|
��15�4995
<br /> A�1 in�uran�e po�icies required by Lender and renewals of such po�icies sha��be subject to Lender's righ�to
<br /> d�sapprove such p�licies, shali in�lude a standard m.ortgag�c�ause, and sha��name L�nder as mar�gage�
<br /> andlar as an addx�ional loss pa�ee. L.�nder sha��ha�e�he righ�to hold the po�iGies and renewal certif�cat�s. If
<br /> Lender requires, B�rravver shal�promp�ly give to L�nder all receip�s of paid prem.i.ums and r�newal notices.
<br /> If Borrov�rer oh�ains any forrn af insuran�e c�verage, nat oth�rv�rise requ�red by Lender, f�r damage to, �r
<br /> de�truction of, the Proper�y, such poiicy sha��include a standard mar�gage�laus�and shall name Lender as
<br /> mor��a�ee andlor as an additional�oss paye�.
<br /> �n the�vent�f Iass, Borrawer sha�l gi�e promp�no��ce to the insurance carrier and Lendex. I,�nde��nay
<br /> mak�prflaf of 14ss if not made prompt�y by Borrawer. Unless L.�nder and B�rrower o�herwise agre�in
<br /> writing, any insuran��pro�eeds, wheth�r�r n�t th�underlying insurance�ras required b�Lender, shall be
<br /> applied�o r�storat�on or repair of the Pr�per�y, if the restoration or repair is economi�ally feasible and
<br /> i,ender's security�s not�ess�ned. During such repair and re�toration period, Lend�r shall have�.he r�ght��
<br /> hfl�d such�nsurance proceed�unt�l L�nder has had an appar�unzty�a�nsp�ct such Pr�per�y to ensure th�
<br /> w�rk has been�ornpleted ta L,�nder's satisfactian, pro�ided�hat su�h �nspecti�n shal�be under�aken
<br /> promp��y. Lender rnay disburse pra�eeds far the repairs and restoratian in a sing�e payment ar in a series�f
<br /> progress paymen�s as�he work i�compie�ed. Un�ess an agr�em�n� is made in vsrrxting or App�icabie Law
<br /> requ�res interes�ta be pa�d on such in�uranee praceeds, Lender shall not be required to pay Borrawer any
<br /> interest❑r earning�on such praceeds. Fees for publ�c adjusters, or other th�rd part�es, retained by Borrower
<br /> shall n���e paid out of the insurance proceeds and sha��he the sole ab�igat�on of Borrower. If�he restorat�on
<br /> ar repa�r��nat ecanomically f�asible or Lender's securit�w�uld be lessened, the�nsurance pro�e�ds sha�l be
<br /> ap��ied to�he sums s�cured by this Securi��Instrument, whether�r not th�n due, with�he excess, �f any,
<br /> paid�o Barrower. Su�h insurance proc�eds shal�be applied in the order pra�id�d f�r in S���ion 2.
<br /> If Borr�wer a�and�ns the Property, I.�nder may �ile, negotiate and se���e an�r a�ailabl�insurance claim and
<br /> re�ated matters. �f Barrower dae�no�respand vvithin 3�days ta a not�ce from Lender�ha��he insurance
<br /> carrier has offered�a set�le a cla�m, �hen Lender may negot�ate and se���e the c�aim. The 3�-day period vvil�
<br /> �begin when the no�ice rs given, In ei��er e�e��, oz��L.ender acquires�he Proper�y under 5ec�ion 2�or
<br /> atherw�se, Borrower h�reby as��gns to Lender�a}Borrower's rights to any insurance pro�eeds�n an amuun�
<br /> not�o exceed th�amounts unpa�d under�he No��ar this Securi�y �nstrument, and�b}any��her�f
<br /> Barrovver's righ�s��th�r than�he right ta any refund of unearne�premiums paid by Borrower}under ali
<br /> �nsuranc�po�icies covering�he Praper�y, insafar as su�h rights are applica��e�o the coverage af the
<br /> Pr�per��r. L.ender may us�the insuran�e pro���ds�ith�r to re�air or r�stare the Praper��or�.o pay amounts
<br /> unpaid under�he No�e or�h�s Secur��y �ns�rument, wheth�r or not then due.
<br /> �. Dccupancy. B�rr�wer shai� occupy, estab�ish, and use the Proper�y as Sorrow�r's princi�al residen�e
<br /> vv�thxn�D days after the execu�ion af this Securit��nstrun�.en�and sha.�l con�inue to oc�upy the Praper��as
<br /> Borrower's prine�pa�resid�nce for at leas�ane y�ar af�er the date af occupancy, un�ess Lender o�herw�se
<br /> agr�es in«riting, which consen�shall not�e u��r�asonably withheld, �r unl�ss�xtenuating c�rcums�ances
<br /> exis�which are beyand B�r�rawer's��n�ro�.
<br /> 7, Preserva#ion, Maintenance and Protectian af the Praperty; Inspections. Borrow�r shall n�t dest�-�y,
<br /> dama�e�r�mpair the Prop�r�y, a�lov�r th�Proper�y to deterzorate or�ammi�was�e on th�Proper�y. �Vhether
<br /> ar nat Bo�rrower is residing�n the Property, Borrower shall m.aintain the Prop�rt�r�n�rder to pr���nt t�e
<br /> Propert�fram defieriora��ng ar decreas�ng in�alue du�to its cond���an. Un�ess i�is d�term�ned pursuant to
<br /> Section 5�ha�repair or res�arat�on�s no�econorni.ca�ly feasib�e, Barro�ver sha1�pr��m.pt�y re�air th�Pr�p�rty
<br /> if damaged�o a�oid fur�her�iete��ora��on or damag�. �f insurance or condemna��on pr��eeds ar�paid in
<br /> canneG���n wz�h damage�a, or the taking of, th�Property, Borrov�er shall be respons�ble for repairing ar
<br /> restar�ng the Proper�y on�y if Lend�r has re�ea�ed�roce�ds for such pur�oses. Lender may disburse proceeds
<br /> N�BRAS�CA-Single Family-Fannie Mael�reddie Ma�UNIF�RM 1NSTRUiVI�NT Forrn 3�28'[1�1
<br /> VMP QQ VMP�SNE1 t13��f
<br /> Wolters Kluwer Financial 5er�ices Pa�e 7 0#17
<br />
|