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200214270
<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 carded oa the
<br />Property insured against loss by tire, 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 subsequent charges each time remappings or
<br />similar changes occur which reasonably might affect such determination or certification. Burrower 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 Burrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage,
<br />of Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount
<br />of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's
<br />equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater
<br />or lesser coverage than was previously in effect. Burrower 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 />Instrument. These 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 Lender and renewals of such policies shall be subject to Lender'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 fuss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires,
<br />Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any
<br />form of insurance coverage, not otherwise required by Lender, for damage to, or destruction (if, the Property, such
<br />policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss
<br />payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
<br />make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any
<br />insurance proceeds, whether or not the underlying insurance was requited 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, [.under shall have the right to hold such insurance proceeds until Lender
<br />has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction,
<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 be
<br />required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties,
<br />retained by Borrower 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 he applied to the suns secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />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 tile, negotiate and settle any available insurance claim and
<br />related nmthax. 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 30day 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 refimd
<br />of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights
<br />NEBK48KA -Single Pacady— Fannie Mae /Freddie Mae UNIFORM INSTRUMENT i.e. 30281/61
<br />eecui ryes ih ge 5 of 11 pages)
<br />cocuixes.vrx 11/18/2000
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