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200207719
<br />coverage, not otherwise required by 14 ad, r. for damage to, or des true lion of, Ile Property, such policy shall include a
<br />standard Lie, gage clause aad shall name Under as mortgagee and /or as an additional loss Cycle.
<br />LI the event of loss, Borrower shall give promn notice to theinsurance carrier and ender. Lendennay make Ptnot
<br />oflossifooI made promptly by Borrower. Unlesslem% randBirr( iwerol herwiscugrccinwnting ,anyinsumncepimmds,
<br />whether Or not the underlying insurance was required by (snder, shall he applied to restoration or repair of the Property, if
<br />the restoollmn or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporhmity ti inspect such
<br />Property to ensure the work has been completed to Under', satisfacl ion, provided that such inspection shall be undertaken
<br />promptly. Under may disburse proceeds for the repairs and restoration in a single payment or in a series ofprogress
<br />payments as the work is completed. Unlessanagre <menlismadcinwritingor Applicable dew requires interest to be paid
<br />oo such insurance prncceds, Under shall not be required to pay Borrower any interest or earnings on such proceeds. Pees
<br />for public adjusters, or other third parties, retained by Borrower shall nOl he paid nut of the insurance proceeds and shall be
<br />the sole obligation of Borrower. 11 the Destination or repair is not economically feasible or Lender's security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whetter or not Oren due,
<br />with the excess, ifany, Paid to Borrower. Such instance oroceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Under may file, negotiate and settle any available insumncc claim and related
<br />matters. If Burrower does not resPind within 30 days to a notice from Lender that the insurance carrier has offered to settle a
<br />claim, then Under 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 lie eby assigns to Lender (a) Borrower's
<br />rights [it 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 refund of unearned premiums paid by Borrower) under all
<br />insumncc Policies covering the Propel ly, insofar as such rights are applicable to the coverage of Ilse Property. Lender may
<br />use the insurance proceeds either to repair or restore the Property it In pay amounts unpaid under the Note of this Security
<br />Instrument. whether or not then due.
<br />6. Occupancy. Borrower shall occN,, establish, and use the Propertyas Borrower's principal i,,idaec widain
<br />60 days after the execution of this Scenrity Ins rumet and shall continue to occupy the Properly as Borrower's principal
<br />residence for at least one year after the date
<br />of occupancy, unless Lender otherwise agrees in 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 orlhe Properly; Inspections. Borrower shall not destroy,
<br />damage it impair the Properly, allow (lie Property to deteriorate or commll waste
<br />on the Properly. Whether or not Borrower is residing in the Properly, Borrower shall maintain the PfUpel b in order to
<br />prevent the Property from dclerinraling of decreasing in value due to its condition. Unless it is tletermmed pursuant to
<br />Section 5 that repair nr restoration is not economically feasible, Borrower shall prnmpdy repair the Property irdamagel to
<br />avoid further delerionli nn ordamage. If insurance or condemnation proceeds are paid in connection with damage Do, Orthe
<br />Inking of, the Property, Borrower shall be responsible for repairing or restoring the Properly only if lender has released
<br />proceeds fur such Purposes. Under may disburse proceeds for the repairs and restoration in a single payment Orin a series
<br />ofpmgress payments as the work is completed If the insurance or condemnation proceeds arc nil sufficient to repair it
<br />restore the Properl y, Ilorunver is not relieved of But r owe i's obligation for the completion of such repair Or restoration.
<br />Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasnnahle cause.
<br />Lender may m,ped the interior of the improvements nn the Property. Lender shall give Borrower notice at the time of or
<br />prior to such an utmior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Burrower shall be in default if during the Inan nppliwtiun Process,
<br />Borrower or any persons or entities acting al the direction of Borrower or with Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate information or statements In Tender (or failed to provide Under with material
<br />information)inconneclienwilhlhc ❑oat. Mater ial representations include, butare not limited to ,representationseoncerning
<br />Borrower's occupancy of the Properly as Borrower's enicipal residence.
