201200478 - Laserfiche WebLink

Browse

�oi2oo�7� All insurance golicies required by Lender and renewals of such policies shall be subject to Lender's riglnt to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mort�agee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. ff Borrower obtains any form of �n��*a�P coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee andlor as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may ma.ke proof of loss if not made prompfly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration geriod, Lender shall have the right to hold such �n��*ance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the �nc�ransp proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the �nc�rance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender ma.y file, negotiate and settle any available insurance claim and related matters. ff Borrower does not respond within 30 days to a notice from Lender that the �nc�,�an� carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts uupaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refiind of »�a**�ed premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the covera:ge of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Properly as Borrower's principal residence for at least one year after the da.te of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless ea�tenua.ting circumstances exist which are beyond Borrower's control. 7. Presewation, Maintenance end Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Progerty. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condidon. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prompfly repair the Property if damaged to avoid further deterioration or damage. ff insurance or condemna.tion proceeds aze paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender ma.y disburse proceeds NEBRASKA-Single Family-Fannia Mae/Fraddia Mac UNIFORM INSTRUMENT Form 3026 7/01 VMP � VMP81NE) (11061.00 Wolmrs Kluwar Flrmrxial Servicres PaBe 7 of 17