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2 0120349�
<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 addirional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />Lender requires, Borrower 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 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 insurance procee�s, whether or not the underlying inc,�rance was required by I.euder, shall be
<br />applied to restoration or repair of the Property, if the restoration or repair is ec;onomically feasible and
<br />Lender's se�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 opporhu�ity to inspe�t such Property to ensure the
<br />work has be�n completed to Lender's sarisfacrion, provided that such inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a serie.s of
<br />progress payments as the work is completed. Unless an agr�ment is made in writing or Applicable Law
<br />requires interest to be paid on such insurance proceeds, Lender shall not be require� to pay Borrower any
<br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Bonower
<br />shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration
<br />or repair is not economically feasible or Lender's security would be lessened, the insurance proce�ds shall be
<br />applied to the sums secured by this Securiry Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such insurance procceds shall be applied in the order provided for in Se�rion 2.
<br />If Borrower abandons the Property, 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. In either event, or if Lender acquires the Progerty 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 Se�uriry Instrument, and (b) any other of
<br />Borrower's rights (other than the right to any refund of unearne� premiums paid by Bonower) under 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 Property or to pay amounts
<br />unpaid under the Note or this Security Instrument, whether or not then due.
<br />6. Occupancy. Bonower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the execution of this S�urity Instnunent and shall continue to occupy the Property as
<br />Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
<br />agr�s in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br />exist which are beyond Bonower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not d�troy,
<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 Property 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, Borrower shall promptly repair the Properiy
<br />if damaged to avoid further deterioration or damage. If insurance or condemnarion proceeds are paid in
<br />conn�tion with damage to, or the taldng of, the Property, Bonower shall be responsible for repairing or
<br />restoring the Properiy only if Lender has releasefl proceeds for such purposes. Lender may disburse proceeds
<br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM �NSTRUMENT
<br />VMP Q
<br />Wolters Kluwer Financial Services
<br />Fo.�, soza �ro�
<br />VMPB(NE) (1105)
<br />Page 7 of 17
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