|
201300031
<br /> All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br /> disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee
<br /> and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br /> Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices.
<br /> If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br /> destruction of. the Property, such policy shall include a standard mortgage clause and shall name Lender as
<br /> mortgagee and/or as an additional loss payee.
<br /> In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
<br /> make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in
<br /> writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be
<br /> applied to restoration or repair of the Property, if the restoration or repair is economically feasible and
<br /> Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to
<br /> hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the
<br /> work has been completed to Lender's satisfaction, provided That such inspection shall be undertaken
<br /> promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of
<br /> progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
<br /> requires interest to be paid on such insurance proceeds, Lender shall not he required to pay Borrower any
<br /> interest or earnings on such proceeds, Fees for public adjusters, or other third parties, retained by Borrower
<br /> shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower, If the restoration
<br /> or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br /> applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br /> paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br /> If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and
<br /> related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance
<br /> carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will
<br /> begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or
<br /> otherwise, Borrower hereby assigns to Lender(a) Borrower's rights to any insurance proceeds in an amount
<br /> not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of
<br /> Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br /> insurance policies covering the Property, insofar as such rights are applicable to the coverage of the
<br /> Properly. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts
<br /> unpaid under the Note or this Security Instrument, whether or not then due.
<br /> 6. Occupancy, Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br /> within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as
<br /> Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
<br /> agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br /> exist which are beyond Borrower's control.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br /> damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether
<br /> or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the
<br /> Property from deteriorating or decreasing in value due to its condition, Unless it is determined pursuant to
<br /> Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property
<br /> if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in
<br /> connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
<br /> restoring the Property only if Lender has released proceeds for such purposes, Lender may disburse proceeds
<br /> 2,1003276
<br /> NEBRASKA-SIn91e Family-Fannie Mae/Freddie Mac UNIFORM INS I RUMENT Form 3028 1/01
<br /> VMP G VMP6INE1111091
<br /> Wolters Kluwer Final weal Syr rites Pegs 7 of 17
<br />
|