|
201200795
<br /> A(1 insur�nce policies required Uy Landar and renewals af sucl� policies shall Ue snbject to Lender's rigl�t to
<br /> disapprove such policies, shall inchide a standasd mortgflg�e cln��se, and sl�all nan2e Lender as mortgagee
<br /> and/or as en additional loes payee. Lender ahnll have the right to hold the polioies and renewal certifioates. If
<br /> Lendei xequires, Boxrower shell prompYly give to Lenc}eL all receipts of paid premiwns aaid renewal tiotices.
<br /> I£Borrower obYains any foxm of insm'aaice covera�, not ofl�etwisa required by Lender, for damage Go, or
<br /> dastruction of; the Property, suc1i po1icy shall includc a stand�'d morCgage clause and sl�-dl nauie Lender as
<br /> �nortgagee and/or as an additinual loss payee,
<br /> In the event of loss, Borrower shall �ive prompt notico to Cho ineurance carrior and Lender. Lender n�ay
<br /> inA1w proof of loss if ifiot made promptly by Bon�ower. Unlese Lender aud Borrower otherwise agree in
<br /> writing, atiy inaurance pxoceeds, whether or not the underlying insm•ance was required by Lender, sha11 ba
<br /> a�pplied to restoration or repaie af the Property, if Ehc rc.storalion or repair ie econonuo�lly feasil�le and
<br /> Lender's sccurity is noC lessened. DLVing such repair�nd restorntion period, Lencler shall lxave the right to
<br /> hold suoh uisur€nce proceeds until L,ender has had au opportuvity to ins�ect snch ProperGy to ensnre Uie
<br /> work has bean coinpletied to Lender's eatisfaotion, providcd tl�at sucl�inspcction ehall l�c undertaken
<br /> promptly. Leoder n�ay disUurec procceds for lhe rep�irs and restoxation in n single paymient or in a sexies of
<br /> progtuss paymcnts ae the woiic is oompleted. Unless w agreement is made iri writing or Applicable Law
<br /> roquires inCerest to he p�id on euoh insurance proceeds,Lender sl�all not Ue required to pay Rotrower a�iy
<br /> inCerest or eaxninge on such�roceeds. Feas for public adjusters, or other thirdpartics, refained by Borrowcr
<br /> sh�tll not be paid out of'Uia insuranee proceede ai�d shall bc Nie sale obligaSion af Borrower. If the reswrafion
<br /> or repair is not eoonomieally fcasiUlo or Lrnider'e security would be lessened, the insurauoe proceeds sh111 be
<br /> appliea to tho sitms seoured by tFus Security Instrument, whether or not tlxen due, with Che excess, if any,
<br /> paid fo IIorrower. Suoh instu•ance proceeds shall be applied in tlie order providod for in Scctioa 2.
<br /> IPBorrower aUandons theProperty, Lendar may file, nebotiate and settle any availab1c innurance clzu�ii and
<br /> relaked mattara If Borrower doee not respond within 30 days to n nohice frou�Lender that the insurance
<br /> eanier(ias offerecl to sottlo a claim, Uhen Lender may iiegoriate and settle the claim. The 30-day period will
<br /> 6egin wl�en tho notice is given. In either event, or if Lender acquires tihe Property wider Section 22 or
<br /> o�herwiee, Borrower heieb�aesigns to Letider (a) Bocrower'� rights to aiiy insurancc procceds in an aniounh
<br /> not to exceed the amomits unpaid under tUe Note or this 3courity Inet�m2�cnt, 2nd(b) any other of
<br /> Borrower'9 rights (other than thc right to any refund oP tmenrned premiums pnid by Borrower)wider ell
<br /> insuranoe policies wvexing the ProperGy, insofac as such rights are app1icaUle to the covorzge of fhe
<br /> Pxo�erty. Louder inay use Uie insur�a�ce procccds ciH�er Co repa� or re�fore lhe Property or to pay aniounCs
<br /> unpaid w�der the IVotc or this Securily I��stminent, whether or not Yhen dua.
<br /> 6. Occupancy. Borrt�wcr shall ocoupy, eaCaUliah, end use the Property as Borrower's principa1 reside�ice
<br /> within 60 ciarys after Che execution oP this Secuxity Instrume�it and shall contii7uc to oceupy the Property na
<br /> Boirower's principal residence for at least one year after the dnle of ocoupancy, unless I.ender otherwise
<br /> agrees in writing, which conse��t s1�a11 not bo um�elsonably withlield, or unlese extenualing ciremnsEancas
<br /> exiat which are Ucyond Borrower's confrol.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower sh�ll not desGoy,
<br /> dunage or impa±r thc Property, �llow the Property to cleteriora�Ce or coznrnit w�ste mi tlie Property, Whatl�cr
<br /> or not Borrowet is reaiding in the Property, Borrower sh�ll mTii�tain the Proporty in order Co prevenl Che
<br /> Property from dePerioratiing or decreasing in valuo duo to ite condition, Unless it is determined purauent to
<br /> Section S that repair or restoration is noC econonvcally feasible, Bort•o�ver shall prompUy repair the 1'roperty
<br /> if da�na�;cd to avoid fiu�ther deteriorakion or damage. If instuance or conde�nnation procceds are peid iii
<br /> connaction with dama�ge to, or the t�lting o£, the Property, Borrowev��liall be responaible for rep�iring or
<br /> restoring Giia Piro�arty only if i.endcr l�as roleased proceeds for such purposes. Lender may disUurse proceeds
<br /> zqooa�aa
<br /> N EeRASKn-Single fam IIy-Fannle A4 aelFretldle 1d ac UNI FORIVI INSTRUA4 ENT Form 3028 7/01
<br /> VM P� VM PA(NC)(1146)
<br /> Vlollers Kluwe�Flnenclal Ssrvices Page 7 6f 1]
<br />
|