201506740 - Laserfiche WebLink

Browse

��1 5��74� A�� insurance poli�ies required by Lender and renewals of such p�iicies shal�be sub3ect to Lender's ri�ht to disapprove such pnlicies, shall �nc�ude a s�andard mar�gage ciause, and sha�l name Lender as mort�agee andlar as an additianal l�ss pa�e�. Lend�r shall haue the right��ho�d�he poli�ies and r�n�vval cer�ificates, If Lender re�uires, �3orro�ver sha11 prornp�Iy giv��a Lend�r alI re�eipts of paid premiums and renewal na��ces. �f Borrower ab�a�ns any form of insurance coWera�e, no�o�herwise required by�...�nder, fo�damage to, or des�ru�ti�n of, the Proper�y, such pol�c�sha�l include a s�auadard rnortgage clause and shaii nam�Lender as mor�gagee andlar as an add�tional loss pa�ee. In�he e�ent�f�oss, Borrov�er shall give prompt na�iee�o the i�suranc�carrier and Lender. Lender may make proaf of loss �f not made prorn�p��by Barrower. Un�ess Lender and B�rrawer otherwise agree�n wri��ng, any�nsurance proceeds, v�hether ar not the underlying insurance was requ�red b�Lender, shall be appl�ed to restara�ion or repair of the Proper�y, if the restora�i�n or repa�r is eCon�mica�� fea��ble and Lender's�ecuri�y is not�essened. During such repair and res�oration period, L�nder shall ha�e the right�a hold such�nsurance pr�ceeds un�il Lender has had an oppor�un��y�o �nspect such Prop�r��to ensure the v�rork has be�n�ornpleted t�L�nder's sat�sfac�ian, provided�hat such inspec��an shall be under�aken prompt��. Lender may disburse proceeds fnr the repairs and restarati�n�n a sing�e paymen�or in a series af progr�ss payments as the v�rork is connple�ed, iJnless an agreemen�is m�ad�in�vri�ing or Applicab�e Law requires�n�erest to be paid an such insurance praceeds, Lend�r sha�l not be r�qu�red to pa�Borr�wer an� interest or earnings an such proc�eds. Fees f�r publ�c adjusters, or o�her third par�ies, re�a�ned b�Borrower sha�l not be paid ou�❑f�he insuranc�proceeds and shall be the so�e obligation�f Barrower. If the res�oration ar repair�s n��e�anoxnicaliy fea�ibi�or Lender's secur�ty�rould be Iessen�d, �he insurance proce�ds sha��be applied�a�he sum�secured by�his S�cur�ty Ins�rumen�, �vhe�h��or nofi fhen due, with�he exce�s, if any, pa�d to Borraw�r. Such in�urance praceeds shall�e applied�n the arder p�ro�rided for in Sec�ion�. If Borrawer abandans the Proper��, Lende�r rnay�le, negot�ate and s�ttle any avai�ab�e insurance c�aim and related ma�ters. If Borrov�er does n��respa�d wi�hin 3�days to a n�tice fr�m Lender tha��he insurance carrier has affered ta settle a claim, then Lender may negotiate and settle the claxm. The 3�-day periad�iil begin when the not�ce�s g�v�n. �n e��her e�ent, or if Lender acqu�res the Property u�der Sect�on 22�r oth�rwise, Borrovver hereb�as��gn��o Lender�a}Borro�er's righ�s to an�insuran�e praceeds�n an amount na��o exceed the amounts unpaid under the Note or thi�Se�uri�y�nstrumen�, and�b}an�o�her af Borrov�er's ri�hts �o�her than the right�a any refund of unearned pr�rniums paid by Borrower�under all �nsurance po��c�es c�vering�he Proper��, �nsofar as such rights are applica��e ta�he�overage of the Proper�y. Lender may use the insuranc�proceeds�ither��repair or restor�the Property or�o pay amoun�s unpaid under the Nate or this Securit�Instrument, whe�her or no��hen due. �. �ccupancy. B�rro�ver sha1�occupy, esta��ish, and use th� Proper�y as Borr�vver's prin�ipal residence �vit�in��da�s after t�e e�ecutian of��is S��ur��y�nstrum�n�and�ha�l continue�o occupy the Praperty as Borrawer's prin��pal residen�e far at Ieast one year after�he da�e of occupancy, un�ess Lender a�herw�se agrees in wri�ing, wh�ch�ansen�sha��na��e unreasonabi�w�thheld, ar unless ex�enuat�ng�ircumstan��s ex�st whi�h are heyond Borrov�r�r's cantro�. 7. Pres�rrra��on, Maintenance ar�d Pr�tection af the Pr�perty; �nspections. BorrovUer shal�not destr�y, da�x�.age or��mpair the Propert�, a��ow the Prapert��o deteriorate or commit��vaste on the Proper�y. �Vhether or no�Borrower is resid�ng in�he Propert.y, Borrovsrer sha��main�ain the Proper�y in�rder to pre�ent the Proper�y from deteriora�ing��d�cr�asing in�alue due to its conditian. Un�ess zt is detern�ined pursuant to Section 5 tha�repair or res�oration is n�t ecanom�cally f�asible, Borr�wer shal�promptly repair�he Property if dar�r�.aged to avaid fu�rth�r deteriorai�on or damage. �f�nsurance�r candernnativn pro�eeds ar�paid in connectian v�i�h damage�o, or�he taking af, �he Pr�per�y, Borrower shall be r�sponsible far repairing or restaring the Property onl� if Lender has reieased proceeds for such purp�ses. Lende�r may disburse pr�ceeds NEBRASKA-5ingle�amily-�annie MaelFr�ddie Mac UNIF�RNf[NSTRUM�NT Farm 3��8 11D� VMP� VMP6fNEf t13Q2} Wvlters Kluwer Financial Ser�ices Page 7 of 17