201201689 - Laserfiche WebLink

Browse

201201689 services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification.Borrow�er shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination eesulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above,Lender may obtain insurance coverage, at Lender's option and Borrower's expense.Lender is under no obligation to purcl�ase any particular type or amount of coverage.Therefore,such coverage shall cover Lender,but might or might not protect Borro��er, Borrower's equity in the Property,or the contents of the Properry, against any risk,hazard or liability and might provide greater or lesser coverage than was previously in effect.Borrower acknowledges that fhe cost of the insurance coverage so obtained might significantly exeeed the cost of insurance that Borrower could have obtained.Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Securiry instrument.These amounts shall bear intcrest at the Note rate from the date of disbursement and shall be payable,wlth such interest,upon notice from Lender to Borrower requestiug payment. All insurance policies requieed 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 mortgaaee and/or as an additional loss payee.Lender shall have the right to hold the policies and renewal certificates. Tf 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 shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss,Borrower shatl give prompt notice to the insueance carrier and Lender.Lender may make proof of]oss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing,any insurance proceeds,whether or not the underlying insurance was required by Lender,shall be applied to restoration ar repair of the Property,if the restoration or repair is economically feasible and Lender's securiry is not]essened.Dw�ing such repair and restoration period,Lender shall have the right to hold such insurance proceeds until Lender has had an opportuniry to inspect such Propert}�to e�sure the work has been completed to Lender's satisfaction,provided that such inspection shall be undertaken promptly.Lender may disburse proceeds for tlie 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 noY be required to pay Borrower any interest or earnings on such proceeds.Fees for public adjusters,or other third parties,retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower.If the restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds shall be applied to the sums secured by this Secm•ity Tnstrument,whether or not then due,with the excess,if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons flie Property,Lender may file,negotiate and scttle any available insurance claim and related matters.If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier lias offered to settle a claim,then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given.In either event,or if Lender acquires the Property under Section 22 or otherwise,Borrower hereby assigns to Lender(a)Borrower's righcs to any insurance proceeds in an amount not to exceed the amounts unpaid under the I�rote or this Security Instrvment,and(b)any other of Borrower's rights(other than the right to any refund of unearned 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 either to repair or restore the Property or to pay a�nounts unpaid under the Note or this Security Tnstrument,whather or not then due. 880175951D 6801159510 NEBRASKA-Single Family-Fannle Mae,�Fredtlie DAac UNIFORM INSTRUMENT WITH MERS Form 3028 1I01 VM P OO VM P6 Page 7 of i5i Wolfers Hluwer Financlel SefViCes