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� • 201500327
<br /> of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Bonower's
<br /> � � equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater
<br /> or lesser covera�e than was previously in effect. Bonower acknowledges that the cost of the insurance coverage so
<br /> obtained might si�ificantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed
<br /> by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These
<br /> amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest,
<br /> upon notice from Lender to Bonower requesting payment.
<br /> All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br /> disapprove such poiicies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an
<br /> additional loss payee. Lender shall have the right to hold the policies and renewal certificates. Zf Lender requires,
<br /> Borrower shall promptly give to.Lender all receipts of paid premiums and renewal notices. If Bonower obtains any
<br /> form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such
<br /> policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss
<br /> payee. •
<br /> In the event of loss, Borrower shall�ive prompt notice to the insurance carrier and Lender. Lender may make
<br /> proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any
<br /> insurance proceeds,.whether or not the underiying insurance was required by Lender, shall be applied to restoration
<br /> or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br /> During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender
<br /> has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction,
<br /> provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and
<br /> restoration in a sinjle payment or in a series of progress payments as the work is completed. Unless an ag-reement
<br /> is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be
<br /> required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties,
<br /> retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bonower. .
<br /> If the restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds
<br /> shall be applied to the sums secured by this Security Instrument,whether or not then due,with the excess,if any,paid
<br /> to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br /> If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and
<br /> related matters. If Bonower does not respond within 30 days to a notice from Lender that the insurance carrier has
<br /> offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the
<br /> notice is�iven. In either event, or if Lender acquires the Property under Section 21 or otherwise, Borrower hereby
<br /> ass�ons to Lender (a) Borrower's rights to any insurance proceeds in an amaunt not to exceed the amounts unpaid
<br /> under the Note or this Security Instrument, and(b)any other of Bonower's rights(other than the right to any refund
<br /> of uneamed premiums paid by Borrower)under all insurance policies covering the Properiy, insofar as such rights
<br /> are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the
<br /> Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
<br /> 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br /> within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's
<br /> principal residence for at least one year after the date of occupancy,unless Lender otherwise a�ees in writing,which
<br /> consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's
<br /> control.
<br /> 7. Preservation, Maintenance and Protecfion of the Property;.Inspections. Borrower shall not destroy,
<br /> damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not
<br /> Bonower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from
<br /> deterioratin�or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 ttiat repair or
<br /> restoration is not economically feasible, Borrower shall promptly repair the Properly if damaged to avoid further
<br /> deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taldng
<br /> of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
<br /> NEBRASKA—Single Family-UNIFORM INSTRUMENT DocMagfc�i
<br /> MODIFim FOR DEPARTMENT OF VETERANS AFFAIRS www.docmagic.com
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