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20i10956�
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br />disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee
<br />and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />Lender requires, Bonower shall promptly give to Lender all receipts of paid premiums and renewal notices.
<br />, If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destruction of, the Property, such policy shall include a standard mortgage clause and sha11 name Lender as
<br />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 may
<br />', make proof of loss if not made promptly by Bonower. Unless Lender and Borrower otherwise agree in
<br />', writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be
<br />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 insp�t such Property to ensure the
<br />work has been completed to I.ender'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 of
<br />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 Bonower
<br />shall not be paid out of the insurance proceecis and shall be the sole obligation of Bonower. If the restoration
<br />or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Bonower. Such insurance proceeds shall be applied in the order provided for in S�tion 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and
<br />related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance
<br />carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will
<br />begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or
<br />otherwise, Bonower hereby assigns to Lender (a) Bonower's rights to any insurance proceeds in an amount
<br />not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of
<br />Borrower's rights (other than the right to any refund of unearned premiums paid by Bonower) under all
<br />insurance policies covering the Property, insofaz as such rights aze applicable to the coverage of the
<br />Property. Lender may use the insurance proc�ds either to repair or restore the Property or to pay amounts
<br />unpaid under the Note or this Security Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Bonower's principal residence
<br />within 60 days after the execution of this Security Instniment and shall continue to occupy the Property as
<br />Bonower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
<br />agrees in writing, wluch consent shall not be unreasonably withheld, or unless extenuating circumstances
<br />exist which are Ueyond Bonower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Bonower shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether
<br />or not Bonower is residing in the Property, Bonower shall maintain the Property in order to prevent the
<br />Property from deteriorating or de,creasing in value due to its condition. Unless it is determined pursuant to
<br />Section 5 that repair or restoration is not ec:onomically feasible, Borrower shall promptly repair the Property
<br />if darnaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in
<br />connection with damage to, or the taking of, the Property, Bonower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds
<br />NEBRASKA-Single Famfly-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />VMP �
<br />Wolters Kluwer Flnancial Services
<br />Form 3028 1/01
<br />VMPB(NE) (1106)
<br />Page 7 of 17
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