200210141 - Laserfiche WebLink

Browse

ZI 'd 200210141 work has been completed to Linda's satisfaction, provided that such iaspeetion shall be undertaken promptly, Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall or be rcryircd to pay Botruwer any interest or earnings on such proceeds. Pees for public adjusters, or other third parties, retained by Borrower shall not Isd paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shall be applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower, Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 -02y period will begin when the notice is given. In caller event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Nola or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. lender may use the insurance proceeds either hr repair or ruWre the Property or to pay amounts unpaid under the Now or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days alter the execution of this Security Instrument and shall continuo to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Leader otherwise agrees in writing, which consent shall not be unreasonably withheld, or wiless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Properly, allow the Property to deteriorate or carman waste on the Properly. Whether or not Borrower is residing in the Properly, Borrower shall maintain the Properly in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically fcsihie, Borrower shall promptly repair die Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage tn, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has mleasal proceeds for such purposes. Lender may disburse proceeds for the rippairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance Or condemnation proceeds are not sufficient to repair or restore the Property. Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make treasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. S. Borrower's Loan Application. Borrower shall be in default it, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inacemaw information or statements to Lender (or failed to provide Lender with material information) in connection with the Lou. Material representations include, but are not limited to, repmscrtations concerning Borrorvr= a Occupancy of the Property as Borrower's principal residence. � -61NEI room voac r.,a x,nm +✓ X-�/ Form 3028 1701 5££Z 9£9 ZD 'ON Xd3 DIN 3WOH OBd3 S113M Wd 8£:50 AHA MR- 6I-d3S