201501915 - Laserfiche WebLink

Browse

��15�1915 AII insurance po��ci�s required by Lender and renevwals of such po��czes shal�be sub�ect ta Lender's righ��o disappro��such policies, shai� inc�ude a standard m�r�gage�lause, and sha�l name Lender as mor�gagee andl�r as an additional loss paye�. Lender sha�l have�he right�o ho�d�he pol�c�es and rene�a�cer�if�cates. �f Lender requires, Barrov�rer shall promptly give to L�nder a�� receipts of paid premiums and r�n�wal no�ices. If Barrovver�b�a�ns any form�f insurance co�erage, no�othervvise required by L.�nder, for damage to, ar destruction of, the Proper�y, such poli��shall �nclud�a s�andard mar�gage c�aus�and shal�name Lender as mor�gagee andlor as an add�tional los�payee. In�he e�en��f�oss, Borrow�r shali give promp�no�ice�o th��nsuran�e carrier and I,ender. Lender nr�ay make pro�f of�ass �f na�made promp��y by Borrow�r. Unless I,ender and Borrovver��herwise agree in writ�ng, an� insurance proce�ds, whether or not�he underl�ing insurance was requ�red by Lender, shall be applied�o restoration or repair nf�he Proper��, if the r�storatian or repair is econom�ca�ly f�as�ble and Lender's se�urity is no�lessened. During su�h r�pair and r�s�oration period, Lender sha��ha�e�he r�gh��o ho�d such insurance proceeds unt�i Lender has had an appar�un�ty to insp�c�such Proper�y ta en�ure the wnrk has been c�mpleted�a Lender's �a�isfact�on, pra�ided tha� such inspect�on shal�be under�ak�n promp�iy. L.�nder may disburse pro�eeds for the repa�rs and res�oration in a singl�payn�ent or�n a ser�es of progress payments as the w�rk is comple�ed. Un�ess an agr�ement�s rnade�n vvriting or Appl�cab�e La�v requ�res interest�o be paid on such �nsuranGe proceeds, Lender sha�l no��e r�quired to pa� Borrow�r any �n�eres�or earnings on such pro�eeds. F�es for publ�c adjus�ers, ar oth�r third parties, re�ained by Barrov�rer sha��no�be pa�d�u�of the�nsurance praceeds and shall be the so�e ab��gati�n of Borrower. �f the restora��on �r repair�s not e�onom�cally feasible or Le�der's security wou�d be lessened, �h�insuranc�proce�ds sha�I be appl�ed to�he sums secured�y th�s Se�urity �nstrumen�, whether or no��hen due, vv�th�he exc�ss, if any, pa�d to Borrower. Such �nsurance proceeds shali be app�ied in the order provided far xn Secti�n�. If Borrower aband�ns the Prop�rt�, Lend�r ma� �le, negotia�e and settle any a�ailable�nsurance��a�m and related mat�ers. �f Barr�wer daes n�t respond�nr��h�n 3�da�s�o a natice from�.Lender that the insurance carr��r has off�red�o settle a c�axm, then L.�:nder may neg�tiate and se�tle the cla�m. The 3�-da�per�ad wiil begin when�he notice is given. �n either e��nt, or�f Lend�r acquires the Property under Sec�ion 22�r �therwise, Borravver here�y assigns to Lender�a}Borrower's rights to an� insuran�e proceeds in an amount nnt to exceed�he amounts unpaid under the Note or this Securi�y �nstrumen�, and �b} any o�h�r of Bflrrawer's r�gh�s �other than�he right to any refund of unearned premiums paid by Borrav�rer} und�r a11 insurance pfl�i�ies c��ering the Proper�y, in�ofar as such rights are app�icable to the coverage�f the Property. Lender ma�use the insurance proc�eds either�a r�pair or res�ore the Propert�r or to pa�r amounts unpa�d under�he Note or th�s Securi�y Ins�rumen�, �vhe�her or not then due. �. �ccupancy. Borrower sha��occupy, establish, and use th� Proper�y as Barrower's pr�nc�pal residence within 6�days after th��xecution of th�s Securi�y �nstrument and shai�con�inue t�occupy�he Proper�y as Borr��er's princ�pal res�d�nce far at lea�t nne year af��r�he da�e of occupanc�r, un�ess Lender athe�-�vxse a�rees in writing, whi�h cansent shall not�e unreasona��y withheid, or unless extenuat�ng circumstances exis�whx�h are beyond Borrower's contrai. 7. Preser�ation, Maintenance and Protection of the P�operty; [nspections. Borr�wer sha�l not des�ray, damage�r impa�r the Proper�y, allow the Propert�r�o de�er�arate or comm�i.t waste an the Proper��. Whe�her or na�Barrower is residing in the Prop�r�y, Borrower shall main�ain the Propert� in order to pre��nt�he Proper�y from deter�ora�ing�r de�reasing �n�ralu�due to i�s condition. Unless i�is determ�ned pursuant�o Sect�on 5 �hat repair or res�oratifln is n�t econamuca�� feasibie, Borrav�rer sha��pr�mp�ly repair the Pr�pert� �f damage��a a�oid fur�her det�rioration flr damage. �f�nsurance or condemna��on proceeds are paid in cann�ction with damage to, ar�he�akin�of, the Proper�y, Borrov�rer shali be responsib��for repairing or res�oring the Proper�y on�y if Lender has re��ased praceeds for such purposes. Lender may disburse pr�ceeds NEBRASKA-Singie Family-�annie Mael�reddie Mac UNi�DRM 1N5TRUM�NT Farm 3�28 1101 VMP[�] VMP6�NEy�13�Z� Wo�ters Kluwer Financial Ser�i�es Page 7 of 3 7