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200212489
<br />that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth 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's right to disapprove Borrower's choice,
<br />which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan,
<br />either: (a) a one -time charge for flood zone determination, certification and tracking services; or (b) a one-time
<br />charge for flood zone determination and certification services and s'ubs'equent charges each time retrapping, 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 Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage,
<br />at Lender's option and Borrower's expense- Lender is under no obligation to purchase any particular type or amount
<br />of covcragc Therefore, such coveinge shall cover Lender, but might or might not protect Borrower. Borrower's
<br />equity in the Property, M'tire contents of the Property, against any risk, hazard or liability and might provide greater
<br />or lesser covcragc than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so
<br />obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts
<br />disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security
<br />These ese amounts shall bear 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 Lander and renewals of such policies shall be subject to 1 -ender 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 hold the policies and renewal certificates. If leader requires.
<br />Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any
<br />torn of insurance covcragc, not otherwise required by Lender, for damage lo. or destruction of, the Property, such
<br />policy shall include a standard mortgage clause and shall name Lender us inorhoigee and /or as an additional loss
<br />payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance curio and Lender. Lender via y
<br />make proof of loss if not made promptly by Borrower. Unless Lender and Borowcr otherwise agree in writing, any
<br />insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration
<br />or repair of the 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 until Lender
<br />his had on opportunity to inspect such Property to ensure the work has been completed to Lender's' sateca,nou,
<br />provided that such inspection 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 completed. Unless an agreement is
<br />made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not he
<br />require) to pay Borrower any interest or earnings on such proceeds. Pees for public adjusters, or other Ihu'd parties.
<br />retained by Bor over shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If
<br />the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds
<br />shall be applied to the sums secured by this Security lnsfmmenl, whether or not then due, with the execs, it guy,
<br />paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Propertv, Lender may file, negotiate and settle any available insurance claim and
<br />related mattes. If Borrower 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, 'the 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 (other than the right to any refund
<br />of unearned premiums paid by Boor ower) under all insurance policies covering the Property, insofar as such rights
<br />NFRR SE Single Family — Fame¢ MaeTrediie Mac UNIFORM INSTRUMENT Form 3028//01
<br />oocnxas (PaSZ s of ]2 vasrrJ
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