Common use of Insurance Settlements; Assignment of Proceeds Clause in Contracts

Insurance Settlements; Assignment of Proceeds. If I abandon the Property, Lender may file, negotiate, and settle any available insurance claim and related matters. If I do not answer, within 30 days, a notice from Xxxxxx stating that the insurance company has offered to settle a claim, Xxxxxx may negotiate and settle any insurance claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 26, or otherwise, I give Lender (i) my rights to any Proceeds in an amount not greater than the amounts unpaid under the Note and this Security Instrument, and (ii) any other of my rights (other than the right to any refund of unearned premiums that I paid) under all insurance policies covering the Property, if the rights are applicable to the coverage of the Property. If Lender files, negotiates, or settles a claim, I agree that any Proceeds may be made payable directly to Lender without the need to include me as an additional loss payee. Lender may use the insurance proceeds either to repair or restore the Property (as provided in Section 5(d)) or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.

Insurance Settlements; Assignment of Proceeds. If I abandon the Property, Lender may file, negotiate, and settle any available insurance claim and related matters. If I do not answer, within 30 days, a notice from Xxxxxx stating that the insurance company has offered to settle a claim, Xxxxxx may negotiate and settle any insurance claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 26, 26 or otherwise, I give Lender (i) my rights to any Proceeds insurance proceeds in an amount not greater than the amounts unpaid under the Note and this Security Instrument, and (ii) any other of my rights (other than the right to any refund of unearned premiums that I paid) under all insurance policies covering the Property, if the rights are applicable to the coverage of the Property. If Lender files, negotiates, or settles a claim, I agree that any Proceeds insurance proceeds may be made payable directly to Lender without the need to include me as an additional loss payee. Lender may use the insurance proceeds either to repair or restore the Property (as provided in Section 5(d)) or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.