201500878 - Laserfiche WebLink

Browse

��15��S7S A11 insurance p�licies required by Lender and renewals of such po�ic�es sha��be subjec��a Lender's righ��o d�sappro�e such policies, shall include a standard mor�gage clause, and sha11 name Lend�r as mortgag�e ar�dlor as an additional loss pa�ee. Lender shali have�h�righ�to hold�he pa�icies and r�n�wa1 cer�ifica�es. �f Lend�r requires, Borravwer shall promptly give to Lender ai� receipts of paid premiums and r�newal natices. �f Borrower obtains any form�f�nsuran�e c��era�e, n�t otherw�s�required by Lender, for damage t�, or destructi�n of, �h� Property, such poii�y shall inc�ude a standard mor�gage clause and shall name Lender as mortgagee andlor as an addi�iona� �ass payee. In�he even�af��ss, Bo�r�wer sha�� give promp�notice�a the insuran��carrier and Lender. Lender rr�ay make proof of�ass �f nat mad�pr�mptly by �orrower. Unless Lender and Borr�wer otherwise agree�n wri�ing, any insurance proc�eds, whe�her�r nfl�th�underiying �nsurance was required b�L.�nd�r, shall be applied to res�ara��on or repair of fih�Proper�}�, if�he restora�ion�r repair is eco�a�rn�cally feasibl�and Lender's security �s not lessened. Durin� such repair and restora��on per�od, L,ender sha��ha�e the right�n hold such�nsurance proceeds untii Lender has had an oppor�uni��a �nspect such Prope�y ta ensure the w�rk has be�n comp�eted to Lender's sa�isfaction, pro��ded that such inspec�i�n sha�l be under�aken promp��y. Lender ma�dishurs�proceeds for�he repairs and restorat�on in a singie payment or�n a ser�es of progress payments as�he vvork�s comp�eted. Uniess an agreemen��s made in�crrit�ng or Applicab�e Law requires in�erest ta�e pa�d on such�nsurance proce�ds, I.�nder shall not be required ta pay B�rrower any in�er�st or earnings on such proceeds. Fees for pub�ic ad�usters, or nt�er�hird par��es, retained b�Borr�wer shall no�be paid ou�of�h��nsurance pro�eeds and shall be�h�sol��b�iga��on of Borrower. �f the res��ra�ion or repa�r�s not econom�cally feasibie or Lender's securi�y�voutd�e�essened, the�nsurance pro�eeds sha��e applied to�he sum� se�ured hy�his Securi�y Ins�rument, whe�her or nat then due, with the excess, �f any, paid�a Borro�er. Su�h �nsurance praceeds shall be a�p��ed in the nrder pro�ided far in Sec�ion�. �f Borro�rer abandnns th�Prop�r#�, Lender rna� file, negotia�e and settl�any avai�ab�e insurance ciaim and reiated mat�ers. �f Borrower daes no�r�spond wi�h�n 3�days to a natic�frflm Lender t�.at the insurance �arr�er ha�offered�o sett�e a ciaim, then Lender may negotiate and set��e�he c�a�m. The 3D-day period�v�r�ll b�g�n when�he n��ice�s gi�en. In e�ther e�ent, or if Lender acquires the Praperty under Sec�ion��or oth�rv�r�se, Borrawer here�y assigns to L�nder�a} Borrower's rights t� any insuranc�proceeds in an amount not tn exceed the amaunts unpaid under the N��e or this S��uri�y �ns�rum.ent, and �b} any�ther of Borrower's rights �o�her�han�he right�o any refund af unearned premiums pa�d�y Borr�w�r}und�r a�� insurance poiicies co�ering the Property, ins�far as su�h righ�s are appiicable to the c�verage of the Prop�r��. Lender rna�us�the�nsurance proceeds either�o repa�r ar restore the Proper�y or to pa� amaun�s unpaid und�r the N��e ar th�s S�curi�y Instrument, whe�h�r or na��hen due. �. t3ccupancy. Borrower shall occup�, estahlish, and use the Proper�y as Borrower's principal resid�nce vv��hin 64 days af��r�he execution of�his Secur�t� Ins�rum�n�and shall�ontinue to occup��he Property as Bo�-ro�uer's principai residence for a�Ieast one year af�er�he dat�of occupancy, unless Lender otherv�is� agrees in writing, wh�ch c�nsent sha�� not b�unrea�onabiy withhelds or un�ess e�tenuating�ircumstanc�s e�ist which are be�o�d Borro�r�r's control. 7. PreserWation, Maintenance and Prate�t�on vf the Property; �ns�ections. Borrower shal�not d�s�roy, damage or impair�he Pr�perty, ai�ow the Proper�y�o�ieteriorate or comm�t was�e on the Property. Whet�er or not Bnrrower is residing in�he Prop�rty, Borravver sha�I ma�ntain the Property �n order to prewen�the Proper�y from de�eriora�ing or decreas�ng in va�ue due�o its condi�ion. Unless it�s determ�ned pursuant to Section 5 �ha�repa�r�r r�storat�on is n��ec�no�nically feasible, Borrovver shall pramptly r�pair�he Prnp�r��r if damag��i�o a�roid fur�her deter�oration or damage. �f insuranc��r�onden�at��n pro�eeds are paid�n �onnec��on wi�h damage to, or th��aking of, the Property, Barrower shail be re�pansxb�e for repairing or res�oring the Proper��only �f L�nder has rel�ased proceeds far su�h purposes. Lender may d�sburs�proceeds NEBRASKA-5ingie FamiIy-Fannie MaelFreddie Mac UNI�QRM INSTRUMENT Fvrrn 3��$i 1�� VMP Q VMP6�N�j�i 3D�f Walt�rs Kluwer�inanciat 5er�ic�s Page 7❑#�7