201201254 - Laserfiche WebLink

Browse

201201254 All insurance policies required by Lender and renewala 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 modgagee and/ur as an additional loss payee. Lender shall have the right to hold the policies and rennwal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices: If Borrower obtains any form oF insurance coverage,not otherwise required by Lender; for damage to, or destruction of, the Property, such policy ahall include a atandard mortgage clause and shall name Lender as mortgagee and(or as an additional loss payee. In tbe event of loss,Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.Unleas Lender and Borruwer otherwise agree in writing, any insurance proceeds,whether or not khe underlying insurance was required by Lender,sbalS be applied to restoration or repair of the Property, if tLe reatoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period,Lender shall have the rig6t to hold such insurance proceeds until Lender has had an opportunity to inspect suc6 Property to ensure t6e work has been completed to Lender's satisfaction,provided that suoh inspection s6all 6e undertaken promptly. Lender may disburse proceeds for the rcpairs and restoration in a aingle payment or in a series of progress payments as the work is completed. Unless an agreement is made i�writing or Applicable L.ew requires interest to be paid on suc6 insurance prceeeds,Lender shall not be required to pay Borrower any interest or eamings on such proceed5. Fees for public adjusters,or other third parties,retained by Bortower shall not be paid out of the insurancc proceeds and shall be the sole obligation oC Borrowet. If thc restoration ar repair is not econoroically Feasible or Lender's security would be lessened,the insurance proceeds shall be appSied to the suma secured by this Security Instnunent, whether or not then due,with the excese,if any; paid to Borrower. Such insurance proceeda shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file,negotiate and settle any available insurance claim and related matters. If Borrower doea not respond within 30 days to a notice from Lender that the insurance ' camer haa offered to settle a claim,t6en Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In eit6er event, or if Lender acquites the Property under Section 22 ar otherwise, Borrower hereby assigns to Lender(a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instnunent, and (b)any other of Borrower's rights (other than the right to any refund of uneamed premiums paid by Borrower)under all insurance policies covering the Property,insofar as such rights are applicable to the coverage of the Property.Lender may use the insurance proceeds eithcr to repair or restore the Property or to pay amotmts unpaid under the Note or this Security Instrument,whether or not then due. 6. Oecupaney.Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrume�t and shall continue to occupy the Propedy as Borrower's principal residence fot at least one year after the date of occupancy,unless Lendnr otherwise agrees in writing,which consent shall not 6e unreasonably withheld,or unless extenuating circixmstances exist whic6 are beyond Borrower's controL 7. Preservatlon,Maintenance and Protsctionof the Property;Inspections.Borrower shall not destroy, clamage or impair the Property,allow the Property to deteriorate or commit waste on the Property.Whether or not Bonower is residing in the Property,Borrower shall maintain the Property in otdar to prevent the Property &om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower sLall promptly repair the Property if damaged to avoid ftffihet deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to,or the taking of,the Property,Borrower shall be responsible for repairing or rest�ring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds NEBRASKASinple Famity��Pannie Mea7FretlEie Mec l/NIFORM INSTRUMENT � Fom�30281N1 VMP� � � � � � � VMPB(NE�(1'I�S�A� � W ol�ers Kluwcr Pinanclal Services � Pape 7 of 17 . . . � � . / //Y! l �