|
��15�5D73
<br /> A�l �nsurance polici�s r�quired b�L�nd�r and ren�vuals of such po��cies sha�i be sub�ect�o Lender's r�ght to
<br /> d�sappr��e�uch p�Iicies, shal� �n��ude a standard rnortgag�clau�e, and shall name Lender a�mortgage�
<br /> andlor as an addi�ianal�o�s paye�. Lender sha��have the right�a ha�d th�pal�cies and r�newa�c�r�if�ca�es. �f
<br /> L�ender r�quires, Borrov�er sha��pramptXy g���ta L�nd�r aIl r��eipts of paid pre�n�urns and renewal nntiG�s.
<br /> If Barr�v��er obtains any f�rm of�nsuranc�co�rerage, not o�herwise required by L,ender, for damage to, or
<br /> destruction of, �h�Propert�, such p��i��r sha�� �n�lude a s�andard mortgag�ciaus�and shail name I�nder as
<br /> rnor�gagee andlar as an additiana��oss payee.
<br /> In�he�ven�of�oss, Borrawer shal��ive prornp�no��ce ta the�nsuranc�carrier and Lender. Lender ma�
<br /> make praof flf�oss if not made pramp�ly by Borrov�er. Un�ess Ler�der and Borrower atherv��se agree in
<br /> wr���ng, any�nsuran�e proc�eds, whether or not the underlying insurance was required by L�nder, shail be
<br /> appl�ed to res�oration ar repair of�he Property, if the restoration or repa�r is economically feas�b�e and
<br /> Lender's securi�y is nat lessened. Dur�ng such repair and restoration period, Lender s�a��have the right to
<br /> hoid such insurance proceeds un�i� Lender has had an opportunity ta inspect such Praperty to ensure the
<br /> wor�has been cample�ed�o Lender's satisfaction, prov�ded tha�such inspectian shall be under�aken
<br /> promptiy. Lender ma�disburse praceeds for t.�e repairs azad res�oration in a single pa�n�en�or in a series vf
<br /> progress payments as�he wark is com��eted. Unless an agreement is made�n wri��ng or Applzcable Law
<br /> requ�res in��rest�o be pa�d fln such insurance procee�.s, Lender shall not��requ�re��o pay Borrower any
<br /> in�erest or earnin�s on such praceeds. F�es f�r pub�ic adjusters, ar at�er�hird parties, retained by B�rrower
<br /> shall not be pa�d out of the insurance proceeds and�hall be�he so�e ob�xgation of B�rrawer. �f�he res�aratio�i
<br /> o�-repair is no�economical�y feas�b�e ar Lender'�security wouid be lessened, th�xnsurance prflc�eds shal�be
<br /> appli�d�a the sums secured b�th�s S��;urity �nstrurnent, v�he�her or nat then due, with�he ex�ess, if any,
<br /> paid to Borrower. Such insuranc�proceeds sha��be app��ed in the order pravided for in 5�ct�an�.
<br /> �f Borrawer a�andons th�Praper��, I..�nder may fiie, negotiate and se�t�e any a�ailab�e�nsuran�e c�a�nz a�nd
<br /> related ma�ters. �f Borrow�r d�es no�respond w�th��3�days ta a not�ce fr�m Lender that�he�nsurance
<br /> carrier has aff�red to settle a claim, then L,�nder ma�r negat�ate and se��le the claim. 'I�i�3a-day period w�ll
<br /> b�g�r���he�t��n�tf��is�����.. ��.�ither���ent, or�f L�nder acquires�he�'r�pe���a�d�r Sec�iar�2�o�
<br /> ��he�-�rise, Borrower hereby assigns to Lender�a}B�rro�er's righ�s�o any insurance praceeds in an amoun�
<br /> not�o�xceed the am.oun�s unpa�d und�r the Nfl�e or�his S�curity �nstrument, and�b}any other of
<br /> Borrower'�ri�hts�other than�he right�o any refund of unearned premiurn�pa�d by Borrower}under a�l
<br /> �nsurance po�ic��s co�ering�he Praper�y, insofar as such rights are applicab�e to�he�overage of the
<br /> Property, Lender rnay use the insurance proceeds����er�o repa�r or rest�re�he Proper�y or to pay amounts
<br /> unpaid un�.�r th�N�afe�r this S��urity Instrument, v�he�he�ar nat then due.
<br /> �. Dccupancy. Borrflv�rcr sha1.� occupy, estab�xsh, and use the Praper�y as Barrower's pr�n�ipal r�sidence
<br /> within 6�days af�er the execu��on of�his 5ecur�ty �ns�rumen�and shall continue ta oc�upy the Proper�y as
<br /> Borraw�r's princ�pal res�deri�e far at�eas�ane y�ar after th�date�f accupanc�, unless Lender��herw�se
<br /> agr�es�n writ�ng, which consent sha1l not be unreasonabiy withhe�d, ar unless extenuating�ircumstances
<br /> exist which are be�ond Borro�v�r's�on�ral.
<br /> 7. Preservat�on, Ma�ntenance and Pr�te�tion of tf�e Prop�rty: lnspecti�ns. Borrower sha��no�de�troy,
<br /> damage nr impair the Proper�y, allow�he Pr�per�y�o deter�ora��or c�mrrllt waste❑n�he Properly. V�he�her
<br /> or nat Barr�wer is residing in the Praperty, Borrower shai� mainta�n the Prop�rty in order��prevent�he
<br /> Praperty from deteriara��ng ar decr�asxng in �raiue due t❑ its c�ndit�on. Un��ss it is deter�mined pursuant to
<br /> Sec�ion S tha�repair or r�s�ora�ion zs n�t ec�nomi�al�y feasib�e, Borrower sha.��prornptly repair the Praperty
<br /> if damaged to a�oid further deteriara�ion�r damage. �f�nsurance or condemnat�on prflceeds ar�paid in
<br /> cannec��an vvith damag�to, or the taking of, the Pr�p�rty, Borrower sha��be responsib�e far repa�ring or
<br /> restar�ng t�ie Proper�y�nly if Lender has relea��d praceeds far such purpase�. Lender may di�burse proceed�
<br /> NEBRASKA-Single Family-Fanr�ie MaelFreddie Mac LINIFDRM INSTRUM�NT �orm 30�8 1101
<br /> VMP Q VMPfitNEf{�302}
<br /> Wott�rs Ktuwer Financia!Ser�ices Page 7 of 1 7
<br />
|