200708697 - Laserfiche WebLink

Browse

.~I 200708697 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburso procoeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreemeDt is made in writing or Applicable Law requires interest to be paid on such .i:DsuraDce proceeds. Lender shall not be required to pay BOrrower any imerest or earnings on such proceeds. Fees for public adjusters, or otber tbird 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 lostcume:nt, 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. It Bonower abandons the Property, Lender may file, negotiate and seule any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier bas offered to aettle a claim., then Lender may negotiate and settle th.e claim. The 30-day period will begin when the notice is given. In either event, or if Leoder 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 excee<l the amounts unpaid under the Note or this Security Inst:nnnent, 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 eitbor to xepair or restore the Property or to pay amounts unpaid under the Note or this Security Instroment, whether or not then due. 6. Occupancy. Borrower shall occupy, establish. and use the Property as Borrower's principal residence within 60 days after the exocu.tion of this Security Instrument and shall 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 sball DOt be unreasonably withheld, or unless extenuating circumsta:Dces exist which Me beyond Borrower's control. 7. Freservatlon, Maintenance and Protedlon of the Property; InspedlORS. 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 dooreasing in value due to its condition. Unless it is detenninl!ld pursuant to Section 5 that xepair or restoration is not economic.ally feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insunmce or condemnation proceeds are paid in connection with damage to, or die taking of, the Property, Borrower shall be :responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proooeds for the repairs and restoration in a single payment or in a series of progress payments 88 tho work is completed. If the iosunmce or condemoation proceeds are DOt 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 bas reasonable cause, Lender IDly 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 Applica.tlon. Bonower shall be in default if, during the Lam application process, Borrower or any persons or eDtities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, mialeading, or inaccurate information or statements to 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. _-6INE) 1000111 P1Iu.. 7 .., 111 Rd-' ) Inld.... '\ V ., . Form 3028 1/01