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<br />200710509
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<br />Lender may require Borrower to pay a one~time charge for a real estate tax verification and/or reporting
<br />service used by Lender in connection with this Loan.
<br />4. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on
<br />the Property insured against loss by fire, hazards included within the term "extended coverage," and any other
<br />hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance
<br />shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What
<br />Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier
<br />providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice,
<br />which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan,
<br />either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time
<br />charge for flood zone determination and certification services and subsequent charges each time remappings or
<br />similar changes occur which reasonably might affect such determination or certification. Borrower shall also be
<br />responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with
<br />the review of any flood zone determination resulting from an objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage,
<br />at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount
<br />of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's
<br />equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater
<br />or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so
<br />obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts
<br />disbursed by Lender under this Section 4 shall become additional debt of Borrower secured by this Security
<br />Instrument. These amounts shall bear interest at the rate applicable to the Debt Instrument from time to time, from
<br />the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
<br />payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br />disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an
<br />additional loss payee and Borrower further agrees to generally assign rights to insurance proceeds to the holder of
<br />the Debt Instrument up to the amount of the outstanding loan balance. Upon Lender's request, Borrower shall
<br />promptly give to Lender copies of all policies, renewal certificates, receipts of paid premiums and renewal notices.
<br />If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction
<br />ot: the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as
<br />an additional loss payee and Borrower further agrees to generally assign rights to insurance proceeds to the holder of
<br />the Debt Instrument up to the amount of the outstanding loan balance.
<br />In the event of loss and subject to the rights of any lienholder with rights to insurance proceeds that are
<br />superior to Lender's rights, the following provisions in this Section 4 shall apply. Borrower shall give prompt notice
<br />to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless
<br />Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance
<br />was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is
<br />economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall
<br />have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to
<br />ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress
<br />payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to
<br />be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
<br />proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the
<br />insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically
<br />feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this
<br />Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds
<br />shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and
<br />related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may negotiate and settle the claim. The 3D-day period will begin when the
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<br />NE - Closed-end Security lnstr, HCWF#25v5 (3/1/05)
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<br />Documents Processed 11-21-2007, 11:17:28
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