200705511 - Laserfiche WebLink

Browse

200705511 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 orin 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 forpubIic 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 l10t then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided forin 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 30cday period will 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,arid (b) any other of Borrower's rights (other than the right to any refund of uneamedpremiums paid by Borrower) ul1der all insurance policies coveting theProperty,insofar as such rights are applicable to the coverage of the Property. Lender IUay use the insurance proceeds either to repair or testote the Property or to pay amounts unpaid under the Note or this Security.lnstrument, whether or not thehdue. 6.0ccllpancy. BorroWer shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution. of this. Security Instniment. and shall col1tinue 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 consentshall not be unreasonably withheld, or Unless extenuating circumstances exist Which ate beyond Borrower'scontro!. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shalL not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or nOt Borrower is residing in the Property , Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration Is not economically feasible; Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paidinconnedion with damage to, or the taking of, theProperty,BorroWer shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. 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. 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 shall 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 indefault 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 inaccurate. information or statements to. Lender (or failed to provide Lender with matei:ial 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. Page 7 of 15 (2. Inl'lal':~ t)J 01-046945 .-6INE) (0407).02 @ Form 3028 1 fOl