201500210 - Laserfiche WebLink

Browse

��15��1� A11 insurance pol�c�es required b� Lender and rentv�rals of such po��c��s sha��be subject ta Lender's rig�t�o disappro�e such policies, shall inc�ude a standard m�rtgage�lause, and sha�I name Lender as martgagee andlor as an addit�ona� �oss payee. Lender shali have�he right to h�1d�he policies and renewa�cert��ca�es. If Lender requ�res, Borr�wer shall prom�p�ly gzve t� Lender a�l re�ezp�s of paid prem�ums and renewal notices. �f B�rrower ob�a�ns an�r form of�nsurance coverage, no�otherw�se re�uired by Ler�der, for damage�o, or des�ru��i�n of, the Proper��, such pol�cy shal� xn��ude a standard mortgage clause and sha11 nam�Ifender as mortgagee andlar as an additionalloss payee. In the event of�nss, Borrawer shal�give prompt n�tice�o the�nsurance carri�r and L�nder. Lender may rnake proof vf loss �f n��made prom.ptly by Barr�wer. Unless Lender and Borr�wer othervvise agre��n v�riting, an�in�urance proceeds, whether or�.o��h�underly�ng �nsurance v�ras requ�red by I.�nder, sha11 be app�ied�a rest�ra��on or repair of the Proper��, if�he res�ora�i�n or repair�s econorrllcal�y feasib�e and L.�nder's secur�ty�s not �essen�d. During such repair and restorat��n per�od, Lender sha�I ha�ve the r�ght�a ho�d such insurance proceeds un��l Lender has had an oppor�un��o inspect such Proper�y�o ensur�the wark has been completed�o L.ender's sat�sfact�on, pr�vid�d�hat such inspeGt�on shall be under�aken promptly. Lender may disburse proce�ds for th�r�pa�rs and r�s�oration in a single payn�.ent or in a series af progress pa�rmen�s as the v�ork is comple�ed. Un�ess an agreement is made in wri�ing or Applicabie Law requires �n�erest ta�e paid on such�nsurance proc�eds, Lender sha��not be required�o pay Borrower any interest�r earn�ngs on such proc�eds. Fees f�r pubX�c adjus�ers, or o�her third par��es, retained by Borrvv�er sha�� not be pa�d out of�he insurance proceeds and shal�be�h�so�e obligation nf Borrov�er. �f�he res�ora��n ar repair�s not economicall� feasible or Lender's s�curi��v��u�d be�essened, �he insurance pr�ceeds shal�be appi�ed�o the sums secured by�h�s Se�uri��Instrumen�, whether or nat then due, wi�h the ex��ss, �f any, pa�d to Borrnv�rer. Such insuranc�proc�eds sha11 be applied in the order provided for in Sec�ivn�. �f Borrower aband�ns th�Proper�y, Lender may file, nego�ia�e and settle any available�nsurance c�a�m and rela�ed ma��ers. �f Borr�wer does not r�spond w�thin 30 days�o a not�ce frorn Lender tha�the�nsurance carr�er has offered to se�tle a c�a�m, �hen Lender may n�gotiate and se��le�h�cla�m. The 3��day period wi�� begin when the not�c��s giWen. In ei�her e��nt, or if Lender acqu�res�he Property un�er Secti�n�2�r otherw�se, Borrower her��y assigns to I.�nder�a} Borrower's right��o any insurance proce�ds in an amount nat��exceed the am�unts unpaid under the No�e or�his Se�urity Ins�rument, and �b}any vther of Borrower's r�gh�s (other than�he r�ght ta any refund af unearned premiums paid b�Borrower}under a�� insurance policies cavering�he Proper�y, �nsofar as such righ�s are app�xcable to the caverage of�h� Praperty. L.ender may use�he insurance proceeds ei�h�r to repa�r�r res�are tihe Proper�y or to pay am�unts unpa�d under the No�e�r�his 5e�urity Instrument, whether ar n�t�h�n due. �. �ccupancy. Borrower sha�I accup�, �s�ab��sh, and use the Proper��as B�rrower's princrpal residence with�n 6Q days after�he execu�ian of th�s Secur�t��nstrument and s�all con�inue to o�cupy the Property as Borrower's princ�pal residenc�f�r a��east one�ear after the da�e of�ccupanc�, uniess L.ender o��erw�se agrees in wr��ng, whzch c�nsent sha�� n�t be unreasonably withhe�d, ar un��ss ex�enuat�ng�ircumstances exist which are beyond Borr�v�rer's control. 7. Preservat�on, �a�ntenance and Protect�an af the Praperty: Insp�ctians. Borrotiver sha11 not des�ro�, damage or impair th�Prap�r�y, a�iow the Prop�r�y to de�er�orat�or commit waste on fhe Proper�y. 'V�he�her or not Borrow�r zs residing in the Prop�rty, Borrov�er sha�l mainta�n�he Property�n order�o preven��h� Property fr�m de��riora�in��r decreasing in value due�o i�s�ondition. tlnless i��s determined pursuant�n Section 5 that repair or restoration is no�e�nnomu�a��y feasibie, B�rrower shall pror�np��y repair the Proper�y if damaged�o avoid further deterxorat�an�r damage. �f insurance nr condemnation proceeds are paid in connec��on wi�h damage to, or�he tak�ng af, �he Proper�y, Borrow�r sha�l be responsibl�for repairing or restoring the Property oniy if I,ender has re�eased proc�eds for such purp�ses. I.�nder may disburse proceed� NEBRASKA-5ingle�amily-Fannie Mael�reddie Mac UNlF�ftM lNSTRUMENT Farm 30�8'�la� VMP[�] VMPfitN�)ti 3�23 Walters Kluwer�inan�ial Ser�ices Page 7 vf 17