201205253 - Laserfiche WebLink

Browse

2 Q1245253 services and subsequent charges each time remappings or similaz changes occur wluch reasonably might affect such determination or certification. Bonower sha11 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 resulting from an obje,ction by Bonower. If Bonower 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 purchase any particulaz type or aznount of coverage. Therefore, such coverage sha11 cover Lender, but might or might not protect Borrower, Borrower's equity in the Pxoperty, or the contents of the Property, against any risk, ha�ard or liability and might provide greater or iesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Bonower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Secutity Instrument. T'hese amotmts sha11 bear interest at the Note rate from the date of disbursement and sha11 be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such golicies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and sha11 name Lender as mortgagee and/or as an additional loss payee. Lender sha11 have the right to hold the golicies and renewal certificates. If Lender requires, Borrower sha11 promptly give to Lender a11 receipts of paid premiums and renewal notices. If Bonower obtains any form of insurance coverage, not otherwise required by Lender, for daaiage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additionat loss payee. In the event of loss, Borrower sha11 give prompt notice to the insurance carrier and Lender. Lender may make proof of Ioss 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, sha11 be applied to restoration or repair of the Property, if the restoration or repair is economic�lly feasible and Lender's sec�mty is not lessened. During such repair and restoration period, Lender sha11 have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender' s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the 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 sha11 not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower sha11 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 Security Instrumen�, whether or not then due, with the excess, if any, paid to Bonower. Such insurance proceeds shatl be applied in the order provided for in Section 2. If Bonower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Bonower does not respond within 30 da.ys to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-da.y period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or othervvise, Borrower hereby assigns to Lender (a) Bonower' s rights to any insurattce proceeds in an amount not to exceed the amounts unpaid under the Note or this Secutity Instrument, and (b) any other of Bonower' s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covezing the Property, insofaz as such rights are applic�able to the coveraga of the Property. Lender may use the insurance proce�ds either to repa.ir or restore the Property or to pay amounts tinpaid under the Note or this Security Instrument, whether or not then due. 2200277846 NEBRASKA-Single Femlly-Fannle Mae/Fredd(e Mac UNIFORM INSTRUMENT WITH MERS VMP � Woftere Kluwer Ftnendet Servtces D VBANE Form 3038 1/07 VMPBAINE) (1105) Page 7 of 77