201207872 - Laserfiche WebLink

Browse

201207872 services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also ba responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connaction with the review of any flood zone determination re,4ulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender' s option and Borrower' s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coveraga shall cover Lender, but might or might not protect Bonower, Borrower' s equity in the Properiy, 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 acl�owledges that the cost of the insurance coverage so obtained might significantly exc�ed the cost of insurance that Borrower could have obtained. Any amo�mts disbursed by I.ender under this Section 5 shall become additional debt of Borrower secured by this 5ecurity Inst�ment. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Bonower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subje�t to Lender's right to disapprove such policies, shall include a standard mortgage clausa, and shall name Lender as mortgagce and/or as an additional loss paye�e. Lender shall have the right to hold the policies and renewal certific�tes. If Lender requires, Borrower shall promptly giva to Lender all re�eipts of paid premiums and renewal notices. If Borrower obtains any form of insiu�ca coverage, not otherwise requirad by Lender, for damage to, or destruction o� the Property, such policy shall include a standard mortgage clause and shall name I.ender as mortgag� and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make praof of loss if not made prompdy by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proc�eds, whether or not the underlying insurance was required by Lender, shall be appli� to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender' s security is not lessened During such repair and restoration period, Lender shall have the right to hold such insurance procceds until Lender has had an opportunity to inspect such Property to ensure the wark has been completed to I,ender' s satisfaction, provided that such inspection shall lse undertaken promptly. L�der may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completecl. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance prqceads, Lender shall not be raquire� to pay Bonower any interest or eamings on such procceds. Fees for public adjustars, or other third parties, retained by Bonower shall not be paid out of the insuran.ce proceeds and shall be tha sole obligation of Borrower. If the restorataon or repair is not economically feasible or Lendar's security would be lessened, the insurance proceeds sha11 be applied to the sum�.s secured by tlus Security Instr�mnent, whether or not then due, with the excess, if any, paid to Bonower. Such �nm�rce proc�ds shall be applied in the order provided for in Section 2. If Bonower abandons the Properiy, Lander may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond witUin 30 days to a notice from Lender that the insurance carrier l�as offered to settle a claim, then Lend� may negotiate and settle tha claim. The 30-day period will begin when the notice is given. In either event, qr if Lender acquires the Properiy under Se,ction 22 or othervvise, Borrower hereby assigns to Lender (a) Borrower' s rights to any insurance proceeds in an a�unt not to exceed the amounts unpaid under the Note or tlus Security Instrument, and (b) any other of Borrower' s rights (other than the right to any refund of unearned pramiwns paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applic�ble to the coverage of the Properiy. Lender may use the insurance proceeds either to repair or restore the Progerty or to pay amounts unpaid under the Note or tlus Saeurity Inslrument, whether or not then due. 22�271788 NEBRASKASingle FemBy-Faa�Ne Mae/Freddle Mac UNIFORM INSTRUMENT WITH MERS VMP Cql Wolt�a KAiwwer Flna�dal Services . D VBANE Form 3038 7I01 VMPBA�NE) (1106) Page 7 of 17 � �J� �