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2� 1 �� 1325
<br /> of ca�erage. Therefore, such ca�erage shall cover Lender, but might �r might not prntect Borrav►�er, Borrower's
<br /> equity in the Property, or the contents of the Proper�y, against any r�sk, hazard or liability and might pro�id�greater
<br /> or lesser coverage than was pre�iously �n effect. Borrawer acknowledges that the cost af the insurance coverage so
<br /> obtained might significantly exceed the cost of insurance that Barrower could ha�e obta�ned. Any amounts disbursed
<br /> by Lender under�his SeC�ion 5 shall became additianal debt of Borrower secured by this Securi�y Instrument. These
<br /> am�unts shall bear interest at the Note rate from#he da�e of disbursement and shall be payabie, with such interest,
<br /> upon notice from Lender to Barrower request�ng payment.
<br /> All insurance policies required by Lender and renewals flf such palicies shail be su�ject�a Lender's right to
<br /> disapprave such policies, sha�l include a standard mortgage clause, and sha�l name Lender as mortgagee andlor as
<br /> additional lass payee. Lender shall ha��the ri�ht t� hold the poiicies and renewal certif cates. If�ender reyuires,
<br /> Borrower shal� pramp�ly give to Lender all receipts of paid premiums and renewal notices. I:f Borrow�r obtarns any
<br /> form of insurance ca�erage, no�otherwise required by Lender, far damage to, or destru�tion of, the Prop�rty, such
<br /> policy shall include a s�andard mortgage clause and shall name Lender as mortgagee andlor as an �dditianal loss
<br /> paye�.
<br /> In the e�ent of loss, Borrower sha�l give prompt no��ce to the insurance�arrier and Lender. Lend�r may make
<br /> praof�f lflss if nat made pramptly by Borrower. Unless Lender and Borrower �therwise agree in writing, any
<br /> insurance proceeds, whether or not�he underlying insurance was re�uired by Lender, shall he applied to restoration
<br /> or repair of the Property, if the restoration ar repair is ecanomically feasib�e and Lender's security is n�t �ess�ned.
<br /> During such repair and rest�ration period, Lender shall ha�e the right ta hold such insurance proceeds until Lender
<br /> has had an opportunity �o �nspect such Property to ensure�he work has been campleted to Lender's satisfactian,
<br /> pro�ided tha� such inspection sha�I be undertaken pramptly. Lender may disburse proceeds for the repairs and
<br /> restora�ion in a single payment or in a series af progress paym�nts as the work is completed. Unless an agreement is
<br /> made in wr�t�ng �r Applicable Law reyu�res interest t� be paid on such insurar�ce praceeds, Lender shall riot be
<br /> required#o pay B�rrower any interest ar earnings on such proceeds. Fees for public adjusters, ar other�hird parties,
<br /> retained by Barrower shali not be paid out of�he insurance praceeds and shall be the sole ob�igati�n of Borrower. If
<br /> the res�oration or repair�s not ecflnamicaI�y feasible or Lender's security w�u�d be lessened, t��e�nsurance proceeds
<br /> shall be applied to#h�sums secured by this Security Instrument, whether ar not then due, with�he excess, if any, paid
<br /> to Borrower. 5uch insurance praceeds shall be appiied in the order pro�ided for in Section 2.
<br /> �f Borr�wer abandons the Property, Lender may fi�e, negotiate and settle any a�a�lab�e insu�rance c�aim and
<br /> �eiated matters. If B�rrower does not respond within 3� days tfl a not�ce firom Lender that the insurance carrier has
<br /> offered to settle a claim,then Lender may negotiate and se�tle the c�aim. The 3�-day period will begin when the notice
<br /> is gi�en. Tn et�her e�ent, or if Lende�-acquires the Prflperty under Section��or otherwise, Borrower hereby assigns
<br /> ta Lender�a}Borrow�r's rights to any insurance praceeds�n an amount nat to exceed#he amounts unpaid under the
<br /> Note or fhis Securi�y Ins#rument, and �b} any other of Borrawer's rights �other than the right �o any refund of
<br /> unearned premiums paid by Borrawer)under a�I insurance policies co�ering the Fraperty, insofar as such rights are
<br /> app�icable �o the co�erage of the Property. Lender may use the insurance proceeds eith�r fo repair or restare the
<br /> Property or to pay alnounts unpaid ur�der the Note ar this Security Ins�rument, whether or not then due.
<br /> 6. �ccupaney.Barrower shal�oCcupy,establish, and use the Praper�y as Borrower's principal residence within
<br /> 6� days after the execution of this Security Ins�rumen� and shall continue ta o�cupy the Property as Barrower's
<br /> principal residenc�for a��east one year after the date of�ccupancy, unless Lender determines that�his requirement
<br /> shall caus�undue hardship for the Borrower or unless extenuating circumstances exis�which are beyond Borrower's
<br /> control.
<br /> 7. Preser-�at'ron, Main�enance and Prote�tion of the Property; :inspecfions. Borrower shall no�destray,
<br /> damage or impair the Praper�y, allovv�he Property to deteri�ra�e or commit waste on the Property. Barrower shall
<br /> maintain the Praperty in nrder�o prevent�he Property from deteriorating vr decreasing in value due#o its conditian.
<br /> Unless it is determined pursuant to Section 5 that repair ar restoration is not ecanom�cal.Iy feasible, Borrower sha�i
<br /> promptly repair th� Proper�y if damaged to av�id fur�her deteriora�ion �r damage. If insurance ar c�ndemnation
<br /> proceeds are paid in connection with damage to the Property,Borrower shal� be re�ponsible for repair�ng or restoring
<br /> the Praperty only if L�nder has released proceeds for sueh purposes. Lender may disburse praceeds far the repairs
<br /> NEBRASKA FHA DEED �F TRUST- MERS DocMagic
<br /> N ED�TZ�.FHA Q 91�4115 Pag e 6 of 13 www,docmagic.�om
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