200214001 - Laserfiche WebLink

Browse

200214001 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly_ Lcndcr 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, Leader shall not be required to pay Borrower any interest or earrings on such proceeds. fees for public adjusters, or other third patties, retained by Borrower shall not be paid nut 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 sums secured by this Security lic trunuent, whether or not then due, with the excess, it 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 Leader that the insurance ceder has oftered to settle a claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or oiherwisr, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the atnounts unpaid under the Note or this Security Instrument, and (h) any other of Borrower's rights (other than The right to any refund of unearned premiums paid by Borrower) under all insurance policies covering me Property, insofar as such rights are applicable to the coverage of the Property. I ender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or This Scutari Instrument, whether or not then due, 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrowers principal residence for at least one year after the dale of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. preservation, Maintenance and Protection of the Property; Inspectinns. Bortower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste nn the Property. Whether ar not Borrower is residing in The Property, Borrower shall maintain the Property 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 feasible, Borrower shall promptly repair the Property it damaged to ,rvnid further deterioration or damage. It insurance or condemnation proceeds arc paid in connection with damage to, or The taking of, the Property, Borrower shall be responsible for repairing or msoning the Property only if Lender has released proceeds for such put poses. lender may disburse proceeds for ttm repairs and restoration in a single payment or in a series or progress p"orents as the work is completed. If the insurance nr condemnation proceeds are not sufficient to repair or restore The Properly, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lcndcr or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lcndcr 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. R. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Burrower or with Borrower's knowledge or consent gave materially false, misleading. or inaccurate information or Isle meek m Lender ou failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Bon'nwei's occupancy of the Property as Borrower's principal msidence. - 6(NE)',o�y. _ Form 3028 1 M A