201205808 - Laserfiche WebLink

Browse

20120580� All insurance policies required 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 mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Bonower 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 mortgag� and/or as an additional loss payee. In the 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 Bonower. Unless Lender and Borrower otherwise agr� in writing, any insurance procceds, whether or not the underlying insurance was required by Lender, shall be applie� to restoration or repair of the Property, if the restorarion or repair is ei:onomically feasible and Lender's security is not lessened. During such repair and restoration period, L.ender shall have the right to hold such insurance procceds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspe�tion shall be undertaken promptly. Lender may disburse procseds for the repairs and restoration in a single payment or in a seri� 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 not be required to pay Borrower any interest or earnings on such procceds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the inc��rance proceeds and shall be the sole obligarion of Bonower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insutance proceeds shall be applied to the sums secured by this S�urity Instrument, 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 Se�tion 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a norice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the norice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Bonower's rights to any insurance proc�ds in an amount not to exceed the amounts unpaid under the Note or this Security Insirument, 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 Properly, insofar as such rights aze applicable to the coverage of the Property. Lender may use the �n�„�nce proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Se�urity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this S�urity Instnunent and shall continue to occupy the Property as Bonower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Bonower's control. 7. Preservation, M�intenance and Protection of the Property; Inspections. Bonower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Properiy. Whether or not Bonower is residing in the Property, Bonower shall maintain the Property in order to prevent the Property from deteriorating or d�reasing in value due to its condition. Unless it is determined pursuant to S�rion 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deteriorarion or damage. If insurance or condemnation proceeds aze paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proce�ds NEBRASKA-Single Femlly-Fannie Mae/Freddie Mec UN�FORM INSTRUMENT VMP � Wolters Kluwer Financ(aI Services Form 3028 1 /01 VMPB(NE) (1705) Pepe 7 of 17 . r �