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<br />200704727
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<br />DOC ID #: 00016463810105007
<br />5. Property lasunaee. BotrowClt shall kcop the improveri1ent1 now existing or benttftor crccted on the
<br />Property insured qainst loss by fire.. huard. iJlcluded within tbe term "extended ooverase." and any other
<br />hazard. including. but DOt liMited to, aarthquabt and fIooda. fOr which Lellder requires i'llSUl'8llee. This
<br />insurance shall be maintained in tho amounts (including dcducb1>le levels) and for the periods that Lender
<br />requires. What Lender roquiret. pU!llWlDt to tho precedlna sentences 0lIl chllllle durina the ttmn of the Loan.
<br />The insurance carrier providing the inIuraIlce IhaII be cho_ by Borrower subject to Lendet. riJbt to
<br />disapprove 80rr0wcr's choice. which risJrt shall not be exerclhd UfttClUOIJAbly. Lender DUly require Bonower
<br />to pay, in cofmection with this Loan.eithcr: (a) a one.time ohqe for flood:lOne determinltion, certification
<br />and tracldnl serviees; or (b) a one-timo cbar&e for fJood ZODC detcrmimdicm and certification lCI'Vices and
<br />subseq1*lt chIrge& _ time ranlppiDp or simll... dimps occur wbioh n:uonably might aft'ect such
<br />clctamidation or certification. Borrower.....1 also be mpouible for the payment of lIlY fees imposed by the
<br />Fedcra1 BmlllpDC)' Manapment Apnqt in connection with the review of any flood zone determination
<br />rcllUltins ftom III objection by Borrower.
<br />If Borrower fails to matntaiD any of the COVCl'IgCS described above. Lender may obtain ina1.U'lll<:e
<br />COvtl'lP, at Lendcr'. option and Borrowcr'J expense. Lender is under no obliption to purcbue any particular
<br />type or amount of covcnp. tbcrefoce. .uch COVCtap shall cover Lender, but might or misJrt not protect
<br />Bonowcr, Borrower's cquityiD the Property, or thO 00Dtenta of the Proporty, qainst my risk, hazard or
<br />ItabUit)' and miJht provide ~ or law coveraac than was previously .In cffoct. Borrower acknowledges
<br />that the COil of the insurance covenga so obtained micht JignifiClllltiy exceed the cost of insurance that
<br />BMOwa' could have obtabtod.. Any amounts disburSed by Lender under this SectIon S .b.n become idditionaJ
<br />debt ofBorrowcr securvd by this Soeurity Instrument. 1beac IDlOWlU shall bear InteNd. the Note rate fiom
<br />the d8tc of disbursemenl and shall be payable, with nth interest, upon notice tom Lender to Borrower
<br />rcqucstiftg payment.
<br />All iasurmce policies required by Lender IlIld rencwals of such potici. shall be sul:Vcc:t to Lender's riaht
<br />to disapprove sueh policies, sball .Include. standard 1IlOItPJC c1auae, .and shaU name Lender as mcrtpgee
<br />and/or u an llddftlonallesa payee. Lender shalt have the riaJrt 10 hold the policies and ,.cwaI certificates. If
<br />Londer requires, Bol't'OWCt llhaIl promptly pve to Lender.u receipts of paid premiums and renewal notices. If
<br />Borrower obtains any foJm of insurance coverage. not othenvisc rcquinld by Lender, for damage to, or
<br />destruction of, the Property, such policy IbaII include. standard ~ c1auie and shall oame Lender as
<br />JIlOItp&ee and/or as III additional loss payee.
