201100460 - Laserfiche WebLink

Browse

�0�1oo�so work has been cnmpleted to Lender's satisfaction, provided that such lnspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payrnent ar in 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 lnterest or earnings on such proceeds. Fees for public adjusters, or other [hird parties, retained by Borrower shall not be paid out of the insurance pr4ceeds and shall be the sole obligatian of Borrower. If the restoration or repair is nat ecanomically feasible or Lender's security wauld 6e lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, 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 5ectian 2, Tf Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrnwer does not respond within 30 days to a natice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day periad will hegin when the notice is given. In either event, or if I.ender acquires the Property under 5ection 2Z or atherwise, Borrower hereby asslgns to Lender (a) Borrower's rights to any insurance procceds in an amount not to exceed the amaunts unpaid under the Note or this Security Instrument, and (b) any other of Borrawer's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Praperty, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair ar restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borcower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security lnstrument and shall continue to occupy the Property as Borrower's principal residence foc at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond $orrower's contrpl. 7. Preservation, Maintenance and Protectian of tho Prnperty; Inspections. Borrower shall not destroy, damage ar impair the Property, allow the Property to deteriorate or cammit waste on the Property. Whekher or not Borrower is reslding in the Property, �orrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its conditian. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prompdy repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrnwer shall be respansible for repairing or reskoring 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 wmpleted. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligatian far 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 lhe Property. Lender shall �ive Borrower notice at the time of nr prior to such an interior inspection specifying such reasonable cause. 8. Borrower's l.oan Application. Borrower shall 6e in default if, during the Loan appllcation process, Borrawer or any persons or entit3es acting at the direction of Borrawer or with Borrower's knowledge or consent gave materially false, misleading, ar inaccurate informatian pr statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited io, representations concerning Borrawer's occupancy of the Property as Borrower's principal residence. 001122305971 CitiMortgage 3.2.43.08 V4 N�Bf�ASKA - 5ingle Family - Fannle Maa/Fraddie Mac UNIFORM INSTRUM�T17 WIT� �$A(NE� (oelo) Pega 7 oF �5 �nitis�s: FOff11 3028 1/C11 �` .J ..