|
201�OOQ��
<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, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices.
<br />If Bonower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destruction of, the Properiy, such policy shall include a standard mortgage clause and shall name L,ender 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 praof of loss if not made promptly by Borrower. Unless Lender and Bortower 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 Properiy, if the restoration or repair is economically feasible and
<br />Lender's se�urity is not lessened. During such repair and restoration period, Lender shall have the right to
<br />hold such �n�,,,�n� procee�s 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 procceds for the repairs and restoration in a single payment or in a series of
<br />progress payments as the work is completed. Unless an agr�ment is made in writing or Applicable Law
<br />requires interest to be paid on such insurance proce�ds, 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 Borrower
<br />shall not be paid out of the insurance proceeds and shall he the sole obligation of Borrower. If the restoration
<br />or repair is not ec:onomically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums s�ured by this Se�urity Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such insurance proceeds shall be applied in the order providefl for in Se�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 Se�tion 22 or
<br />otherwise, Borrower 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 S�urity Instrume�, and (b) any other of
<br />Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />insurance polici� covering the Property, insofaz as such rights are applicable to the coverage of the
<br />Property. Lender may use the insurance proceeds 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 Instrument and shall continue to occupy the Properiy as
<br />Bonower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
<br />agrces in writing, which consent shall not Ue unreasonably withheld, or unlc�s extenuating circumstances
<br />exist �vhich are beyond �rrower's control.
<br />7. Preservatian, Mair�tenance and Protectian of the Property; Inspectrons. Borrower shall not destroy,
<br />damage or impair the Property, allow the P�soperty to deteriorate or commit waste on the Properiy. Whether
<br />or not Borrower is residing in the Properry, �orrower shall maintain the Properly in order to prevent the
<br />Properly from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />S�tion 5 that repair or restoration is not economically feasible, Bonower shall promptly repair the Property
<br />if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds aze paid in
<br />conn�tion 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 Femily-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Porm 3028 7/01
<br />VMP p VMP8INE) (1105)
<br />Wolters Kluwer Financial Services Page 7 of 77
<br />
|