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20�201060
<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 standatd 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 Bonower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destruction of, the Properly, such policy shall include a standard mortgage clause and shall name Lender as
<br />mortgagee and/or as an additional loss payee.
<br />In the event of loss, Bonower shall give prompt notice to the insurance carrier and Lender. Lender may
<br />make proof of loss if not made promptly by Borrower. 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 />appliefl to restoration or repair of the Property, if the restoration or repair is ei;onomically feasible and
<br />Lender's s�urity 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 inspect such Property to ensure the
<br />work has been completed to Lender's satisfaction, provided that such insp�tion 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 completefl. Unless an agreement is made in writing or Applicable L,a�v
<br />requires interest to be paid on such in�,rance proceeds, I.ender shall not be required to pay Borrower any
<br />interest or earnings on such proceeds. F�s for public adjusters, or other third parties, retained by Borro�ver
<br />shall not be paid out of the insurance proceeds 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 />applie� to the sums secured by this S�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 provided for in Section 2.
<br />If Bonower abandons the Property, Lender may file, negoriate and settle any available �n.c�rance claim and
<br />related matters. If Bonower does not respond within 30 days to a notice from Lender that the insurance
<br />carrier has offerefl to settle a claim, then Lender may negoriate 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, 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 Security Instrument, and (b) any other of
<br />Bonower's rights (other than the right to any refund of unearned premiums paid by Borrower) 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 Borrower's principal residence
<br />within 60 days after the execution of this 5ecurity 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 otheivYise
<br />agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstanc,es
<br />e�st which are beyond Bonower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower 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 Properiy in order to prevent the
<br />Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Bonower shall promptly repair the Property
<br />if daznaged to avoid further deteriorarion or damage. If insurance or condemnation proceeds aze paid in
<br />conn�tion with damage to, or the taking of, the Progerty, Borrower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse procee�s
<br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMEM Form 3026 1/01
<br />VMP p VMPBfNE) (1105)
<br />Wolters Kluwer Financial Servic� Pege 7 of 17
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