201401985 - Laserfiche WebLink

Browse

��14�1955 AII insurance policies required by Lender and renewa�s of such policies sha11 be subject to Lender's right to disapprove such p�Iicies, sha11 include a standard mortgage clause, and sha11 name Lender as mor�gagee andlor as an addxtional loss payee. Lender sha11 ha�e the right to hoid the poli�i�s and rene�vai cer�if cates. Zf Lender requ�res, Barrower shall pro�m.ptly grve to Lender a11 receip�s af paid prenuums and renewal notices, If Borrov�rer obtains any fnrm af insurance coverage, not atherwise required by Lender, for damage to, �r destruction�f, the Prop�rry, such poX�cy shaii include a s�anda�rd mar�gage clause and sha11 name Lender as mortgagee andlor as an additional loss pa�ee. In the e�ent of�o�s, Borrower shall gi�e prompt natice to the�.n,surance carrier and Lender. Lender may make pra�f�f loss if not made promptxy by Borrovver. Unless Lender and Barrower oth�rw�se agree in �rri�ing, any insurance proceeds, vvhether or na�the underlying insurance was required�y Lender, shal.l be applied t�restorati�n or repair of the Property, �f xhe res�ora�ian or r�pai.r is economica�.�y feasible and Lender's securz.ty is not lessened. During such repa�ir and restoratron per�od, Lender sha1l ha�e�he right xa ho�d such insuranc.e procee�is untx� Lender has had an opportunity to inspect such Proper�to ensure�he work has been completed ta Lender's satisfaction, pro�xded that such inspection sha�i be undertaken promptly. Lender ma.y dxsburse proceeds for the repa.irs and res�oration ua a single paym�nt or in a series of pragress payments as fih�w'ork is camp�eted. Uniess an agreement�s made�n w�-iting ar Appiicable La.w requires in.terest to b�pa�d on such a.n�urance pr��s, Lender sha11 nvt be requ�red�o pay Barrower any �n�eres�or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrov�rer shall not be paid out of the insurance proceeds and sha1X be the sale nbl�gation of Borrower. If the restioration or repair is nat econamical�y feasible or Lender's secwri.ty�vould be Xessened, the insurance proceeds shall be appxied to the sums se.�ured by this�ecur�ty Instrumen�, whether or not then due, �i.th.the e�c�s�, �f any, paid ta�rraw�r. 5uch insurance proce�ds shall be applied�n the order provxded for in 5ectiion 2. �f Bvrrower abandons the Property, Lender may fxle, negotiate and settle an�a�a��abie insurance claim and related matt�rs. if Borrower does not respond�ithin 3�days to a notrce from Lender�hat�he insurance carrier has offered to set�le a claim, then Lender ma.y negotiat�and set�le the claim. The 3D--day period wil� begrn�hen the notice xs gi�en. In exther e�ent, or if Lender a�quires tihe Property under Sec��on 22 ar atherwise, Barrower hereby assigns to Lender ta} B�rrower's rights to any insurance proceeds in an amount na��a exceed tihe amounts unpaid under tihe Note or this Securi.ty�nstrument, and�b} any o�h.er of Borrower's righ�s(other�han the r�ght�o any refund of unearned prem�ums paid by Borrower}under aIl insurance pfll�c�es co�rering the Property, ins�far as such rights are applicable�o the co�erage of the Property. Lender may use�he insurance prviceeds ei�her to repair vr restore�he Praperty or to pay amounts unpaid under the No�e or thxs Security Instrumen�, whether or nat then due. 6. �ccupancy. Borrower sha11 occupy, establish, and use�he Propert� a.s B�rrower's prin�ipal residence �vithin d�da�s after the e�.ecution of this Security Ins�rument and sha�.1 con�inue�o occupy�he Properxy as - Borrower's pr�.n.cipal res�dence for at Ieast one year aft�r the date of occupancy, unless Lender otherwise agrees in writing, �vhich consenx shax�not be unreasonably withhe�d, or unless extenuating c�rcumstances exist which are beyond Borrower's contro�. 7. Pre�ervation. �laxntenance and Protect�on of the Proper�tyy; �nspections. Borrower sha11 nat des�roy, damage ar impa.ir the Propear�y, a11ow the Praperry to de�eri�rate or commi�v�ast�on t11e Property. Whether or not Barrawer is res�ding Yn th�ProperC,�, Borrovver shall mainta.Yn the Property in order to pre�ent�he ProperCy from deter�orat�ng ar decrea.sing in.value du�ta its c�nditxon. Unless it is deterniined pursuant to 5ection 5 tha�repair or res�ora�ian xs nvt econamically feasible, Borrower shall pr�mpt�y repair the Property if dama.ged tio a�aid further d�teriora�ivn ar damage. If in�urance or condemna�ion proceeds ar�paxd in �onnectian with damage to, or the�aki.ng of, �he Prvperty, �rrower shaii he responsible for repair�ng or restar�ng�he Pr�perry nnly if Lender has reieased proceeds far such purposes. Lender may disburse proceed� N�BRASKA-Single�amiiy-Fanrne MaelFreddi�Mac UNIF�RM INSTRUM�NT Form 30�8 11D1 VMP� VIVIP6tN��t1302).�Q Woiters Kluwer�inancial S�r�ices Page 7 of 17