<br />9. Protection or Leader Interest in tic Property and Rights Under this Security Instrument. It
<br />QQ Borower fails to perform the covenants and agreements contained in this Security Instrument (b) there is a legal
<br />proceeding i hal might signidcandy affect Undcl's inleresl in the Property and /or rights under this Securely Instrument (such
<br />as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement ofa (ten which mayaltain priority
<br />over this Security Instrument Or to enforce laws or regulations), or(c) Borrower has abandoned the Property then Lender
<br />may do and pay for whatever is reasonable or appropriate m protect Lender's inleresl in the Property and rights under this
<br />Security Instrument, including protecting all,]/ assessing tee value of the Property, and securing end /or repairing the
<br />Property. Lender's actions can include. but are Dot limited lo:(a) paying any sums secured by alien which has prionly OVer
<br />(his Security heslr mwnl; (b) appearing in court; and (c) paying reasonable attorneys fees to protect its interest in the
<br />Property andloi rights under this Security Instrument, including its secured position in a hankruptcy proceeding Securing
<br />the Property includes, hit[ is not limited m, cocibm the Property to make repairs, change locks, re lace or hoard up doors
<br />and windows, di sin water from pipes, eliminate building or other code violations or dangernus conSiilions, an have utilities
<br />turned on or Off Although tender may take Deli on under this Section 9, Under does not have redo so and is not under any
<br />duly or obligation le do so. It is agreed that Lender incurs no liability for nil taking any or all actions authorized wader this
<br />Section 9.
<br />Any amounts disbursed by Under under this Scelion 9 shall become additional debt of Borrower secured by this
<br />Secorily Instrument "these amounts shall bear inmremm the Note rate from the dale of disbursement and shall he payable,
<br />with trdl interest, upon notice from Icnder to Borrower requesting payment.
<br />IflhisSccurityltnstnnenl is on a leasehold, Borrower shall complywithall the provisions oflhe lease IfBOrrower
<br />acquiresteetidetothe Property theleaseh�ldan dthefcclillcshnllnutmergeunless Enderagieestolhe mergerinwriting.
<br />10. Mortgage Insurance. if leader required Mortgage Insurance as a condition of making the Loan,
<br />Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any rwson, the Mortgage
<br />Insurance coverage inquired by Lander ceases to Ire available front the mortgage insurer that previously provided such
<br />insurance and Borrower was required to make separately designated payments toward Ihcpremiums for Murtgagebasurance.
<br />Borrower shall pay the premiums required to obNnt coverage subs lantmlly equivalent to 1 is Mortgage Insurance previously
<br />in cffccl, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously m effect, from an
<br />alternate mortgage insurer selected by T ender. If substantially equivalent Mortgage Insurance coverage is Out available,
<br />Borrower shall con[ince to pay to Underr the amount of the separately designated payments thatwere duewhen the insurance
<br />coverage ceased to be in effect. lender will accept use and retainl hcscppaymcolx asa tin- nefnndable loss reserve in lieuof
<br />Mortgage Insurance. Such loss rescrvc shall be ton- refundable, notwithslanding the fact that the Loan is ultimately paid in
<br />full, and Icndcr shall not be required to pay Borrower any interest or earnings on such loss reserve. Under Call no longer
<br />require Toss reserve payments if Mortgagc, Insurance coverage (in the amount and or the period that Lender requires)
<br />provided by an insurer selected by Lender again becomes avaflahle, is obtained, and Lender requires Sepamely designated
<br />payments toward the premiums for Mortgage Insurance. I f Under telun el Men [gage Insurance as a condnnon of making the
<br />Loan and Bono,ci was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums rcquircd to maintain Mortgage Insurance in effect or to provide a non - refundable loss
<br />reserve, until lender's requirement for Mortgage Insurance ends in accordance with any written agreement between
<br />Borrower ,ad Under providing for such Icrminahun or until lennination is required by Applicable Law. Nothing in This
<br />Section LO affects Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses I coder (or any mdik that Purchases tine Note) for certain losses it may incur if
<br />Bunower does not repay the Leon as agreed. Borrower is not a party to the Mortgage Insurance,
<br />NFIIBA,SKA -S,,c, Famllp— FxnnieMne /Freddie Mac UNIFORM INSTRUMFN'I' Form30211 1 /01(111,1 n nfNpogr 1)
<br />s754 .CV(I to) GI11'"
<br />GOTi(aNla^J..1?1
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