<br />In the event of Iou, Borrowor shall Jive plUmp<< notice to the inswance Cltrier and Leftder. Lender may
<br />make proof of lOll if not made promptly by Bonowor. Unl_ Lender and BorrowfIr Otherwise .... in
<br />writiD~ Illy iosW'lUlCO proccedI, whether or not the underlying insuranco was required by Lender, shall be
<br />applied to rqomion or R))air of tho Property, if' tho restotation or repair II economically fcuible and
<br />Lenden security is not lessened. Durina such repair ud roatoration period, Lender shall have the riahtto hold
<br />such insuranoe proceeds uatil Lender his bIIlIan opportunity to iIispect such Property to ensure the work has
<br />been complewd to Lender's satisf'actioo, provided that sucb inapection sball be undertaken promptly. Lender
<br />may disburse proc.. tbr tho NP&in m4 restolCiao ID . single paymem or in a series of plOI1'CSI payments
<br />u tho work is completed. Unless III agreement is made in writina or Applicable Law rcqurr. intomt to be
<br />paid on .uch insuruce Procoods.. LeodGr shall not be required to, pay Borrower any brtemt or earnings on
<br />such proceeds. Fees for public adjus=.. or odtertbird pards, retained by Borrower shall not be paid out of
<br />the INUt'IDCC progeeda and shall be the 1010 obliptkm of Borrower. If the. rcsIDnlIion or .r is not
<br />economically feasible 'or Lender'. socurity would be ItsMDed, the Insurance proceeds shall be applied to tho
<br />sums secured by this Security Instrument, whedIer or not th. dd. with tho ex;ess, if any, paid to Bonower.
<br />Such insurance proceeds shall be appliod in the order provided for in Section 1-
<br />If Borrower abandons the Property, Lender may file, noaotbdo and settle lIlY availeble iDsuJance cl.im
<br />and related matters. If B~ does not respond within 30 days to . notic:o ftom Lender that the illSW'lllce
<br />Cllricr bas offered to RttIe a claim, then Lender may noaotiatm and .sett1o the claim. 'I'1tc 30wday period will
<br />bcain when the notice is given. In either event, or if LcrIdcr lICqUinls tbe Property under Seotion 22 or
<br />otbcrwise, Borrower hereby ..lisns to Lender ea> Bonows rights to lilY Insuranoc proceeds in III amount
<br />not to exceed thl 8II1OUlrtS unpaid Wlder th. Note or this Security 1Dstroment, and (b) any othor of Bonower's
<br />ri"", (OIher tbaa the right to any reftmd of ~ premiums peid by Borrower) under 1l111naurm:e policies
<br />eoverina the Property, insofar u such rIabts. anl appIiCllble to dle aoverqc of the Property. LeIldor may use
<br />the mSlHlllCI proceods either to repair or restore the Property or to pay lIIQOUDts unpaid uader the Note or this
<br />Security Instnunent, whether or not then due.
<br />fi. OtapllDcy. Borrower shall occupy, estabUsh.llIld use the Property. Bom>>m's principal residence
<br />witb.ln 60 days after the execution of Ibis Socurlty hmnunoat end shall continuo to occupy the Property as
<br />Borrower's principal reaidoaco tOr at leut OlIO year after the d8tc: of occupancy, unless Lender otbcrwisc
<br />qrees In writlnl, whieb COIUlflI1t shall not be lIIIMUonably ~ld, or uMu extenlllltin& circUftlltllnces exist
<br />which are beyond. 80rr0wer'. control.
<br />7. P....rv.tion, Malntetaaace and Proteetlob ot tile Property; JnspectloDl. Borrower shall not
<br />dostroy, damase or impair the Property, allow the Property to deteriorate or commit WIste on the Property.
<br />Whether or not BorroWer iJ raldina in the Property. Borrower sbaU maintain the Property in order to prevent
<br />th, Property ftoll1 dctcrioradng or decreuina In valuo due to its condition. Unlcss it is dotmnincd pursuant to
<br />Section 5 that repair or restoration is not 'OCODbmlCllly feasible, BomJWcr .baII promptly repair the Property if
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<br />__ oIA(NE) (0407) CHL (01lOI)
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<br />Form" 110.
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