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200700545 or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, lender may obtain insurance coverage, at lender's option and Borrower's expense. lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from lender to Borrower requesting payment. All insurance policies required by lender and renewals of such policies shall be subject to lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name lender as mortgagee and/or as an additional loss payee. lender shall have the right to hold the policies and renewal certificates. If lender requires, Borrower shall promptly give to lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and lender. lender may make proof of loss if not made promptly by Borrower. Unless lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and lender's security is not lessened. During such repair and restoration period, lender shall have the right to hold such insurance proceeds until lender has had an opportunity to inspect such Property to ensure the work has been completed to lender's satisfaction, provided that such inspection shall be undertaken promptly. lender may disburse proceeds for the repairs and restoration in 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, retained by Borrower shall not be paid out of the insurance proceeds and shall 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 secured by this Security Instrument, whether or 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 file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from lender that the insurance carrier has offered to settle a claim, then lender may negotiate and settle the claim. The 3D-day period will begin when the notice is given. In SNE07 Rev 10/03/00 Page 7 of 1B Initia's;~ FORM 3028 1/01