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200312073 <br />The Funds shall be held In an institution whose deposits are insured by a fs <br />1r, If Lender is an institution whose deposits are so insured or in any Federal I <br />le Escrow Items no later than the time specified under RE1SPA, Lender shall <br />:. annualN analvzina the escrow account, or verifying the Escrow Items, unIBE <br />be paid on the units, Lender shall not be required to pay Borrower any interest or earnings to a Funds. without charge, an en <br />agree in writingg however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual <br />accounting of Re Funds as required by RESPA. <br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in <br />accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as <br />required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but <br />in no more than until Lender's rawthi payments If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender <br />shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in <br />accordance with RESPA, but in no more than until Lender's monthly payments. <br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held <br />by Lender. <br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property <br />which can attain priority over this Security Instrument, leasehold payments or ground rents on the Propperty, it any, and Community <br />Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the <br />manner provided in Section 3. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower. (al agrees in <br />writing to the payment of the obligatian secured by the lien in a manner acceptable to Lender, but only so long as Borrower is <br />pedorming such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal Proceedings <br />which n Lender's opinion operate to prevent the eniorcoment of the lien while those proceedings are pending, but only until such <br />pro ceetlinss are concluded; or (c) secures from the holder of the lien en agreement satisfactory to Lender subordinating the lien to <br />this Securit y Instrument. If Lender determines that any PPart of the Property is subject to a lien which can attain priority over this <br />Security Instrument, Lender may give Borrower a notice Idenlit ying the lien. Within 1� days of the dale on which that notice is given, <br />Borrower shall satisfy the lien or take one or more of the actions set forth above In this Section 4 <br />Lender may require Borrower to pay acne -time charge far a real estate tax verification and/or reporting service used by Lender <br />in connection with this Loan. <br />6. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured <br />against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited lo, <br />earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including <br />deduct le levels) and far the periods that Lender requires. What Lender requires pursuant to ilia preceding sentences can change <br />during the faith of the Loan. The insurance carrier providins the insumnce shall be chosen by Borrower subject to Lender's right o <br />disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection <br />with this Loan, either (a) a one -time charge for flood zone determination, certification and tracking services; or (b) a one -time chage <br />for flood zone determination and certification services and subsequent char es each time ram pings or similar drop is occur <br />which reasonabN might afteet such detertnlnalion or eedification. borrower shall also be responsible for iha payment of any fees <br />imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resuAing <br />rrom an ooiscuon uy omlowei. <br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option <br />and BorroweYs expense. Lander is under no obligation to purchase any particular type or amount of coverage. Therefore, such <br />coverage shall cover Lender, but might or might not protect Borrower, BorroweYs equity in the Property, or the contents of the <br />Property, against anyy risk, hazard or Ilahility and might provide greeter or lesser coverage than was previously in effect. Borrower <br />acknowledges that ilia cost of the insurance coverage so obtained might significantly exceed ilia cost of insurance that Borrower <br />could have obtained. Any amounts disbursed by Lender under this Section 5 shell become additional debt of Borrower secured by <br />this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with <br />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 to disapprove such <br />policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender <br />shall have the right to hold the policies and renewal cortiticates. If Lender requires, Borrower shall promptly give to Lender all receipts <br />of paid premiums and renewal notices. If Borrower obtains any Conn of insurance coverage, not otherwise required by Lender, for <br />damage to, or destruction of, the Propeny, such policy shall Include a standard mortgage clause and shall name Lender as <br />mongag and/or as en additional loss payee. <br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss <br />not made promptly Borrower. Unless Lender and Borrower otherwise agree in writing, any inerrancy proceeds, whether or not the <br />underlying insurance was required by Lender, shall be applied to restoration it repair of the Property, if the restoration or repair is <br />economically feasible and Lender's security is not lessened. Uniting such repair and restoration period, Lender shall have the ri ght to <br />hold such Insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed d <br />to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs <br />and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in <br />writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any <br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of <br />the insurance proceeds and shall be the sole obli gation of Borrower. If the restoration or repair is not economically feasible or <br />Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, <br />whether or not than due, with the excess, if any, paid to the Borrower. Such insurance proceeds shall be applied in the order <br />provided for in Section 2. <br />If Borrower ahandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If <br />Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender <br />may negotiate and settle the claim. The 30 -day period will basin when the notice is given. In either event, or if Lender acquires the <br />Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) BorroweYs rights to any insurance proceeds in as <br />amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of BorroweYs rights (other <br />than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as <br />such rights are applicable to the coverage of the Propperty. Lender may use the insurance proceeds either to repair or restore the <br />Property or to pay amounts unpaid under the Note art is Security Instrument, whether or not then due. <br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days <br />after the execution of this Security Instrument and shall continue is occupy the Property as Borrower's principal residence for at least <br />one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or <br />unless extenuating circumstances exist which are beyond Borrower's control. <br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or <br />impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the <br />pro d Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its <br />condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feast le, Borrower shall <br />promptly repair the Property it damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in <br />connection with damage lo, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if <br />Lander has released proceeds for such purposes. Lander may disburse proceeds for the repairs and restoration in a single payment <br />or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair <br />or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. <br />WEIRMB -sIMIG Funny- H- McN,vA,f. Mw UMPoRM "AUMem <br />2ry$e NE= 01.1 Pei <br />Form aoxi l.f law•iarwavl V" <br />