201206312 - Laserfiche WebLink

Browse

201206312 All insLn�anco policies required by Lender and rene�vals of&uch policies shall be subject to Lendcr's right to dianpprove such policioa, s1i2ll inchtde a stancl2rd mortgage clause, and shall naane Lender es inorfgagec vid/or As an addition�l loes payco. Lender shall hava the right to klold the policies a�id renewal certiPio�tes. IP Lender requires, Borrower shall prompCly givo to Lcnde�� 211 receipts of paid premiuu�s and renewal notioes. IP Borrowcr obk�ins any Forin of'insuranoe covernge, nof othorwise reqnired by Lender, for damage to, or destruction of, the Propc��ty, such policy shall include a standard mortgage clause end sl�all nune Lender as mortiga�gee vid/or as en ndditional loss paqe�;. In the event of loss, Boxrower shall give prompt notice to Uie uisurance carrier and I,ender. Lender may il�ake prooP of loss if not made promptly b�Borrowcr. Unlcss ];euder aaid Boirower otherwise agrte in w�iting any�nsw�a�ice proceeds, whether or noC tl�e underlying insurance was required by Lender, shall bo applied to restoration or re��air of the Yroperty, if tha restoration or repair is econoniically feayible aaid Lender's security is not lessened. During sucl�repair ai�d resYora6on periad, Lender shall have tl�c right to Uold such iusura�iee proceeds until Lender has had an opportunity to inspect auch Propeity w ensure lhc worlc has becn cornpletecl tio Lender's satisf2ction, provided &iaf such inspection ahall be undertalcan prrnnp[ly. Lendex may disUuise proceeds for the repairs vid restoration in a single paymont or in a series of' peogcess payments es the work is completed. Unlcss an agreement is inade in writing or Applicn6le Law reqLures interast to Ue paid on such insurance proceeds, Leuder shall nc�t Uc required fo pay Borrower nny inlerest or aarningF on such proceeds. Fees �Foc publie adjusters, or nther third parfi�s, retained by I3orrower shnll not be paid ouL of U�c ineurancc proec�de azid sl�all Ua Tha sole obligntion of IIon�ower. PP tho rwtoration or repair is not economioally Peasible or Lender's sccurity would Ue lessened, tlie insurAnce prooeeda el�all Uw applied to the amna secured by thia Security H�stnui�enu, wl�oth¢r or not then due, with Yha excess, if any, paid to l�orrower. Such ivsurauce proceeds shAll be appliecl in Lhe order provided fot in SecCion 2. Lf Borrower abauclons the Property, Lender mny file, negotiate a»d eottic any a�ailable insura�ice claim and mlatcd matters. [f Borrower does not raspond within 30 days to a notioe from Lender that the insuranca oarrier has offered fo setCl�a claiin, tlien I,ender may negoriate and sattle the claim. The 30-day period will begin when tha nokice is given. In either evenC, or if Lender acquires the Property mider Section 22 or othcrwisq Borrowe��hereUy assigns to Lender(a)Borrower's rights ko nny insurance procccde in eui amounC not to exoeed the amounfs anpaid�mcicr the Note or tliis Security Histruinent, and(b) auy other of Borrower's righta(other thnn Ihe right Co auy refund of utieamed prc�niums paid Uy Borrower) wlder all ineuranee policics cove�ing Uie Property, ivsol'ar as sttch rights �ue applicable to the coverage of lho Propexty. Leuder may use l�o iveurancc procceds eitl�er to re��air or restore the Property or to pay emounfs tuipaid under the Note or this Seeuxity Histrim�enl, whellier or not thcn due. 6. OCCupanCy. Borrower shall 000upy, establish, aud uec fhc P�nperty as Rorrower's principzl residence witl�in 60 days afier Uia execution of this Secueiry Instrument and ahall nonfiriuc to owupy the Property as Borrow�r's principal reside�ice for at leasf one year ai'ter the daYe oP occupflncy, unlese Lenclar ofherwise agrees in wciting, wluah consenf ah�ll noC be unrcusonaUly withheld, or unless extauuating circutnstances exist wl�ich are Ueyond Borrower's control. 7. Preservation, M aintenance and Protoction of the Properly; Inspections. Borrowcr shall not destroy, damage or impair tl�e Property, allow tha Proparty to deYeriorate or commi[w�sLe on lhe Property. Whether or not Borrower is r��iding ii� t1ie Property, Bon�ower shall mainCain tihe ProperCy in order to prevent tihc Property fi•om detierioraCing or dcureasing in value dLie to its condition. Unless it is deterinined pureuflnC Io Section 5 that repair or reatoration is not econonvoally feasiblo, Borrowor aha11 promptly repair Ehe Propexty if d�naged to auoid fuether deterioration or dsunage. If insuratnce ot condemnaLion procecds are��aid in com�ection wifh daiY�agc to, or the ta1<ing of, the Property, Borrower shall be responsible fox repniring nr restaring the Pcopexty only if Lender has relaased proceede for sLich purposes. Lender inay disburse prooeecls zaaoisos NE3NASKA-Single Famlly-Fannla M aelf-re�tlie Mac IINIPORM INSTRUM ENT Form 3029 1701 V M P pp VM P6(NE)(1 705) Wolters Kluwer Financlal Servlces Pane 7 af 1'!