Common use of Hazard or Property Insurance Clause in Contracts

Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall choose the insurance subject to Lender's approval, which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Xxxxxx's option, obtain coverage to protect Xxxxxx's rights in the Property in accordance with paragraph 5. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument whether or not then due. The 30-day period will begin when the notice is given. If under paragraph 16 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Borrower shall shal1 keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall choose The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Xxxxxx's option, obtain coverage to protect Xxxxxx's rights in the Property in accordance with paragraph 57. All insurance policies and renewals shall shal1 be acceptable to Lender and shall shal1 include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall shal1 give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, ,. then Xxxxxx Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument Instrument, whether or not then due. The 30-day period will wil1 begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shal1 not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 16 21 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for flooding.for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall choose The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, . Lender may, at Xxxxxx's option, obtain coverage to protect Xxxxxx's rights in the Property in accordance with paragraph 57. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, loss Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 16 21 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" coverage and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall choose The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Xxxxxx's option, obtain coverage to protect Xxxxxx's rights in the Property in accordance with paragraph 57. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the The insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not cot then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, . or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments referred to in paragraph 1 or change the amount of the payments. If under paragraph 16 21 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "“extended coverage" ” and any other hazards, including floods or flooding, for which Lender Bank requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender Bank requires. Borrower shall choose The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, Bank’s approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender Bank may, at Xxxxxx's Bank’s option, obtain coverage to protect Xxxxxx's Bank’s rights in the Property in accordance with paragraph 57. All insurance policies and renewals shall be acceptable to Lender Bank and shall include a standard mortgage clause. Lender Bank shall have the right to hold the policies and renewals. If Lender Bank requires, Borrower shall promptly give to Lender Bank all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and LenderBank. Lender Bank may make proof of loss if not made promptly by XxxxxxxxBorrower. Unless Lender Bank and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's Bank’s security is not lessened. If the restoration or repair is not economically feasible or Lender's Bank’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender Bank that the insurance carrier has offered to settle a claim, then Xxxxxx Bank may collect the insurance proceeds. Lender Bank may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Bank and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 16 21 the Property is acquired by XxxxxxBank, Xxxxxxxx's ’s right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender Bank to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.