|
��120112�
<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 mortgag�
<br />and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />I,ender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal norice.s.
<br />If Bonower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as
<br />mortgagee and/or as an additional loss pay�.
<br />In the event of loss, Borrower 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 insuranr�e procee�s, whether or not the underlying insurance was require� by Lender, shall Ue
<br />applied to restoration or repair of the Property, if the restorarion or repair is economically feasible and
<br />Lender's security is not lessened. During �a �air and restoration period, Lender shall have the right to
<br />hold such inc��rance proceeds until Lendes l�s d� an opportunity to inspect such Property to ensure the
<br />work has been cflmpleted to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. L�nder may disburse procePds for the sepairs and restoration in a single payment or in a seri�s of
<br />progress payments as the work is complete�. Unless an agr�ment is made in writing or Applicable La�v
<br />requires interest to be paid on such insurance procceds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such proceeds. F� for public adjusters, or other third parties, retain�i by Bonower
<br />shall not be paid out of the insurance procee�s and shall be the sole obligation of Bonower. If the restoration
<br />or repair is not e,conomically feasible or Lender's security would be lessened, the insurance procceds shall be
<br />applied to the sums secured by this S�urity Insixument, whether or not then due, with the excess, if any,
<br />paid to Bonower. Such insurance proceeds shall be applie� in the order provided for in Section 2.
<br />If Bonower abandons the Propetty, Lender may file, negotiate and settle any available insurance claim and
<br />related matters. If Bonower 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. �n either event, or if Lender acquires the Property under Section 22 or
<br />otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount
<br />not to exceed the aznounts unpaid under the Note or this Security Instrumeat, and (b) any other of
<br />Borrower's rights (other than the right to any refund of uneamed premiums paid by Borrower) unrler all
<br />insurance policies covering the Property, insofaz as such rights aze applicable to the coverage of the
<br />Progerty: Lender may use the insurance proceeds either to repair or restore the Properly 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 5ecurity Instrument and shall continue to occupy the Property as
<br />Bonower's principal residence for at least one year after the date of occupancy, unless L,ender othe�vise
<br />agrces in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br />e�st which are beyond Bonower's control.
<br />7. Preservation, Maintenance and Protection ef the Property; Inspections. Bonower shall not destroy,
<br />damage or impair the Froperiy, allow the Paeo,�rny to deteriorate or commit waste on the Property. R%ther
<br />or not Borrower is residing in the Properry, �orrower shall maintain the Properiy in order to prevetrt the
<br />Progerty from deteriorating or d�reasing in value due to its condition. Unless it is determined pursuant to
<br />5�tion 5 that repair or restorarion is not ec:onomically feasible, Bonower shall promptly repair the Property
<br />if damaged to avoid fiuther deteriorarion or damage. If insurance or condemnation proceeds are paid in
<br />conn�tion with damage to, or the taking of, the Properiy, Borrower shall be responsible for repairing or
<br />restoring the Property only if L,ender has released proceeiis for such purposes. Lender may disburse proce�ds
<br />NEBRASKA-Single Fam(ly-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/O7
<br />VMP � VMP6�NE) (1105)
<br />Wolters Kluwer Financial Services Paga 7 of 17
<br />
|