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200801215
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Last modified
2/14/2008 4:08:46 PM
Creation date
2/14/2008 4:00:50 PM
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DEEDS
Inst Number
200801215
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<br />200801215 <br /> <br />work has been complered to Lender's sadsfar.:tiol1, provided that sucn inspection shall be undenaken <br />promptly. Lender may disburse proceeds for Ihc repairs and restoration in a single payment or in a series <br />of progress payments as the work is Completed. Unless an agreement is made in writing or Applicable Law <br />requires interest to be paid 011 such insunlnce proceeds, Lender shalt not be required to pay Borrower any <br />interest Or earnings on such proceeds. Pees for public adjusters, or other third parties, retained by <br />Borrower shall not be paid Out of the insurance proceeds and shall be the sole obligation of Borrower. If <br />the restoration or repair is not economically feasible Or Lender's security would be lessened, the insurance <br />proceeds shall be applied to the sums secured by this Security Instrumel1t, whether or nor then due, with <br />the excess, if any, p<ticl to Borrower. Such insurance proceeds shall be applied in the order provided for in <br />Section 2. <br />If Borrower abandons the Property, Lender may file, negotiale and settle any available insurance <br />claim and related maners, If Borrower does not respond within 30 days to a notice from Lender that the <br />insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30~day <br />period will begin when the notice is given. In either event, Or if Lender acquires the Propeny under <br />Section 22 or Otherwise, Borrower hereby assigns to Lender (a) Borrower's rigb.lS to any insurance <br />proceeds in an amounl not to exceed the amounts unpaid under the Note or this Security lnstrumem, and <br />(b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by <br />Borrower) under all insurance policies covering tlle Property, insofar as such rights are applicable to the <br />coverage of the Property. Lender may use the insurance proceeds either to repair Or restore the Property or <br />to pay amounts unpaid under the Note Or this Security Insttument, whether or not then due. <br />6. ~cl1pancy. Borrower shall occupy, establish, and use the ProperLY as Borrower's principal <br />residence within 60 days after the execution of this Security 11lstnJment and shall continue LO occupy the <br />ProperLY as Borrower's principal residence for at least one year after the date of occupam..'Y, unless Lender <br />otherwise agrees in writing, which Consent shall nOt b~ unreasonably withheld, or unless extenuating <br />circwnstances exist which are beyond Borrower's controL <br />7. Preservation, Maintenanee and Protection of the Property; Inspcdions. Borrower shall nol <br />destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the <br />Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in <br />order to prevent the Property from deterioralm,g or decreasing in value due to its condition. Unless it is <br />deEermined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall <br />promptly repair the Property if damaged to avoid futther dfi!terioration or damage. If insurance or <br />condemnation proceeds are paid in connection with damase to, or the Laking of, the Property, Borrower <br />snall be responsible for repairing or restoring the Property only if Lender has released proceeds for such <br />purposes. lendf;!! may disburse prOCeeds for the repairs and restoration in a single payment Or in a series of <br />progress payments as the work is completed. If the insurance or condenmation proceeds are nor sufficient <br />to repair Or restore the Property, Borrower is not reUeved of Borrower's obligation for the completion of <br />such repair or restoration. <br />Lender Qr its asent may make reasonable entries upon and inspections of the Properry. If it has <br />reasonable cause, Lender may inspect the interior of the improvements on thc Property. Lender sh.a11 give <br />Borrower nOtice at the time of or prior to such an interior inspection ~pecifying such reasonable eause_ <br />8. Borrower's Loan A.pplication. Borrower shall be in default if, during the Loan application <br />process, Borrower or any persons or entities acting at the direction of :Borrower or with Borrower's <br />knowledge or consent gave materially false, misleading, or inaccurate infonnadon or sratt.'ments to Lender <br />(or failed to provide Lender with iAateriaI information) in cormection with the Loan. Material <br />representations include, but are not limited to, n..:>presentations concerning Borrower's OCcl,lpan,,1' of the <br />Property as Borrower's principal residence. <br /> <br />.. .6(NE) 100061 <br />~ <br /> <br />P9Q& 7 or 15 <br /> <br />Init.i.IS:~ <br /> <br />Ftm"" ~02B 1101 <br /> <br />fS <br />
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