201503021 - Laserfiche WebLink

Browse

��15�3��1 Ali insurance policies r�qu�red by Lender and renewa�s of such p�Iic�es sha��be subjec�t� Lender's r��h��o disappr��e such p�licies, shall include a standard mortgage c�ause, and shal� name Lender as m�r��a�ee andlor a� an addit��nal �oss pa�ee. Len�.er shall have the righ��o hold �he p��ici�s and ren�wai certx�cates. If Lender requires, Barr�wer shall pramptly give�o Lender a11 receipts of paid premium� and renewai not�ces. �f Borrov�er o�tains an�r for�m of insuran�e covera�e, not oth�rwise required�y Lend�r, for damage t�, or destru�tion of, �he Proper�y, such poiicy �hall inc�ude a s�andard n7or�gage��ause and shall nam�Lender as mor�gagee andlor as an additional �oss pa��. In�he�ven��f l�ss, Barrov�r�r shal��x�e prnmpt nat�ce�o�he insurance carr�er and Lender. L.end�r may make proof of loss if na�made prompt�y by B�rrower. Un�ess Lender and Borrower otherw�se agree�n vvriting, any insurance pr�ceeds, whether or no��he underl�ing insurance v�as r�quired b� Lender, sha11�e applied to restoratinn or repair af�he Property, if th�res�ara�ion or repa�r is�conom�cal�y feasi�Ie and Lender's secur��y �s not Iessened. Durin�such repa�r and restora��n period, Lender shall have the right�o hold such insurance proceeds u�t�l Lender has had an oppor�unity to �nspec�such Proper��to en�ure the w�rk has be�n completed t� Lend�r's sa�isfac��on, pr�v�ded�ha�such insp�c�ion shall �e under�aken prompt�y. Lender may disburse proceeds for th�repa�rs and res��ration in a sing��payment or in a series of pragress pa�ments as the work is completed, Unless an agreement is made in writing or Appl�ca�ie Law requires interest to be paid on such �nsuran�e proceeds, Lender sha�l not be required t�pa�Borrower an�r �nteres�or earning�on such proc�eds. Fees for public ad�usters, or o�her third parties, re�ained by Borrovver shai� no�be pa�d out of�he insurance proceeds and sha11 be�he sole obliga�ion of Borrower. If�he restoratinn or repair is not econannica��r feasible or L�nder's secur�t�wou�d be lessened, the in�urance proceeds shal�be applied�� the�ums secured by�his S�cur��y Ins�rurn�nts whe�her or no�then due, v�i�h the e�cess, �f any, paid�.o Borrovver. Such insurance pr�ceeds shall be appl�ed in�he order p�-ovided for in Sec��on Z. �f Bor�rower abandons the Prflperty, Lend�r may ��e, negotiate and s�t�ie any a�ailable insuranc�ciaim and r��ated mat�ers. If Borrower does no�respond wi�h�n 3�da�rs t� a no�i�e fr�m Lender that the insurance carr�er has offered to se�tl�a claim, then Lender may nego�ia�e and se�tle�h�c�aim. The 3�-day perzod wil� begin wh�n the notice�s gi�ren. �n either e�ent, or�f Lender acquires the Prap�rty under Sec�i�n��or atherwise, Borrov�er here��ass�gns�o Lender�a} Borrower's right�to any insurance proceeds in at�amaunt not to e�ceed the am�unts unpaid under�he Note or th�s Securi�y �ns�ruxnen�, and ��} any other of Barrov�rer's rights �other than�he righ��o any refund�f unearned premiums paid�y Borrower}under a�l insurance poiici�s co�ering �he Proper��, �nsofar as such rights are appl�cahle�o the caverage af the Propert�. Lender may use�he insuranc�proceeds ei�her�o repair or restor�the Proper�y�r to pay amounts unpa�d under the No�e or this Securit� Instrumen�, v�hether or no�tihen due. �. C]ccupancy. Borrovver shai� occupy, estab��sh, and use th�Property as Borrov�er's pr�nc�pa� r�s�dence w�th�n d�days after�he execu��on of this Secur�� Instrument and shall continue�o occupy the Property as B�rr�wer's pr�ncipal residence for at�east one�ear after t�ie date of occupanc�, un�ess Lender o�herwis� agrees �n writing, vvhich cflnsent shall n�t be unr�asonabi��vithh��d, or unless ext�nua�ing circumstances exis�wh�ch are beyond Borrawer's con�rol, 7. Preser�atian, Maintenance and Protection vf the Prvperty; �nspections. Borrower sha�� ntit des�roy, damage ar impair�he Pr�p�r�y, allow the Property�o deter�orate�r cflmmi�waste�n�he Proper��. �he�her or na�Borrower is residing in the Pr�perty, Borrawer sha�� ma�n�ain th� Proper�y in ord�r to pr�vent the Property from deteriora�ing or d�creasing �n�a�ue due�o i�s condi�ion. Unless it ��determined pursuant to Sect�on 5 tha�repair ar res�ara�ion�s not economical�y feas�bl�, Borrawer sha�l promp�� repa�r the Prop�rty �f damaged ta a�oid fur�her deterioration ar damage. �f insurance or condemnatian proceeds are paid in connectxon wi�h damage to, or th�taking of, �he Proper�y, Borrower sha��b�resp�ns�bi�for r�pairing or restor�ng the Pr�perty an�y if Lender has re�eased proceeds for su�h�aurposes..L�nder may d�sburse proceeds NEBRASKA-5ingie�amity-Fannie Mael�redd�e Mac LlNIEQRM INSTRUMENT �orm 3�28 11�� VMP Q VMP6�NEf�13Q2} Wa�ters Kluwer Financial Ser�ices Pag�7 af 17