|
��14�3444
<br /> All insurance policies required by Lender and renev�als�f such p�licies sha11 be sub,�ec�to L�:nder's right to
<br /> disapprove such polic�es, shall include a s�andard mor��ag�clause, and shall name L,�nder as mortgagee
<br /> andlor as an additional �ass pa�ee. L�nder sha�l ha�e th�ri�ht to hold the polic�es and rene�ai cer�ificates. If
<br /> Lender requires, B�rrov�rer shall prompt�y gi�re�o Lender ai� receipts of pa�d premiums and renewal na�ices.
<br /> �f B�rrower obta�ns any fornz o��nsurance coverage, no�otherv��se required by Lender, for damage�o, or
<br /> destruction of, the Prapert�, such pa��cy sha�l �nclude a s�andard mortgage clause and shai� nam��.ender as
<br /> mor�gagee andlor as an addi�iona� �oss pa�ee.
<br /> �n�h�e�vent of loss, Borrow�r sha�� gi�e promp�nat�ce�o�he�nsurance carr�er and Lender. I.ender ma�
<br /> make proof of�o�s if nat made prompt�y by Borrower. Unless Lender and Borrav�rer oth�rw�se agree in
<br /> writing, any insurance proce�ds, whether ar not th�under�ying insuranc�was requ�red by Lender, s�a��be
<br /> applied �o restorati�n or repa�r of�he Property, i��he restarat�on or repa�r�s e�onomica��� f�a�ible and
<br /> I..,�nder's secur�ty is no�lessen�d. During such repair and res�oration periad, Lender sha��have�he righ�to
<br /> hold such �nsuranc�pro�eeds unt�� Lender has had an oppnr�unity to inspect su�h Pr�pe�y to ensure�he
<br /> w�rk has b�en comple�ed to Lender's sa�isfaction, pra�v�ded that such inspection shall be undertaken
<br /> prozr�pt�y. Lender may disburse praceed� for�he repairs and restarat�on in a s�n�le payment or in a series af
<br /> progress payn�.en�s as�he v�ork is comp�e�ed. Un�ess a�agreemen�is rnade�n writ�ng or Appl�cab�e Law
<br /> requires int�res��o be pa�d on such �nsurance proceeds, Lender sha11 nat be required to pay Borraw�r any
<br /> interest ar earnings on such proce�ds. Fees f�r public ad�us�ers, or ather th�rd part�es, re�ained by Borr�vWer
<br /> sha�� no�be pa�d ou�of the�nsurance proceeds ar�d shall b��he sole ob�igation�f Borrower. �f the restorat�on
<br /> ar repair is not econamica�ly feasib�e or Lender's s�c�rity wou�d be lessen�d, �he insuran�e pr�ceeds shall �e
<br /> a�p�ied��the sums se�ured b� �his Security�nstrumer�t, vwhe�her or no��hen due, with�he excess, if any,
<br /> pa�d to Borrov�rer. Su�h insurance prflceeds shall be appl�ed in the order pro�ided f�r in Sec�ion�.
<br /> If Barrower abandons��e Pr�per�y, L.�nder may ���, negotiate and settle any ava�la�le insurance c�a�rn and
<br /> re�ated ma�ters. If Barrawer does�ot respond vv��hin 3�days to a notice from Lender�ha�the insuran�e
<br /> carr�er has offered�o set��e a c�aim, then I�;nder ma}� n�go�iate and se����the cia�m. The 3�-day period v�ili
<br /> �egin when the notice is g��ren. �n e�ther��ent, �r if Lender acqu�res the Property und�r Sec�ion 22�r
<br /> o�herw�se, Barrower her�by as�igns�o I,�nder�a� Borrawer's rights�o any �nsuran�e pro�eeds �n an am�un�
<br /> no��o e�ceed the arnaun�s unpaid under�h�Nate or this Security �ns�rumen�, and �b� any other of
<br /> B�rrower's righ�s �other than the r��h��a any refund of unearned premium.s paid by Borrov�er}under ail
<br /> insurance poiicies co�ering the Proper�y, insofar as such rights are appiica�le�o th�c��erage of�he
<br /> Property. Lender may use th�insurance pr�c�eds e�ther�� r�pa�r or restore the Proper�y or to pay amoun�s
<br /> unpa�d under the Nflte or�h�s Securit� Instrumen�, whether or na��h�n due.
<br /> �. C]ccupancy. B�rrower shall occup�, es�ab��sh, and use�he Prop�rt�as Borr��er's principa� residence
<br /> w�thin��days af�er the execu�ion of�his Securi�y �nstrument and sha1�con�inue�o occupy�he Proper��as
<br /> BorrflvWer's�rinc�pa� res�den�e for at I�ast one year after the da�e of��cupancy, un�ess L�nder ath�rwise
<br /> agrees �n wri�ing, which cansent shal�no�be unreasonab�y wi�hheld, �r uniess extenuat�ng c�rcums�anc�s
<br /> �xist vvh��h are b�yond Borrower's�on�ra�.
<br /> 7. Prese��atian, N�a�ntenance and Protection of the Property; �nspect�ons. Borrawer shal� not destroy,
<br /> damage or impa�r the Proper��, allow��.�Proper�� to deteri�rate�r ca�r�mit v�ras�e�n the Proper��. V�hether
<br /> ar nat Borrower is r��iding �n the Pr�per�y, Borrov�rer sha�� ma�n�ain the Praper�� in order�a pre�ren�the
<br /> Proper�y from de�eri�rat�ng flr decreasing in value due�o its condi�ian. Unless it�s determined pursuant t�
<br /> Section 5 �ha�repa�r or resto�ra�ian�s not econ�mically f�asible, Barrow�r shali promp�ly repair the Property
<br /> �f damaged to ava�d fur�her de�eriorati�n�r damag�. If�nsurance ar condemnation proceeds are paid in
<br /> �ann��tion�nr�th damage to, �r�he�aking of, the Prop�r�y, Borro�v�r shal�b� respons���e for repairing or
<br /> res�oring�he Proper��oniy if L.ender has released proceeds for such purposes. Le�ader may disburs�proceeds
<br /> N�6RASKA-5ingte�amily-�annie MaelF�eddie Mac UNIF�RM 1NSTRLIM�NT Form 3�28�l�1
<br /> VMP� VMPfiZN�f{1302)
<br /> Wolters Kluwer�inanGial Ser�i�es Page 7 of i 7
<br />
|