lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or <br />more of the actions set forth above in this Section 4. <br />Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or <br />reporting service used by Lender in connection with this Loan. <br />5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on <br />the Property insured against loss by tire, hazards included within the term "extended coverage," and any <br />other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. <br />This insurance shall be maintained in the amounts (including deductible levels) and for the periods that <br />Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of <br />the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's <br />right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may <br />require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone <br />determination, certification and tracking services; or (b) a one-time charge for flood zone determination <br />and certification services and subsequent charges each time remappings or similar changes occur which <br />reasonably might affect such determination or certification. Borrower shall also be responsible for the <br />payment of any fees imposed by the Federal Emergency Management Agency in connection with the <br />review of any flood zone determination resulting from an objection by Borrower. <br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance <br />coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any <br />particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might <br />not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, <br />hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower <br />acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of <br />insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall <br />become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest <br />at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from <br />Lender to Borrower requesting payment. <br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's <br />right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as <br />mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal <br />certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and <br />renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, <br />for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and <br />shall name Lender as mortgagee and/or as an additional loss payee. <br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender <br />may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree <br />in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall <br />be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and <br />Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to <br />hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the <br />work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken <br />promptly. Lender may disburse proceeds for the 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 on such insurance proceeds, Lender shall not be required to pay Borrower any <br />interest or earnings on such proceeds. Fees 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 Instrument, whether or not then due, with <br />Initial <br />-610R1 1010401 Page 6 of 15 orm 3036 1/01 <br />