|
201206068
<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 includc 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 rho policies and renewal certificates, If
<br />Lender requires, Borrower shall promptly give to Leader all receipts of paid premiums and reDowal notices.
<br />If Borrower obtains any form of insurance coverage, not otherwise required by Leader, for damage to, or
<br />destruction of', the Property, such policy shall include H standard mortgage clause and shall natne Lender as
<br />mor[gagee and/or as an additional loss payee..
<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 Leader an(] 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 Property, if the restoration or repair is Qconoinioallv feasible arid
<br />Leader's security 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 opportunity to inspect such Property to ensure [lie
<br />work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Under may disburse proceeds for the repairs and restoration in a single payment or in a series of
<br />progress payments as the work is completed. Unless an agiecrient is made in writing or Applicable 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 oftlic insurance proceeds and shall be the sole obligation of Borrower. If (lie restoration
<br />or repair is not economically feasible or Londer's security would be lessened, the inKiranee proceeds shall be
<br />applied to the sums secured by this Security Instrurnenit, whether or not then duo, with [lie 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 file, negotiate and settle ,my available insurance claim and
<br />related matters. If Borrower does not respond within 30 days to a notice from Lender Chat the insurance
<br />carrier has offered to settle a claim, then Lender may negotiate arid 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 />otherwise, 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 of the
<br />Property. 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 Ins(rument, whether or not then duo.
<br />6. 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 Clio Property as
<br />Borrower's principal residence for at least one, year after the (late of occupancy, unless Lender otherwise
<br />agrees in writing, which consent shall not be unreasonably w4libeld, or unless extenuating circumstances
<br />exist which are beyond Borrower's control.
<br />Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br />damagu or impair the Property, allow the Property to deteriorate or conarnit waste on the Property, Whether
<br />or not Borrower is residing in the Property, Borrower 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 Property
<br />if damaged to avoid further deterioration or daniage, If insurance or condemnation proceeds are paid in
<br />connection with damage to, or the taking of, the 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 />24001603
<br />INEBRASKA-Single Fair ly-Fainin in MacYraddi. Mc. UNIFORM INSTRUMEN I Forin 30 ) 28 1J01
<br />VMP qi� VMP6IN E J1,1051
<br />Wolters KILV.Va� Financial �ervi,aua P,n 17
<br />
|