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200214263
<br />coverage, not otherwise required by Lender, fiv damage to, or destruction of, the Property, such policy shall include a
<br />standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
<br />In the wont of loss. Borrower shall give prompt reticent the insurance carrier and I- ender. Lender may make proof
<br />oflossifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ofthe Property. if
<br />the resroration or repair is ce momically feasible and Lender's Security is not lessened. During such repair and restoration
<br />period, Lender shall have the ripltI to hold such insurance proceeds until Lender has had an opportunity to inspect such
<br />Property [o ensure the work has Veen completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress
<br />payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest it) be paid
<br />on such insrirancc proceeds, Lender shall net be required to pay per i ower any interest or earnings on such proceed s. Pees
<br />for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be
<br />the sole obligation of Borrower. If the restoration or report 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 Insuument, whether or not then clue,
<br />with the excess, if any, paid to Borrower Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property. Lender may file, negotiate and settle any available insurance claim and rclanal
<br />matters- If Borrower does not respond within 3D days to a notice from Lender that the insurance carrier has offered to settle a
<br />claim, then Lender may negotiate and settle the claim- The 30 -day period will begin when the notice is given. In either
<br />event, or iftender acquires the Property under Section 22 or otherwise, Borrower hereby assigns Lo Lender (a) Borrower's
<br />rights to any insurance proceeds in an amount not to exceed theamnunts unpaid under the Note or this Security Instrument,
<br />and (b) any other of Borrower's rights (other than the right to any, efund of unearned premiums paid by Borrower) under all
<br />insurance policies covering the Property, Insofar as such rights are applicable to the coverage of Property - I endcr may
<br />use the insurance proceeds either to repair or resore the Property or to pay amounts unpaid under the Note or this Security
<br />lesuument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy,cstahlish, and use the Property as Borrower sprincipalresidencewithin
<br />60 clays after the execution of this Security Instrument and shall continue to orcupy the Property as Borrower's principal
<br />residence for at least one year after the date
<br />of wcapancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless'
<br />extenuating circumstareas exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate or commit waste
<br />on the Property. Whether or not Borrower is rending in the Property, Borrower shall maintain the Property in order to
<br />prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to
<br />avoid bather deterioration or damage If insurance m condemnation proceeds are paid in connection with damage pion the
<br />taking of, the Property. Borrower shall he responsible for repairing or restoring the Property only If Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
<br />of progress payments as the work is completed. If the insurance or condemnation proceeds arc not sufficient to repair or
<br />restore the Property. Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />lender m its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause.
<br />Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or
<br />prior to such an interior inspection specitying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shall he in default if, during the Loan application process,
<br />Borrower or any persons or entities turn, at the direction of Borrower or with Borrowers knowledge or consent gave
<br />materially false, misleading, or inaccurate information or statements to !antler (or failed to provide Lender with material
<br />information) in connection with the Loan Material representations include, but are not limiteilto, representations concerning
<br />Borrower's occupancy of the Property as Borrower s principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If
<br />(a) Borrower tails to pertortn the covenants and agreements conwmed in this Security Instrument, (h) there is a legal
<br />proceeding that might significantly allect Lender `s interest in the Property nation rights under this Security Instrument (such
<br />as a proceeding in bankruptcy, probate, for condemnation or forfeiture, fiv cnfi rcerneat of a lien which may attain priority
<br />over this Security Iestiuntent or to enforce laws or re,ul ations), tat (c) Borrower has abandoned the Property, then Lender
<br />may do and pay for whatever is reasonable or appropriate to protect I ender's interest in the Pi excrty and rights under this
<br />Security Instrument, including protecting and/or as'scssing tie value of the Property, and securing and/or repairing the
<br />Property. Lender's acrions can include, but are not limited to (a) paying any sums secured by a lien which has priority over
<br />this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' tees to protect its interest in the
<br />Property and/or rights under this Security Instrument, including its Secured pus inon in a bankruptcy proceeding Securing
<br />the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors
<br />lend windows, drain water from pipes, eliminate building or other code violations or clangurons conditions, and have utilities
<br />turned on or off Although Lender may take action under this Section 9, Lender does not have to do so and is not under any
<br />duty or obligation to do so- It is agreed that Lender heat s no liability for not raking any or all actions authorized under this
<br />Section 9.
<br />Any amounts h se amounts nt Lender under this Section 9 shat I become additional daieof d debt of Borrower all b secured y this
<br />Seaintylnstrument. These amount shall bear interest at the Note rate from the date ofdisbursement and shall be payable,
<br />with such interest, upon notice from Lender m Borrower requesting payment.
<br />ifthis Secarrtylnstrumentisonaleasehold, Borrower shall comply with all the provisions ofihc Irate. ICBom>wei
<br />acquires fee title to the Property, the Icaschold and the fee title shall not merge unless lender agrees to the merger in writing
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the fear,
<br />Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage
<br />Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. It substantially equivalent Mortgage Insurance coverage is not available,
<br />Borrower shall continue to pay m Lender the amounwf the separately designated payments that wereclue when the insurance
<br />coverage ceased m he in effect. Lender will accept, use and reran n these payments as a non - refundable loss reserve in lieu of
<br />Mongtogehisuranee. Such loss reserve shall be ran- refundable, notwithstanding the fact that the loan is ultimately paid in
<br />full, and Lender shall not be required to pay Borrower any imerestor earnings oe such toss reserve Lender can no longer
<br />require loss reserve payments it Mortgage Insurance coverage (in the amount and for the period that Lender requires)
<br />provided by an insurer selected by Lender again becomes available, n obtained, and Lender requires separarely delepnatel
<br />paymenutawaidtheprem iumsfor Mortgagelnsurance, If Londe r req in red Mortgage insurance as a condition of making the
<br />Loan and Borrower was required to make separately designated payments Lward the premiums for Mortgagge insurance,
<br />Borrower shall pay the premiums required to maimain 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 and lender providing for such termination or until termination is required by Applicable Law. Nothing in this
<br />Section 10 affects Borrower's obligation to pay interest an the rate provided in the Note.
<br />Mortgage Insurance reimher.ses Lender for env entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not ropey the Loup as agreed. Borrower is not a party to the Mortgage Insurance.
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