201206710 - Laserfiche WebLink

Browse

201206710 All insurance policies required by Lender and xenewals of Such policies shall be subject to Lender's right to disap�ove such policies, shall inelude a sfandazd mortgxge clause, and shall nazne Lender as mortgagee and/or as an additional lpss payee. Lender shall have the right to hold the polieies mmd renewal certificates. If Lender requires, Borrowzr shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower oUtains any fornt of insuzauce cov0r2ge, not otherwise zequ3red by Lender, for damage tQ, or destruction of, the Property, such policy shall include a staudazd mortgage clause and shall nazne Lendex as mortgagee and/or as an additional loss payee. In the ecent of loss, Borrower shall givc prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not macle promptly by Boirowei. UnIess Lendex and Borrower olhexwisc ag.-ee in writing, any insurance proceeds, whether or not the uncierlying insurance was required by Lendez, sha116e applied to restoration or repair of Lhe Properry, if the restorarion or repair is econornically feasible and Lender's security is not lessenecl. During such repair and restoration period, Lender shall fiave the right to hold$uch insLuance proceeds w7til Lender has had an opp�tunity to inspect such Property to ensuie fhe . work has been completed to Lcnder's sarisfaction, provided that such inspectiun shall be uudertaken promptly. Lender may disburse proceeds for thc 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 u�riting or Applicable Law xequ�es interest to be paid on such insuranca proceeds, Lender shall not be required to pay Borrower any inteaest or earninga on suchproceeds. Fees for public adlusteis, or other third parties, retained by I�orrower shall not be paid out of tne insurance procec�ds and shall be the sole obligafion of Borrower_ If the restoration or rc,�air is not economically feasible or Lender's security would be lessened, the insuranee proceeds shall be applied fo the siuns seci.ired by this Security Instrucnent, whether or not then due, with Che excess, ii any, paid to Borrower. Such insurance proceeds shall Ue applied in the order provided for in Section 2. If Bauower ahandons the Ptoperty, Lender may file, negotiate and settle anq available insi�rance claim and related matters. If Borrower does not respond with'vi 30 days to a notice from Lender that the iasurance carrier has offered to settle a claim, then Lznder may negotiafe and settle the claim. Thz 30-day period will bcgin when the norice is given. In either euent, or i£Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigvs to Lender (a) Borrowci s rights t�any insurance proceeds in an zmounC not to exceed the auiounts unpaid undcr tl�e Note or this Security Insh'uuient, and(b) any other of Borromzr's tights (other than the iight tp any Fefund o€unearned premiuws paid by Borrower)under a1; insurance policies eoveiing the Yrpperty, insofaz u such riglrts are applicable to#he coveaage of the PropeRy. Lender map use The nvsur�ce proceeds either to repair or restore the Yroperty or to pay amount� unpaid Lmder the Note oi this Security Instrument, whether or not then due. 6. Occupancy. Borrow�er shall oc;cupy, cstablish, and use the Property as Borrower's principal residence withiu 60 days after the ezecution of ttna Securi[y IiLslrumeut�id shnll conLinue to occxGpy the Properry as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall noC be unreasonahly withheld, or unless extenuating circwnstanees � exist which are beyond Borrower's control. 7. Preservation, M aintenance and Protection of the Property; Inspections. Borrower sha(1 not destroy, damage or impair the Property, allow Yhe Properry b deteriorate or comnut wastc on the Property. Whether or not Borrower is iesiding in flic Properiy, Bcarrower sha17 mainxain the Property in order to prevent fhe Property from deterioraiing or decreasing in value due to its condirion. Unless it is c3etennined�ursuant to Seption 5 that repair ar restoration iS noY economiaally feasible, BorrQwer sl�all prompfly repair the Property if damaged to avoid further deterioration or damage. If insusance or condemnation proceeds ue paid in connection with damane to, or the taking af, the Property, Boxrower shall be resj�onsible for iepairuzg or restoring the Property�only if Lender has released proceeds for such purposea Lender may disburse proceeds zaooi�eT Nr'BRASKASingle Family-Fannie�hlaelFreddie Wac UNIFORM INSTRUAR ENT Porm 3028 V01 VMP rg` VMP6(NEj�1105) WOItersKWwerHrtanclal5zrvices Page of17