201208037 - Laserfiche WebLink

Browse

�0120�037 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 sta.ndard mortgage clause, and sha11 na.me Lender as mortgagee and/or as an additionalloss payee. Lender sha11 have the right to hold the policies and renewal certificates. If Lender requires, Borrower sha11 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 destruction 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, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoratioa or repair of the Property, if the restoration or repair is ecoaomically feasible and Lender's security is not lessened. During such repair and restotation period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportuniry to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection sha11 be undertaken promptly. Lender may disburse proceeds for the repaits and restoration in a single payment or in a series of progress payments as the work is completed. Unless aa agreement is made in writing or Applicable Law requires interest to be paid on such insuraace proceeds, Leader shall not be required to pay Borrower any interest or earnings oa such proceeds. Fees for public adjusters, or other third parties, reta.ined by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Leader's securiry would be Lessened, the insurance ptoceeds shall be applied to the sums secured by this Secutiry Iastrument, whether or aot thea due, with the excess, if any, paid to Bortower. Such insuraace proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Leader may file, negotiate and settle any a�ailable insurance claim and related matters. If Borrower does not respond within 30 days to a aotice 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 acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note ot this Security Instrument, and (b) any other of Bortower's rights (other tha.n the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender ma.y use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Securiry Instrument, whether or not then due. 6. Occupancy. Borrower sha11 occupy, esta.blish, and use the Property as $orrower's principal resideace withia 60 days after the execution of this Securiry Instrument and sha11 continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasona.bly withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower sha11 mainta.in the Property in order to preveat the Properly from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with dama.ge to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds NEBRASKA-Singls Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/O1 VMP p VMP6WE) (11051.00 Wolters Kluwer Financial Services Page 7 of 17