201400901 - Laserfiche WebLink

Browse

��14��9�1 A�1 �nsuranc�poiicies r�quired b� I.ender and renewa�s of such polici�s shall be sub�ect to Lender's righ�to d�sappro�ve such p�licies, sha�l include a standard mar�gage c�aus�, and sha�l name I,ender as 3mortgage� andlor as an addi�ianal loss pa�ee. I,ender shai�ha�ve the rzgh�to hold the poiicies and r�newa� certificates. If Lender requires, Borrovver shall promp�� g�ve ta Lender a�� rec�ipts af paid prern�ums and renewal no�ices. �f Borrower ob�ains an� farm of insurance co�erage, no�ot�erwis�required b�Lender, for damage ta, or destruction�f, the Prop�r��, such po�i�� shall �nclude a standard mortgage clause and sha�� name Lend�r as mortgagee andlflr as an add�t��na� �ass pa�ee. In the ev�en�of�oss, Borr�wer shal�give prampt n�t�ce to the insurance carr��r and Lender. I.�nder may make proof�f l�ss if no�made promp��y by Borrower. Unless Lend�r and Borraw�r o�heru��se agree in wr�ting, ar�� nsuran��pro�eeds, whe�her or n�t�he underl�ing insurance was �equired by L.�nder, shai�be app�ied to res�ora�i�n or repazr of�he Proper�y, if the�res�oration or repair is�canomi.cally feas�ble an�. Lender's secur�t� xs not lessened. During such repair and res��rat�an period, Lender s�al�ha�e the right to hold such �nsurance proceeds un��l I�ender has had an oppo�unity ta �nspec�such Praperty�o ensure the work has been completed t� Lender's satisfact�an, prov�ded�hat such inspe��ion shall be undertaken promp�ly. Lender may disburse pro�eeds far the repairs and r�storation in a single pa�rmen�or�n a seri�s of progress payment� as th�v�ork�s completed. Unless an agreement�s made in wr�t�ng�r,�4.pp��cab�� Law requ�res �nterest t�be paid on such insurance pr�ceeds, I.ender sha�� no�be required�o pay Borro�v�r any �n�erest or earn�ngs on such prac�eds. Fe�s for publiC adjus��rs, or ather�hird par�ies, retained b�Borrow�r sha�l n�t be pa�d�u�of the insuranc�praceeds and sha11 be the s�ie abl�ga�ian of Borrovver. �f the restora�ion or repair is n�t econamically feasible o�r L.�nder's s�cur�t�vvou�d be lessened, the insurance prnceeds shali be appl�ed to t�ie sums se�ured by this Security Instrument y wheth�r or no��hen due, wi�h the excess, if any, pa�d to Borro�rer. Such�nsurance pro��e�.s shal��e applied�n�he order pra�ided f�r in Sec�ion 2. If Barrower aband�ns the Property, L�nder ma�fi1e, nego�iate and se�t�e any ava��a�le insurance claim and rela�ed rnatters. If Barrower does no�respand with�n 3�da�s�o a no�i�e from I.�nder that the insurance carrier�as affered t�settle a cla�m, then Lender m.ay negotiate and se�t�e the claim. 'The 3�-day peri�d vWi�I beg�n wh�n the notice�s gi�en. In��her even�, or if Lender acqu�res�he Proper�y under Se�t�on�2 ar othe�-vvise, Borrov�rer hereby assigns ta Lender�a� Borro�er's r�ghts to any �nsurance proc�eds in an amount not to ex�eed the amoun�s unpa�d under�he Nate ar this Security Instrument, and �b} an�o�her of Borrower's righ�s �other than the righ��o any refund af unearned premium�paid�y Barrower}under ail insurance po�ic�es covering the Proper��, insofar as su�h r�ghts are app�ica�le�a�he coverage of the Property. Lender may use the insuranG�proceeds e��her�o repa�r or res�ore the Property or tn pay amounts unpa�d under the Note or this Secur��y �nstrument, whe�her or no��hen due. 6. 4ccupancy. Borravver shall occupy, es�ab��sh, and us��he Proper�� as Borrawer's prinGipal residence w�thin�D days after�he execu�ian of this Security�ns�rument and sha�l con�znue�o occupy th�Pr�p�r�y as B�rrower's principal residence for a��ast one year af�er�he date of�ccupanc�, un�ess L.�nder atherv�ise agrees in v�rriting, vvhich consent shall not be unreasonab�y ur�thh�id, or unless ex�enua��ng circums�ances ex�st vvhich are b�y�nd Borrower's con�ro�. 7. Preser�ation, N[a�ntenance and Prote�tion of the P�vperty; �nspectians. Barrovver shall no�destro�, damage�r impa�r the Property, al�ow �h� Pr�p�rt�r to deteriora�e or�ommi�waste on the Proper�y. V�h�ther or nat gorro�ver is resid�ng in the Property, Borrawer shal� m�ain�ain th�Proper�y �n order�o�re�en�the Prope�r�y fronl de�eriora��n�or decreasing �n valu�due t� its cond��ion. Un��ss �t is de�erm�n�d pursuant to Section 5 tha�repair or restoratzon is not�c�nom�ca�iy feas�ble, Barrower sha��promptly repair the Proper�y if damag�d t�a��d fur�her deteriora�ian or damage. �f insurance or cond�mnatian�roceeds are paid in connect�an with damage�o, or the taking of, �he Proper�y, B�rrower sha�l be resp�nsible for repa�ring or re�tor�ng�he Proper�y only if Lender has releas�d proc�eds far such purposes. L�nder may d�shurse pr��e�ds NEBRASfCA-Single Family-Fannie MaelFre�die Mac liNi��RM INSTRUM�NT �vrm 3428 1I�� VMP� VMP6�NEf(13a2f Wolters Ktuwer�inar��ia!Ser�ices Pag�7 vf 17