201103196 - Laserfiche WebLink

Browse

2 0��n3�9C floods, for wluch Lender requires insurance. This insurance shall be mauitained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's rlght to disapprove Banower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determinaflon, certifiication and tracking services; or (b) a one-time charge for flood zone determ3nahon and certification services and subsequent charges each time remappings or similar changes occur wluch reasonably might affect such determination or certification. Bonower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any ftood zone defermination resulting from an objecfion by Bonower. If Borrower fails to maintain any of the coverages described above, Lender raay obtain insurance coverage, at Lender's opflon and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significanfly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become addiflonal debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, wIth such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's rlght to disapprove such poHcies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall prompdy give to Lender all receipts of paid premiums and renewal noflces. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destrucflon of, We Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee, In the event of loss, Borrower shall give prompt nottce to the insurance carrier and Lender. Lender may raake proof of loss if not made promptly by Bonower. Unless Lettder and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoraflon or repair is economically feasible and Lender's security is not Iessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporhuiity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspecHon shall be undertaken prompfly. Lender raay disburse proceeds for the repairs and restorallon in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in wrlting or Applicable 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, N.EBIZASRA — Sin�le FavUly -• Fennia MedFroddia Mea UNIFORM IN811tUMLN1' Farm 3028 ll01 � ti A GCC- G3028-07 (09/Ol) (Page 7 ofl9) Initiats; ��