201200880 - Laserfiche WebLink

Browse

20�2008�0 All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss gayee. 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. If Bonower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standazd mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Bonower shall give prompt notice to the insurance cazrier and Lender. Lender may make proof of loss if not made promptly by Bonower. Unless Lender and Bonower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall he applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's se,curity is not lessened. During such repair and restorarion period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporhwity 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 Bonower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retainerl by Bonower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bonower. If the restoration or repair is not economically feasible or Lender's s�urity would be lessened, the insurance proceeds shall be applied to the sums s�ured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bonower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Bonower abandons the Property, Lender may file, negotiate and settle any available in�,�rance claim and relate� matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance cazrier has offered to settle a claim, then Lender may negoriate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Progerty under S�rion 22 or otherwise, Borrower hereby assigns to I.ender (a) Bonower's rights to any insurance procee�s in an amount not to exceed the amounts unpaid under the Note or this Security Instnunent, and (b) any other of Bonower's rights (other than the right to any refund of unearned premiums paid by Bonower) under all insurance policies covering the Property, insofaz as such rights are applicable to the coverage of the Progerty. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this 5ecurity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the ex�ution of this Security Instrument and shall continue to occupy the Property as Bonower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which aze beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bonower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Bonower is residing in the Property, Bonower shall maintain the Property in order to prevent the Property from deteriorating or de�reasing in value due to its condirion. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Bonower shall promptly repair the Pr6perty if damaged to avoid fiu deterioration or damage. If insurance or condemnation procee�s 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 may disburse proceeds NEBRASKA-Single Famtly-Fannfe MaelFreddie Mac UN�FORM INSTRUMENT Form 3028 1/01 VMP B VMPBINEI (1106) Wolters Kluwer Finencial Services Pege 7 of 17