201207794 - Laserfiche WebLink

Browse

201207794 services and subsequent chazges ea.ch time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Bonower. If Bonower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender' s option and Bonower' s expense. Lender is under no obligation to purchase any particulaz type or amount of coverage. Therefore, such coverage sha11 cover Lender, but might or might not protect Bonower, Borrower' s equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Bonower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Bonower could have obtained Any amounts disbursed by Lender under this Section 5 sha11 become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and sha11 be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender sha11 ha.ve the right to hold the policies and renewal certificates. If Lender requires, Bonower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or desixucrion of, the Property, such policy sha11 include a standard mortgage clause and shall name Lender as mortgagee and/or as an additionalloss payee. In the event of loss, Bonower sha11 give prompt notice to the insurance cazrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Bonower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Properly, if the restoration or repair is economically feasible and Lender' s security is not lessened. During such repair and restoration period, Lender sha11 have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender' s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the 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 writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender sha11 not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Bonower sha11 not be paid out of the insurance proceeds and shall be the sole obligation of Bonower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds sha11 be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds sha11 be applied in the order provided for in Section 2. If Bonower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender a.cquires the Property under Section 22 or otherwise, Bonower hereby assigns to Lender (a) Bonower' s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Bonower) under a11 insurance policies covering the Property, 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 amounts unpaid under the Note or this Security Instrument, whether or not then due. VA CASE#/LENDER LOAN# 34-34-6-0191285 / � 12-03154 NEBRASKA-Single Family-Fannie M ee/Freddie M ac UNIFORM INSTRUM ENT W ITH M ERS Initials Form 3028 1/01 VMP� ' VMP6A(NE)(1105) W olters Kluw er Financial Services Page 7 of 17