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200205894
<br />that notice is given, Borrower shall satisfy the lien or take one or more of the actions set tomb above in this Section
<br />4.
<br />Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting
<br />service used by Lender in connection with this Loan.
<br />5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by fire, hazards included within the term "extended coverage;' and any other hazards
<br />including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be
<br />maintained in the amounts (including deductible levels) and for the periods that Lender requires_ What Lender
<br />requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier
<br />providing the insurance shall be chosen by Borrower subject to Lender', right to disapprove Borrower's choice,
<br />which right shall not be exercised unreasonably. Lender may require Borrower In pay, in connection with this Loan,
<br />either (a) a one -time charge for flood zone determination, celtiftcatimt and trucking services; or (b) a one -time
<br />charge for flood zone determination and certification services and subsequent charges each time remappings or
<br />similar changes occur which reasonably might affect such determination or certification. Borrower shall also be
<br />responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection
<br />with the review of any flood zone determination resulting from an objection by Burrower_
<br />If Borrower fails to maintain any ofthe coverages described above, Lender may obtain insurance coverage,
<br />at I enter's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount
<br />of coverage Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's
<br />equity in the property, or the contents ofthe Property, against any risk, hazard or liability and might provide greater
<br />urn lesser coverage than was previously in effect Borrower acknowledges that the cost ofthe insurance coverage so
<br />obtained might significantly exceed the cost of insurance that Borrower could have obtained Any amounts
<br />disbursed by Tender under this Section 5 shall become additional debt of Borrower secured by [Inis Security
<br />IIIStrnllleIII. These amounts shall hear interest at the Note rate from the date of disbursement and shall be payable,
<br />with such interest, upon notice from Lender to Borrower requesting payment.
<br />All insurance policies required by I ender and renewals ofsuch policies shall be subject to Lender's right
<br />to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and /or as
<br />an additional loss payee. Lender shall have the right to held the policies and renewal certificates. If Lender requires,
<br />Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices_ If Borrower obtains any
<br />form of insurance coveage, not otherwise required by Tender, for damage to, or destruction of, the Property, such
<br />policy shall include a standard mortgage clause and shall name Lender as mortgagee and /or as an additional loss
<br />payee
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
<br />make proofof loss if not made promptly by Borrower Unless Lender and Borrower otherwise agree in writing, any
<br />insurance proceeds, whether or not the underlying insurance was required by Leader, shall be applied to restoration
<br />or repair ofthe Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such insurance proceeds unfit Lender
<br />has had an opportunity to inspect such property to ensure the work has been completed to Lender's satisfaction,
<br />provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and
<br />re,unatiun in a single payment or in a series ofprogress payments as the work is completed. Unless an agreement is
<br />made in writing or Applicahle Law requires interest to be paid on such insurance proceeds, Lender shall not he
<br />required to pay Burrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties,
<br />retained by Borrower ,hill nut he paid out ofthe insurance proceeds and shall be the sole obligation of Burrower. If
<br />the restoration or repair is nut economically feasible or Lender's security would be lessened, the insurance proceeds
<br />shall be applied to lac Burns secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such insurance proceeds shall he applied in the order provided for in Section 2.
<br />If Borrow, abandons the Property, Lender may File, negotiate and settle any available insurance claim and
<br />refuted matters. If Burrower does not respond within 30 days to a notice from Lender that the insurance carrier has
<br />offered to 'settle a claim, then Lender may negotiate and settle the claim. 'fhe 30-day period will begin when the
<br />notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby
<br />assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid
<br />under the Note or this Security Instrument, and (b) any other of Borrower's rights (otherthan the right litany refund
<br />of neared prernium, paid by Borrower) under all insurance policies covering the Property, insofar as such rights
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