201406573 - Laserfiche WebLink

Browse

��14��573 A�l insurance pol�cies required by Lender and renewals�f such p��i�ies sha��be subjec� �o Lender's rig�.�to disappro�ve such pa�icies, shall �nclude a s�andard m�rtgage clause, and shali name Lender as�mort�agee andl�r as an addi�iflnal l�ss payee. Lender sha��have�he righ�to ho�d the po�icies and renev�ra�cer�ificates. If L.�nder requires, BorrovWer sha�l pr�mptly giv�ta L�nder all re�eip�s �f paid premiums and renewal no��ces, �f Barrower a�tains any form of insurance co��rage, not�therwise requ�r�d by Lender, for damag��o, or des�ruction af, the Property, such po�icy shall inc�ude a s�andard mor�ga�e c�ause and shall name Lender as m�r�gagee andlor as an addit�onal loss payee. In the e�ren�af l�ss, Barrawer shall give promp�n��ice�o�he insurance carrier and Lender. Lender rnay make pro�f of�oss �f not made prornp��y�y B�rrawer. IJn1�ss Lrend�r and Borrower o�hervv�s�agree�n wri�ing, any insuran��proceeds, whether or no�the under�y�ng �nsurance was requ�red by Lender, shai�be applied tfl r�st�rat�an or r�pair of the Proper��, if�h�restorat�on ar repair�s e�onomi�a��y feasib�e and Lender's securi�y is not lessened. Dur�ng such repair and res�oration period, Lender s�aa��ha�v��h�righ��o hold such �nsurance proce�d�un�i� Lender has had an opportunit�to i�.spect such Proper�y�o ensure the vvork has be�n c�mpleted�o Lender's sa��sfac�ion, provided that such inspect�on sha��e under�aken promp�ly. L.ender may d�sburse proceeds for�he repairs and re�tara�ion�n a single payment or in a series of progress pa�ments as�he work�s�amp��ed. Un�ess an agreement is made in wri�ing or Applicab�e Law requires �nteres��o�e pa�d on such insura�n.ce proceeds, I.�nder sha��not be r�quired t�pay Borrower any in�erest or earn�ngs on such proceeds. Fees for public ad�usters, or other third par��es, retained by Borrawer sha��not be pa�d out of�he��surance proceeds and sha�l b�the sole obligation of Bnrro�ver. �f�h�res��ration or repair is not econamically feasible or Lender's securzty v�►rauld l�e�essened, the insurance proceeds sha��be appiied to the sums se�ured b�this �ecurity �nstrumen�, v�rhether or not then due, with�he excess, if any, paid ta Borrov�er. 5uch insurance praceeds shall b�app�ied in the order pro�r�ded f�r�n Sect�on�. �f B�rrower ahand�ns the Praper�y, Lender m.ay file, negot�ate and s��tle an}�a�ai�ab�e insurance claim and related ma�ters. If Barro�ver does no�respond vv�th�n 3�days to a n�ti�e from Lender that the insuran�e carr�er has offered�a set�l�a claim, �hen I.�nder ma�negot�ate and sett�e the cla�m. The 3�-day�er�od wil� begin when th�notice is�iven. �n e�ther e�ent, or if I1end�r acquires�he Proper��under Sect�on 22 or oth�rwise, Borrov�rer here�y assigns�a Lender�a}B�rrower's rights to any insuran�e proceeds in an amaun� no�to e�ceed�he am�un�s un�aid under�h�No�e or�his Secur�ty �nstrumen�, and �b}any other of Borrov�er's righ�s �ather�han the right to any refund of unearn�d prem�ums paid b�Borrovver}under a11 �nsurance pa�i�ies co�rering the Prop�r��, ins�far as such r�ghts are appl�cabl�t��h�co�rerage of the Propert�. Lender ma�us�the insurance proceeds either�a repa�r nr r�store�he Property ar to pay amaunts unpa�d under�he Note ar th�s Security Instrumen�, whe�her or na��hen due. �. t�ccupan�y. Borrower sha��flcGupy, establ�sh, and use the Proper�� as Borrow�r's przncipa� res�dence vvithin 64 days af�er�he execution of�h�s Se�ur�t� �ns�rument and sha�1 continue�a occupy�he Property as Barrower's principal residence for at�east one year af�er the da�e af�ccupanc�, un�ess Lender otherwise agrees �n wri�in�, which cons�nt shai� nat be unr�asonably w�thhe�d, ar un�ess ex�enuatzng c�rcumstances ex�st which are beyond Barrower's�on�rol. 7. Prese��ati�n, Maintenance and Protection vf the Prope�ty; 1�tspectivr�s. B�rrower shall not destroy, damage or�mpair the Prop�rty, allow the Pr�perty�n de�er�orate or cammi�vvaste an the Property. Whether or no�Borrov�rer�s resid�ng in�he Pr�per�y, Borrflwer shall main�ain the Property in order�a pre��n�the Proper�y from deteriora�ing or decreasing in�a�.ue due ta i�s condi�ion. Un�ess it �s de�ermined pursuant to Se��ion 5 that repa�r�r restoratian is not��onomica�Iy feasib��, Borrower sha1�prompt�y repair the Proper�y if damaged t� a�roid fu�her deteri�ration�r da�nage. �f insuranc�or�ondexnnat�on pr�ce�ds are paxd in conne��ion v�ith dama��a, ar the taking of, the Proper��, B�rrflwer sha��be r�sponsibie for repairing or res�oring the Proper��an�y if Lender has released proceeds f�r su�h purposes. L.�nder may d�sburse proceeds NEgRASKA-Single Farnily-�annie Mael�reddie Mac UNIF�RM INSTRUMENT Form 3Q28 11Q1 VMP Q VMPfi{NEy t130�f V1lolters Kluw�r Financiai 5er�ices Page 7 af i 7