />Lender. Lender may make proof of loss if not made promptly by Borrower, Unless Lender
<br />and Borrower otherwise agree in writing, any insurance proceeds, whether or not the
<br />underlying insurance was required by Wnder, 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
<br />lessened. During such repair and _restoration period, Lender shall have the right to hold
<br />such insurance proceeds until I_eker has had an opportunity to Inspect such Property to
<br />ensure the work has peen completed to Lender's satisfaction, provided that such inspection
<br />shall be undertaken promptly. Lender may disburse proceeds for the repairs and
<br />restoration in .a single payment or in a series of progress payments as the work is
<br />completed. Unless an agreement is made in writing or Applicable Law requires Interest to
<br />be paid on such insurance proceeds, sender shall not be ragkired to pay Borrower any
<br />Interest or earnings on such proceeds, Fees for public adjusters, or other third parties,
<br />retained by Borrower snail not be paid out of the insurance proceeds and shall be the sole
<br />obligation of Borrower. If the restoration or repair is not economically feasible or Lender's
<br />security would be lessened, the insurance praeeeds shall be applied to the sums secured
<br />py this Security instrument, whether or not then due, with the excess, if any, paid to
<br />Borrower, Such insurance prpceods ahall be applied in the order provided for in- Section 2.
<br />If Borrower abandons the Property, I- enter may file, negotiate and settle any available
<br />insurance claim and related matters. if Borrower rides not respond within 30 days to a
<br />notice from Lender that the Insurance carrier has offered to settle a claim, then Lender may
<br />negotiate and settle the claim. The 30-day period will begin when the notice is given, ih
<br />SNE07 Rev IM3M0 pop 7 of 1B Inllials; FORM 3a= 101
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