200707443 - Laserfiche WebLink

Browse

200707443 work kl~ Iwen completed to Lender's satisfaclion, provided Ihal such inspection shall Iw uudertakell promplly. Lender lllay disburse proceeds for the repairs and restoratiOJl in a single paynwnl or in a series of progress paymenls as the work is completed. Unless an agreemenl is made in wriling or ^pplicahle 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 Ihe sole obligation of Borrower. J I' the resloration or repair is not economically feasible or Lemler's security would be lessened, the iusur,llIu' proceeds shall Iw applied to the Slims secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such iusurance proceeds shall be applied in the order provided for in Sect ion L. If Borrower abandons the Property, Lender may file, negotiate and setlle any availahle insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that IIw insurance carrier has of Ie red to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if I,ender acquires the Properly under Seclion 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurano' proceeds ill an amounl nol 10 exceed the amounts unpaid under the Note or Ihis S('curity ]nstnllllellt, and (ili all\' olher of Borrower's rigbls (ollwr than the right to any refund of llneamed premiums paid hy Borrower) under all insurance policies covering the Properly, insofar as such righls arc applicable 10 the co\'erage of the Properly. Lender may use the insurance proceeds either 10 repair or reslore lIw Properly or to pay amounls unpaid under the Note or this Security Instrumenl, whether or not Ihen due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residenu' within un days after the execution of this Security Inslrumenl aud shall conlinue to occupy Ihe Property as Borrower's principal residence for at leasl one year after Ihe date of occupancy. unless Lender otherwisl' agrees in writing, which consenl shall not be unreasonably withheld, or unless eXh'nuatillg rircuillslilllces exist which are beyond Borrowl~r's control. 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 ill order 10 prevent the Property from deterioraling or decreasing in value due to its condition. Unless it is determined pursuant 10 Section 5 that repair or restoration is not economically feasible, Borrower shall prOlnptly repair the Property if danlaged to avoid further delerioration or damage. If insurance or cOllllemn,llion proceeds arc paid in cOlllJeclion with damage to, or the laking of, Ihe Propl'rty. Borrower "hall lw responsibk for repairing or resloring the Property only if Lellller 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 Ihe work is completed. If Ihe insurance or condemnation proceeds are not sufficient to repair or restore Ihe Property, Borrower is not relieved of Borrower's obligation for the complel ion of sllcll repair or restoration. Lender or its agent may make reasonable entries upon and inspeclions of IIw Property. If il has reasonahk cause, Lender may inspecllhe interior of lhe improvements on II1\' Properly. Lemler shall give Borrower notice at Ihe lime of or prior to such an interior inspection specifying such reasonable canse. 3. norrower's Loan Application. Borrower shall be in defaull if, during the Loan application process, Borrower or any persons or entities acting at the direclioll of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurale information or stalemenls to Lender (or failed to provide Lender with materia] information) in connection with the Loan. Material representations include, but are not limited 10, representations concerning Borrower's occupancy of Ihe Properly as Borrower's principal residence. 002004634292 .-6A(NE) (0401)01 tV I '"l"'''C:..E ' L P~g(! 7 of 15 Form 3028 1/01 CiliMorlgagl' :U. .I1l)1 V'I