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I'D <br /> and other hazards for which Lender requires coverage, except as may be otherwise expressly <br /> provided in the lease if the property is a leasehold. <br /> I understand that Lender may not make the granting of the Note contingent on my obtaining <br /> any insurance required under the terms of this Mortgage from an insurance company designated by <br /> Lender. However, to the extent permitted by law,Lender reserves the right to refuse an insurer <br /> which I choose for cause or reasonable excuse. All of the insurance policies and renewals of those <br /> policies must include what is known as a"standard mortgagee clause"to protect Lender. The form <br /> of all policies and the form of all renewals must be acceptable to Lender. Lender will have the right <br /> to hold the policies and renewals. <br /> I will pay the premiums on the insurance policies by paying the insurance company directly <br /> when the premium payments are due. If Lender requires,I will promptly give Lender all receipts of <br /> paid premiums and all renewal notices that I receive <br /> If there is a loss or damage to the Property,I will promptly notify the insurance company <br /> and Lender. If I do not promptly prove to the insurance company that the loss or damage occurred, <br /> then Lender may do so. <br /> The amount paid by the insurance company is called"proceeds." If the Property is used as <br /> a"residence"(for example,it is my home),then I have the right to decide whether the proceeds will <br /> be used to repair,restore or rebuild a residence on the Property or whether the proceeds will be used <br /> to reduce the amount that I owe you under the Note. In all other cases,Lender will have the right <br /> to determine whether the proceeds are to be used to repair,restore or rebuild the Property or to <br /> reduce the amount I owe under the Note. <br /> If any of the proceeds remain after the amount that I owe to Lender has been paid in full, <br /> the remaining proceeds will be paid to me. <br /> If I abandon the Property,or if I do not answer,within 30 days,a notice from Lender stating <br /> that the insurance company has offered to settle a claim for insurance benefits,then Lender has the <br /> authority to collect the proceeds. Lender may then use the proceeds to repair or restore the Property <br /> or to reduce the amount that I owe to Lender under the Note and under this Mortgage. The 30-day <br /> period will begin on the date the notice is mailed or,if it is not.mailed, on the date the notice is <br /> delivered <br /> If any proceeds ate used to reduce the amount which I owe to Lender under the Note,that <br /> use will not delay the due date or change the amount of any of my monthly payments under the Note <br /> or this Mortgage. <br /> i <br /> If Lender acquires the Property pursuant to this Mortgage,all of my rights in the insurance <br /> Policies will belong to Lender. Also,all of my rights in any proceeds which are paid because of <br /> damage that Occurred before the Property is acquired by Lender or sold will belong to Lender: <br /> However,Lender's rights in those proceeds will not be greater than the amount that I owe to Lender <br /> I <br /> I <br /> I <br /> 1 <br />