200510740 - Laserfiche WebLink

Browse

200510740 work has been completed to Lender's satisfaction, provided that such inspection sha11 be undertaken promptly. Lendermay disburse proceeds for the repairs and restorationin 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, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties,retainedby Borrower shall not be paid out of the insurance proceeds and sha11 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 securedby this Security Instrument,whetheror not then due, with the excess, if 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 me, negotiate and settle any available insurance claim and reIatedmatters.lf Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lendermay negotiate and settle the claim. The 30"day period wi11 begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument,and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property,insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrowershall occupy, establish, and use the Property as Borrower's principalresidence within 60 days after the execution of this Security Instrumentand sha11 continue to occupy the Property as Borrower's principal residence for at least one year after the date 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; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorateor commit waste on the Property. Whetheror not Borroweris residing in the Property, Borrower shall maintainthe Propertyin orderto prevent the Propertyfrom deteriorating>r decreasingin value due to its condition. Unless it is determinedpursuantto Section 5 that repair or restorationis not economically feasible, Borrower sha11 promptly repair the Propertyif damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has reIeasedproceedsfor such purposes. Lendermay disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender sha11 give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. 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 Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurateinformationor statementsto Lender ( or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. . "6A(N E) (0407) @ Paga 7 of 15 Inltlal'~ ?l1(1 rrm 3028 1/01