|
200502951
<br />DOC ID #: 0009051259203005
<br />5. Property Insurance. Borrower shall keen included within improvements now existing
<br />term "extended ocoverageer erected on
<br />other
<br />Property insured against loss by fire, hazards x
<br />hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance.eThis
<br />insurance shall be maintained in the amounts (including deductible
<br />change dunng the term of the Loan.
<br />requires. What Lender requires pursuant to the preceding
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's Borrower
<br />to
<br />disapprove Borrowers choice, which right shall not be exercised unreasonably. Lender may q
<br />to pay, in connection with this Loan, either: (a e for fl od one determination and certification determination, cation ,service and
<br />and tracking services; or (b) a one-time charg ch
<br />subsequent charges each time remappings or similar changes occur which reasonably fees ightt of imposed , the
<br />determination or certification. Borrower shall also be responsible for the payment Of a zone determination
<br />Federal Emergency Management Agency in connection with the review of any flood
<br />resulting from an objection by Borrower. 0 in tai i
<br />If Borrower fails to maintain owe °s the n eV Le�deras nnderno obligation to o purcha, e any particular'
<br />coverage, at Lender's option and Bo P
<br />type or amount of coverage. Therefore, such coverage shall cover Lender, but might or Wright not pardeor
<br />Borrower, Borrower's equity in the Propertcoverage than was peviouslypnteffecg Borrower acknowledges
<br />liability and might provide greater o
<br />that the cost of the insurance coverage obtained rs d by Lender significantly Section 5eshall become additional
<br />Borrower could have obtained. Any am
<br />te rate from
<br />debt of Borrower secured by this Security Instrument. These amounts shall oe notice terom Lender oto Borrower
<br />the date of disbursement and shall be payable, with such interest, up
<br />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
<br />Lender shall have he right to hold the policies a name Lender as d re ewal rtificage If
<br />and/or as an additional loss payee.
<br />Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. I
<br />Borrower obtains any form of insurance coverage, not otherwise required by
<br />and shall name Lender as
<br />, for damage to, or
<br />destruction of, the Property, such policy shall include a standard mortgage
<br />mortgagee and/or as an additional loss 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
<br />writing, any insurance proceeds, whether or not the underlying
<br />restoration oranrepaiaSiseecorrorrucallynfeasibleland
<br />applied to restoration or repair of the Property, ve
<br />hold
<br />Lender's security is not lessened. During such repair and restoration period, Lender shall hen ere tr ght tok has
<br />such insurance proceeds until Lender has had an opportunity to inspect such Property to
<br />been completed to c Lenders satisfaction, that such inspection shall
<br />a single payment or n a series of progress payments
<br />may disburse proceeds for the repairs and lrcable Law requires interest to be
<br />as the work is completed. Unless an agreement is made in writing or ABppp�OWer any interest or earnings on
<br />paid on such insurance proceeds, Lender shall not be required to pay
<br />such proceeds. Fees for public adjusters, or other by shall
<br />the insurance proceeds and shall be the sole obg ation of If the restoration or repair not
<br />economically feasible or Lender's security would be lessened, the insurance proceeds shall aid applied
<br />o Borrower.
<br />sums secured by this Security Instrument, whether or not then due, with the excess, if any, p
<br />Such insurance proceeds shall be applied in the or er provided o
<br />r i nd et . any av
<br />oailable insurance claim
<br />If Borrower abandons the Property, Y frle
<br />and related matters. If Borrower does not respond withnegotiate and notice from
<br />claim. The 30 -day period awrll
<br />carrier has offered to settle a claim, then Lender may under Section or
<br />begin when the notice is given. In either event, or if Lender acquires the Prance proceeds a io amount
<br />otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any other in Borrower's
<br />not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any
<br />rights (other than the right to any refund oht nar�a d lcable tos hec aveB ge of the Propertyl Lenderemay use
<br />covering the Property, insofar as such ng pp
<br />the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this
<br />Security Instrument, whether or not then due. rinci al residence
<br />6. occupancy. Borrower shall occupy, establish, and use the Property as Borrower's p p
<br />within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as
<br />Borrower's principal residence for atrie be one year
<br />ably fter the date of withheld, or unless pextenuating circumstances rexi t
<br />agrees in writing, which consent shall
<br />which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Properly; Inspections. Borrower shall not
<br />destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property.
<br />Whether or not Borrower is residing in the Property, Borrower shall maintain the, Property in order to prevent
<br />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
<br />Initla .. &_�_ y .
<br />Form 3028 1/01
<br />dM 6A(NE) (0005).01 CHL (01 /01) Page 5 of 11
<br />
|