|
� 2� 1 ��3122
<br /> ,
<br /> af coverage. Therefore, su�h coverage shall �over Lender, but might or m�ght not protec� Borrower, Barrower's
<br /> equity�p the Property, or the contents of the Property, against any risk, ha�ard ar liability and might pro�ide greater
<br /> or lesser �o�erage than was previously in effect. Borrower ackno�vledges that the cost of�he insurance co�erage so
<br /> abtained migh�sign�fican�ly exceed the cost of insurance tha�Borrower could ha�e obtained. Any amounts disbursed
<br /> by Lender under this Section 5 shall hecome addi�ional debt of Borrov�er secured by this Security Instrument. These
<br /> amaunts shal� bear interest at the Note rate from the date of disbursement and shall be payable, with such �nterest,
<br /> upon notice from Lender to Borrower requesting paymen�.
<br /> All insurance policies re�uired�y Lender and renewals�f such palic�es shall be subje�t�� Lender's right to
<br /> dxsappro�� such polic�es, shall include a standard martgage clause, and shall name Lender as mortgagee andlnr as
<br /> additi�nal loss payee. Lender shall ha�e�he right to hold the policies and renewa� cert�fica�es. If Lender re�uir�s,
<br />: Borrower shall pramptly gi�e to Lender all rece�pts af paid prem�ums and renewaI natices. If Borr�wer obtains any
<br /> form af insurance co�erage, not otherwise required by Lender, for damage to, or destruction of, �he Property, su�h
<br /> policy shall include a standard mortgage c�ause and shal� name Lender as mortgagee andlor as an add�t�ona� �oss
<br /> pay ee.
<br /> In the event af Iass, Borrower sha11 gi�e prompt not�ce ta the insurance carrier apd Lender. Lender may make
<br /> praof of�oss if not made promptly by Borrovver. Unless Lender and Borrawer ath�rvvise agree in writ�ng, any
<br /> �nsurance proceeds, vvhether or not the underlying insurance was re�uired by Lender, shall be appl�ed to restaration
<br /> ar repair of the Property, if the rest�ra��on or repair is ecanomically feasible and Lender's security �s not Iessened.
<br /> During such repair and restoratian p�riad, Lender sha�l ha�e the right t❑hold su�h �nsurance proceeds until Lender
<br /> has had an opportunity ta �nspe�t such Property to ensure th� worl� has been completed to Lender's satisfactian,
<br />; pro�ided that such inspec�ion shall be undertaken prompt�y. Lender may dishurse proceeds for the repairs and
<br />: restoration in a sing�e payment or i-n a series of pragress payments as the work is�o�rtpleted. Unless an agreement is
<br /> made in writing or Applicable Lavv re�uires in�erest to be pai� on such insurance praceeds, L�nder shall not be
<br /> required ta pay Borrower any interest ar earnings on such proceed�. Fees far public adjusters, or other third parties,
<br /> retained by Borrower sha�l not be paid out of the insurance praceeds and shall be the so�e obligation of Borrower. If
<br /> �h�res�oration or repair is n�t e�onomicaliy feasible or Lender's secur�ty vvould be lessened, the insurance proceeds
<br /> shall be appiied to the sums secured by this Security Instrument, vvhether or not then due, with the excess, zf any, paid
<br /> to Borrawer. Such insurance proceeds shal� be applie� in the order provided for �n SeCtion 2.
<br /> If Borrower abandons the Property, Lepder may file, negotiate and settle any a�ai�ab�e insurance c�aim and
<br /> rela�ed matters. If Borrower does not respond wi�hin 3� days to a notice from Lender�hat the insurapce �arrier has
<br /> offered to settle a claim,then Lender may negotiate and settle the claim. The 3�-day period r,vill begin�vher�the natice
<br /> is gr�en. In e�ther e�ent, ar if Lender ac�uires the Pro�erty under Section�2 or otherwise, Borrower hereby assigns
<br /> �o Lender�a} Borrower's righ�s to any �nsuran�e praCeeds�n an am�unt not to e�ceed the amounts unpaid under the
<br /> Note ar this 5ecuri�y Instrument, and �b� any o�her of Borrower's rights �other than the right to any refund �f
<br /> unearned prem�ums paid by Borrower}under all insurance pol icies covering�he Proper�y, insofar as such righ�s are
<br /> applicable to the co�erage of the Property. Lender may use the insurance proc�eds either to repair or restare the
<br /> Property or to pay amaunts unpaYd under the Nate or this 5ecurity Instrumen�, whether or nat then due.
<br /> �. fl�cupan�y. Borrovv�r sha��ocGupy, establish, and use�he Praperty as Borrower's princ�pal residenc�within
<br /> 64 days after �he execution �f this Security Instru�-nent and sha�I cantinue to occupy the Proper�y as Bflrrower's
<br />� principal res�dence for at least one year after the date of occupancy, unless Lender de�ermines�hat this requirement
<br /> shall cause undue hardship for�he Borr�wer or unless extenuating cir�umstances exist vvhich are beyond Bor�ovver's
<br /> contro�.
<br /> 7. Preser�ativn, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br /> damage ar impair the Property, allow the Property to deteriorat� or commit vvaste on the Property. Borro�ve� shal�
<br /> maintain the Property in order to pre�ent the Praper�ty from deteriorating or de�reasing in�alue due to its�ond�tian.
<br /> Unless �t is determined pursuan��o Se�t�on 5 that repair or restoration is not economically feasible, Borrower shall
<br /> promptly repair the Property if damaged to avoid further deteriora�ion or damage. If insurance or cond�mnation
<br /> proceeds are pa�d in cannection wi�h damage to the Property, Borrovver shal� be responsible for repairing ar resto�-rng
<br /> the Property only if Lender has re�eased proceeds for such purposes. Lender may d�sburse proceeds for the repairs
<br /> N EBRAS KA FHA DEE� �F TRUST - M ERS �vcMagic Q
<br /> N Ea�TZ2.FHA �91141�5 Pag e 5 of 13 www.docmag�c.com
<br />
|