201207612 - Laserfiche WebLink

Browse

201207612 All insuranee policies required by Lender and renea�als of such policies shall be subject to Lendcr',right to disapprove such policies, shall include a standar&mortgage clause, and shall name T ender as mortgagee and,�or as an additional loss payee. Lender shall have the right to hold Uie policies and renewal certificates. if Lendex iequires, Borrower shall promptly�ve to Lender all receipts of paid pxemiums and ienewal notices. If Bonower obtains any fonn of insurance coverage, not otherwise reyuired by Lender, for damage to, or destiuction of, the Property, such policy shalI include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In The event of loss, Bo�ower shall give prompt notice to ihe insuranoe carrier and Lender. Lendex may make proof of loss if not made promptly by Borrower. Unless Lender and Borrowcr otherv✓ise agree in �vriting, �y insurauce proceefls, whether or not the underlying insurance was requued by Lender, sUall be applied to restoration or rcpair of the Property, if the restoration or repair is economicallp feasible aad Lender's security is not lessened. During such repair and restoration period, Lender shall haue the right to hold such insurance proceeds until Lender has had an opporiunity to inspect such Properiy to ensure the work 11as Ueen completed to Lender's satisfacrio;�, provided that such inspection shall be undertaken gmmptIy. Lendcr tnay disl�urse proeeeds fror the repairs and restozation in a single payment or in a series of prQgress payments as the work is eompleted. Unlesc an agreemeht is made in writing or Applicable L,aw requires interest to be paid on such insurance proceeds, Lender shall not be required to pay 3orrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance pxoceeds and shall be the sole obligatian of Boirower. If the restoration or repair 3s not econo�nically feasible or Lender's security would be lessened, the iusurance procezds sh�ll be applizd to the sums secured by tkus Secuiity Instniment, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in[he order provided fbr in Section 2. If Borrowex abandon.�the Froperry, Lznder may_file, negotiate and settle any available insisance claim aud related matters. If Borrower does not respond within 30 days to a uoticc fi-om Lender that the insurance earcier has offered to settle a clai�n, Then Lender may negotia#e and settle the claim. 'I'he 30-day period wIll begin when the notice:s given. In either event, or if Lender acquires the Properfy under Section 22 or oEherwise, Borrower hereby assigns to Lencler(a)Borrower s rights to any insurance proceeds in an amount not to exceed th,e amounts unpaid undex the Note or t7us Security Instnunenk, aad(b) az�y ather caf Bonower's rights(other than the righc to any refund of unearned premiwns paid by Bosower)under all instuance policies covering the Properiy, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance�proceeds either to repair or restore the Property or to pay atnounts unpaid imder the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower s principal residence witlun 60 days after the execution of thzs Security Instr�unent and shall continue to occupy the Properry as . Borrow�er's principal residence for at lcast one yeaz aftec the date of occupancy, unless Lender oiherwise agees in wrlfing; which consent shall not be unreasonably withheld, oF unless exCencating cueuw.4tances e�st which are beyond Borro�ver's con[rol. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the ProperCy, allow the Property to deteriqrate or commit waste on the Proparty. Whefher or not Borrowex is residing in the Property, Borrower shall maintain the Properry in order to prevent the Properry fro�n deteriorating or decreasing in value due to its candition. Unless it is detemiined pursuant to Section 5 that repair or restaration is not economically feasible, Boriowzr shall promptly repair the PropOrty if daznaged to avoid fluther deterioration or damage. If inswance or condemnaflon proceeds are paid in connecflon�vith damage to, ox the taking o� the Psoperiy, Borrower shall be xesponsible£or repaicing or . restoiing:he Property onl.y if Lender has released proceeds for such putposes. Lender may disburse yroceeds zaco2�zi NFBRASKA-SingleFamily-F2nnienfaelFr�dieblacUNIFQW�! WSTRUbiENT Form3028 V0+ vm�� vmPs�N��tas) V✓ollers K!uvu er Fnzncial Serviees Pege]011]