201403885 - Laserfiche WebLink

Browse

201403885 All ins�.iran�e policies required by Lender and renewals of such policies shall be sul�ject to Lender's right to disapprove such policies, sha.11 include a standard inortgage clause, and shall nasne Lender as mortgagee and/oi as an aclditional loss payee. Leiider shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender a11 receipts of p�id preiniunls and renewal notices. If Borrower obtains any form of insur�ilce cover�ge, not otherwise required by Lender, for d�tinage to, or destruction of, the Property, such polic�sliall include a standar•d mortgage c7ause anfl shall naine Lender as mortgagee and/or as an additionalloss p�yee, In t11e event oF loss, Barrower sha11 give prompt notice to the insurance carrier anci Lender. Lender may malce proof of loss if not made promptly by Borrower. Unless Lender �nd Borr�wer otherwise agree in writing, aiiy insurance proceeds, whether or uot the underlying insurance was required Uy Lender, shall be appliad to restoration or repair of the Propert�; if the�•estoration or repair is econoinically feasible and Lender's security is not lessened. During such repair and resCoratioii periocl, Lender eha11 have the right to hold such insui ance proceeds until Lendar lils h1d an opportunity to inspect such Property to ensure the worlc tias l�een complateci to Lender's satisfaction, provided tihat such ii2spection sl�all be�:�ndertalcen proinptly. Lender rnay disburse proceeds for the repairs and restoration in a sii�gle payment or in� series of progress paynaents as the worlc is�coin�letied. U111ess an�agree�nent is rnade i�writing or A�plicable Law rec�uires interest to be paid on such insur�ilce proceeds, Lender shall not be required to pay Borrower�ny interest or earnings on such proceecls. Fees for public adjust�rs, or other Chird parties, i etained by Borrower sha11 not be paid out of the insurance p7•oceeds and shall be the sole obligation of Borrower. Tf the restoration or repair is not economically feasibl�or Lender's security would ba lessenetl, the insclrance pr�ceeds shall Ue applied to the suins secured Uy this Security Instriunent, whether or not then clue, with the excess, if any, paid to Boi•rower. Such insura�lce proceeds shall be appliecl in the oi•der provided For in Section 2. If Borrotiver abaszdons tlie Pz•operty, Lonc�er may fi1e, negotilte�nd sattle any available insurance claim and rellted inatters. If Borrower cloes not respond within 30 days to a notice fi•om Lender that the insurance carrier has oFfered to settle a cl��iin, then Lender m�y negotiate�nd settle the claiin. The 30-day period will begin when the notice is given. In either event, or if Lender acc�uires the Property under Section 22 or otherwise, Boxrower hereUy assigns to Lencier(a)Borrower's rights to any iusLtrance proceeds in aii an�ount zlot to exceed the�nounts unpaid Lulder the Note or this Security Instrument, and(l�)any other of Boriowei•'s rigl�ts(other tlzan the right to any refiind of unearned premiums paicl by Borrower)uncler all insurai�ce policies covering the 1'roperty, insofar as such rights are applicaUle to the coverage of tlie I'roperty, Lender may use the iusurance proceeds either to repair or restore the Property or to pay�inounts unpaid under the Note or this Security Instruinent, wliether or iiot then due. 6. Oceupancy. Borrower sha11 occupy, estaUlisll, and use the Property as Borrower's principal resicience within 60 days after the execution of this Security Iiistrtunent and sh�ll continue to occupy the Property as Borrower's principal residence for at least one yeai• after the date of occup�ncy, Lulless Lender otiherwise agrees in writing, which consent sh�ll not Ue uru•easonaUly withlleld, or unless extentiating circuiilstances ' exist which�re beyond Bot•rower's control. 7. Preservation, Maintenance and F'rotection of the Property; Inspections. Borrower shall not ciestroy, clainage or impair the Property; a11ow the Property to deteriorate or coirunit waste on the Property. Whether or not Borrower is i�esiding in the Propert�, Borrower shall maintain the Property in order to�revei�t the Property from deteriora�ting or deare�sing in value due to its coudition. Unless it is de'termined pursua�nt�o Sectioll 5 that i•epair or restoration is not ecollomically felsiUle, Borrower sha11 promptly repair the Pr��erty if dalziaged to �.void fiuth�r deterioraEion or d�snage. 1f insttrance oi•eondeYnnation�roceeds as•e paid in � comiection with dasnag�to, or the taking of, the Property, Borrower shall be responsible for repairing or restoriil�the Pro�erty only if Lender has released proceeds for stich purposes. Lendei•may disUurse proceeels ?.4006238 NEBRASI(A-Single Family-fannie M ae/Freddie M ac UNIFORM INS7RUM ENT Form 3028 1/01 VM P OO VM P6(NE)(1302) Wolters Kluwer Financiaf Services Page 7 of 17