|
201205884
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Leader's right to
<br />disapprove such policies, shall include a standard mortgage clause, and shall Name Lender as mortgagee
<br />and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />Under requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices.
<br />If Borrower ohmins any form of insuramee 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 payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, Londei- may
<br />make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otherwise agree in
<br />Writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be
<br />applied to restoration or repair of the Properly, if the restoration or repair is economically feasible and
<br />Lender's security is not lessened. During such repair and restoration period, Leader shall have the right to
<br />hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the
<br />work has been complowd to Lender's satisfaction, 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 series or
<br />progress payments as the work is completed. Unless an agreement is made in writing or Applicablo Law
<br />requires interest to be paid on such insurance proceeds, Leader shall not be required to pay Borrower any
<br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower
<br />shall not be paid out of the insurance proceeds and shall be (be solo obligation of Borrower. If the restoration
<br />or repair is not economically feasible or Leader's security would be lessened, the insuranc(� proceeds shalt be
<br />applied to the sums secured by this Security Instrument, whether or not thou (]no, with the excess, if any,
<br />paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may title, negotiate and settle any available insurance claim and
<br />related matters, If Borrower 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 Property under Section 22 or
<br />othcrwisQ, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount
<br />not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of
<br />Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />insurance policies covering the Property, insofar as such rights are applicable to the coverage or (he
<br />Property. Lender may use the insurance proceeds either to repair or restore the Properly or to pay amounts
<br />unpaid under the Note or this Security Instrument, whether or not then (Inc.
<br />Occupancy, Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as
<br />Borrower's principal residence for ar, least one year after the (late of occupancy, unless Lender otherwise
<br />agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br />exist which are beyond Borrower's control,
<br />Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall no[ destroy,
<br />damagc or impair the Property, allow the Properly to deteriorate or commit waste on the Property. Whether
<br />or not Borrower is residing in the Property, Borrower shall maintain the Property in ordci to prevent the
<br />Property from deteriorating or decreasing in value due to its condition, Untess it is determined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair (hu Property
<br />i f damaged to avoid further deterioration or damage, If insurance or condemnation proceWs are paid in
<br />connection with damage to, or the taking of, tile Property, Borrower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds
<br />24001453
<br />NEBRASKA-Singlo Faunily Fannie Mau/r�raddlo Mau UNIFORM INS -RUMENT `.,ru 3028 1 /01
<br />VMP @ VM PG(NF) (1105)
<br />Wolters Kluwer Fill Sereloes Page 7 of I /
<br />
|