|
��15�4931
<br /> All insuranGe policies r�quired by L�nd�r and renevva�s of such policies shall be sub�ec��o Lender's right to
<br /> disappr��e su�h po�i�ies, shal] include a standard mor�gage clause, and�hall name L�nder as m�r�gagee
<br /> andlor as an additinnai l�ss payee. Lender shall have the r�ght to hoid the paiici�s�nd renewa�certifzcates. If
<br /> L,�nder require�, Borrov��er shall promp�ly gi�e to�_.e�der all �ece�pts of Paid�rerniums and rene«ral notices.
<br /> �f Borr�wer o��ains any form of insurance co�erage, not�the�-❑v�se requi�ed by Lender, for damage to, or
<br /> destruc�ion�f, the Prop�r�y, such po��cy shall include a standard rnor�gag�clause and sha1�name Lender as
<br /> �m�rtgagee andlor as an additional loss pa�ee,
<br /> In the e�ent nf loss, Borr�vver sha���i��prompt natice to�he insurance�arr�er and Lender. I�ender may
<br /> make proof of��ss if not���ade promptly by Borrawer. Unless Lfender and Ba�rrawer othervvise agree in
<br /> �nrr���ng, any insurance proce�ds, vvhether�r na�the und�r�yin�insurance was required b� Lender, shal�be
<br /> appl�ed to res��ration or repair of�ixe Proper�y, �f the resto�atian ar repair is e��nonucally feas�ble and
<br /> Lender's securi�y is not��ssen�d. During such repair and restorat�on p�r�od, Lend�r shail have the righ��a
<br /> hold such insuran�e pro�eeds un�i� Lender��as had an opportunity t�inspect su�h Proper�y�o ensure the
<br /> work has been cQmp�et�d to Lender's sat�sfac�ian, pr�v�ded tha�such inspe���on shall b�under�ak�n
<br /> promptly. Lender rnay disburse pro�eeds f�r the repa�rs and restoration in a sing�e payment or in a series of
<br /> progress payments as the work is cornp�eted. Unl�ss an agreem�n�is made�n writing ar App��cable Law
<br /> requires �nterest�a b�paid on sllCh �nsurance proceer�s, Lender sha11 not be requ�red to pa� Borrflv�er any
<br /> in��rest or earnings an such pr�ceeds. Fees for pub�ic adjus�ers, or other third par�fes, retained by Borrawer
<br /> shal� not�e paid out of the�nsurance�roceeds and sha�i be the sole ob�igatiQn af Borrower. If the restora�ion
<br /> or repair is not ecanarni�ally feasible�r Lender's securi�y w�uld be lessened, �he�nsurance pro�eeds sha1�be
<br /> applied to the sll�ns secur�d by thi� Se�ur�t��nstrument, whe�her❑r not�hen due, with the exce�s, if any,
<br /> paid to Barrower. Such �nsurance proceeds sha�l be applied in the arder pr�vided for in Section 2.
<br /> �f Borrawer abandons the Pr�pe�.�, Lender may file, negot�at�a�d settle an�a�ailab�e insurance claim an�
<br /> rela��d mat�ers. �f Borrovver da�s not r�spon�.wzthin 3D days ta a nfltice frarn Lender�hat the insurance
<br /> carrier has a�fered ta settle a c1a�m, �hen Lender may ne�ot�ate and settle t�e ciaim. The 3Q-day period wil�
<br /> l�egii��hen the notice is given. In ei�her ev�n�, ar if L,�nder a�quires the Propert�under Sec�ion 22 ar
<br /> o�herv�ise, Borro�er hereby assi�ns�o Le�der�a}Barr�wer's ri�h�s to an�insuran.ce proceeds�n an am�un�
<br /> not t❑�x�eed tl�e am�un�s unpaid under the hlvte or�his Securit��ns��-ument, and�b}an�ot�.er of
<br /> Borr�vver's r�ght��o�h�r�han the right�o any refund of unearn�d prem�ums paid by Borr�wer) under a�l
<br /> �nsurance paii�ie�Govering��x�Propert�, insofar as such rights are appli�able to the coverage of the
<br /> Praperty. Lender may use�he insurance proceeds either to r�pair or res�ore the Proper�y or ta pay amount�
<br /> unpa�d under the No�e ar this S�cur�ty�nstrument, wheth�r�r not then due.
<br /> C. D��upan�y. Borrower sha�� occupy, es�ablish, and use�he Praper�y as Borrower's prine�pai residence
<br /> wi�hin 60 days after�he executian of this Securi�y Instrumen�and �hal��on�inue to occupy�he Property as
<br /> Barr��er's princ�pal residence far at lea�t�ne year after the date of aceupanc�, unless Lender othe�-�vise
<br /> agr�es�n writ�ng, which consen�shall not be unreasonab�y vvi�hheld, ar un��ss extenua�ing c�rcumstan�es
<br /> exist which are b�yond Borrawer's contro�,
<br /> 7. Preser�a�ion, Main#enance and Protection af the Praperty; �nspectit�ns. Borrower shall not destroy,
<br /> d2�mage�r imp���the Prop�rty, allow�he Pr�p�rrty�o deter�orate or cflmmi��vvas�e fln�he Pr�pert�. Whe�her
<br /> or not Borrower is res�ding�n the Praperty, Borr�wer shall ma�ntain�he Proper�y in order�a prevent the
<br /> Prop�r�y frarn deteri�rating or deGr�asing�n value due t� its��ndition. Uniess�t is deC�rm�ned pursuant to
<br /> S�c��an S that repair ar res�oration is no�econami�a���r feasib��, B�rrower sha11 promptly repair the Proper�y
<br /> �f da3maged to a�o�d further dete�r�ara�ian or damage, If insurance or cond�rn.nation proce�ds are paid in
<br /> connec�ian wi�h damage to, or the taking of, �he Pr�per�y, Borrflwer shall h�respans�b�e for repa�r�ng or
<br /> res�oring the Proper�y only if L�ender has reieased prac�eds f�r such purpases. Lend�r ma�disburse proce�ds
<br /> NEHRASKA-Sing�e�amiiy-�annie Ma�l�reddie Mac UNIF�RM tNSTRUMENT Farm�028 l l�i
<br /> VMP Q VMP6�NE)[#302}
<br /> Wvf�er��Ctuwer�inan�ial Ser�ices Page 7❑f i 7
<br />
|