201401750 - Laserfiche WebLink

Browse

� ��14�175� Al� insu�ance palicies �equired b� Lender a�d renewals o�such pal��ie� sha11 be �ub��ct�o Lende�'s rrght to disapp�o�� such pol�ci�s, shal� �nclud� a stan�ard ma��bage claus�, and shal� name Lend�� as mor�gagee andl�� as an add��ianal loss payee. Lender sha��have the right to hold �h� palicies and rene�va� certiffcates. If L�nd�r r�quires, Borrowe�r shal� promptly gzve t❑ Len�er al� �e�eip�s o�paid premzums and r�newal not�c�s. If Barrow�r �btains an� �orm ��insuranc� c�verabe, not a�herwise r�quir�d b� LeIld��, for d.amage to, or d�s�rnction of, th� Prope��y, such policy shall inc�ude a ��andard mortbag� clause and shal�name Lender as mor�gag�e andlor as an addrtronai Ioss payee. In the even� o�1oss, Bo�ro�er shal� a��r� promp�n��ce#o �h� i�suraIlce carrier and Lende�. �ender ma� make prao�o��oss if not made promp�ly by Borraw�r. L�nies� Lender and Bo�r�we� ot�er�is� agree �n w�rztzna, any �nsuran�e pxac��ds, v�he�h�r o�r n��he under��r�ng �nsu�ance was �equ�red b� Lende�, �ha�� be appiied to restara��on or repa�� f�he Property, i��he restoration ar��pair is economicail� �easib�e and Lend�r's securi�� xs no�le�sened. D uring such repai.r and �restorat�on pe�iod, Lend�� shal� have �he right to hold such �nsu�ran�e proceeds un�i� L�nde�r has had an apportuni�y to inspect sach Property to ensure �he work has been comp�e�ed �o Lender's �at�s�ac�ion, provided �hat such �nspect�on sha�i be und�rta�en pramptl�. Lende�may disbu�se proceeds for th� repai�s and restQration �n a �ingle payment o� in a s�ries of pr�gress paymen�s as the wor� �s c�mp�e�ed. Un�es� an aareemen�.z� made in �vri��ng or Appl�ca��e Law requ��s �nteres��o �e paid an such insu�ranc� prac�eds, Lender sliall not be requi�ed �o pay Borro�er any int�rest or �arning� on such procee�s. Fees �ar pubir� adjust�rs, o� o�he� �h�rd �art�es, �e�ained by Bor�ower sha�� noi�e paid ou�o�th� �nsurance pr�cee�s and s�a�l�e th� s�l� ob�iba�ian of Bor�owe�. If the restorat�on o�r�pazr i� nat eco�o�nicaliy feas�ble o� Lender's secu��y �rou�d be lessen�d, �h.e insurance proceeds shal� be appl�ed �a th� sum s secured by this �ecur�t� �nst�um�nt, �r�e�her o� no�then du�, w ith th� exc�ss, if any, paid ta Borro�e�r. Such insur�nce proceeds shall be appl��d �n the 4rder prov�ded �a�r in �e�tian 2. ��r Bor�o�ve� aband�ns �he P�op�rty, Lender may fil�, ne�a�ia�e and settle an� available insurance c�a�_m and re�ated mat�ers. I�Bo��o�er does no�respond wi�h�n 30 day� �o a notzce f�am I�endex tha�the insu�anee carrier has of�er�d t� se�t�e a c�aim, th�n L�ende�r ma� negotiat� and s��le the c�aim. The 34-day p��d w��l beazn when �he no��ce is given. �n �ither e�ent, o� i�Le�der acquires th� Propert� under Se�t�on 2Z o� atlier��se, �or�o�er her�by ass�gns �o Lender �a} B��rrowe�'� �igh�s ta any ir�su�ance proceeds �n an amoun� no$�� exceed the am�u�ts unpaid unde��he No�e or t�� Seeuri�� Ins�ru�n�nt, and �b} an� oth�r o� ��ro�e�'s ��g��s fo��ier than ��e r�gbt�o any ref�r�d af u�.�a��ed p�emiums pa�� or�owe�} u�der all �nsu�ance pa��es caverina the Pro��r��, B�so�a� as su�h ��g��s ar� a�plieab�e �o t�� cave�age o��e Proper�y. JL��der may u�e t�e r�.su�anc� p�oceeds ei�her�o repai� or �estore the Prope�t� or to pay amaunts unpaid und�r the N o�e o�r this 5 eeur�t� �ns�rum en�, �r he�h�r fl�r no t then due. 6. �ccu pan cy. B nrr�we�r �ha11 oc�upy, es�a�lish, and use �he Propert� as B arrow er's pr�ncipal resid�nce �ith�n 6D days a�te�the e��cuti�n af�h�s Securi�� Ins�rument an� shal� con�inue to o�cupy �h� Property as Bor�a�e�'s p�rzn�zpal residence ��r a�l�ast ane �ear afte�r the date ��occupan��, un�ess Len�er a�h�rv�ise agrees zn wr�ting, wh�ch consent shall no�be unreasonably �v�thh�l�, or unless e�tenuat�nb cir�ums�ances e�i:st�hich ar� beyond Barrower's �on�ro�. 7 4 Preser�at��no �[�in�eraance and P�ntecfii�n of �he Prope��p [nspe��iorts, �or�ov�er s�a�� n��es�ro�, damage a� impaxx �he �rtiper�y, alio� the Pro�er�y to de�er�o�ate o� comm�t was�e aIl �he P�aperiye �h��r or no�Bor�o�er �s residing �n �he Prope�t�, Bo�ro�r�r sha�z �a�ntain �h� Prop�r�y i� ��rde��o preven��he P�oper�y ��m d��riara�inb or decreasing in �a�ue �.�.e �a its con�i�i�n. Unle�s i��s de�ermined pursuant�o Sec��on 5 �ha�r�paix or re�toration �s not e�on�mi�al�y ��as�b��, Borra�rer shall promptly �epair the Property if damag�d �o avoid �uxthe�r dete�ia�a�i�n or damage. If �nsuranc� ar condemnation proce�ds are pa�d in connec�ion with damag� to, o�the taking o�, th� Pxope��y, Borrow�r shal�be responsible far �epair�ng or �e�t��ng �he P�opert� on�y if Lender has �e�eas�d p�a�eeds �o� sucli purposes. Lender may disbu�se praceeds �¢oo��a NEBRASKA-Sir�g[e Farnify-Far�nie IUIaelFredd�e 1Vlac lJ1�iFORIUf [HSTftIJMEHT Form 3�28 1141 VM P� VNl P6[NE)f1302� VVa[ters 1Cluv�rer Financiai Services page 7 o�F�7