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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 <br />NFRR%SKA— Sinelr Family— Fannie NlaidPreJUic NIac UNIFORM INS I RUMEN 'I Fnrm30281/nl <br />uoco mr� fYgCe 5nll nprzgen/ <br />ommxcs vxx avven000 <br />