201603477 - Laserfiche WebLink

Browse

2� 1 ��3477 Ali �nsurance polic�es requ�red�y Lender and renevwa�s of such po�icies sha��be sub��ct�o Lender's r�ght to disapprave su�h po�icies, shail �nc�ude a standard m�r�gage clause, and sha�� name Lender as mortgagee andlor as an additiona� �ass payee. L�nder sha��ha�ve the righ��o ho�d the po�ici�s and renewa�c�rt�f�cates. �f Lfender requires, Borrov�er sha�l prompt�y g�ve�o Lend�r a�� rec�ip�s of paid premiums a�a.d renewa�notices. �f B�rrower obtains any form of insurance cnverag�, n��oth�rw�se required by Lender, fo�-damage�o, �r des�ruc�i�n af, the Property, such pol�cy sha�� nclude a standard mor�gage c�ause and shall name Lender as m�rtgagee andlor as an addit�onal loss payee. In the even�af�oss, Barro�er sha�� gi�e�romp�notice to the insuranc�carr��r and Lend�r. L,�nder nzay make proaf of I�ss if n�t made prompt�y by Borr�wer. Unless Lender and Borrovver otherwise agree in wr�t�ng, any xnsurance pro��e�.s, wh�ther�r no�the underlying �nsurance was r�qu�red by Lender, sha11 �e app��ed ta restora��on�r repa�r of the Proper�y, xf�he restora�ion or repa�r�s�canom�ca��y f�asible and Lend�r's se�uri�y�s no��essened. Dur�ng su�h r�pa�r and res�oration periad, Lender sha��have�h�righ�t� hold such insuran�e pr�ceeds unti� Lender has had an oppor�unity to �nspect su�h Proper�y to en�ure the wflrk has been comp�eted�o I,ender's sa�isfact�an, provided tha�such inspect�on sha�l be under�aken prompt�y. Lender ma�disburse pro�eeds for�he repa�rs a.�.d res�oration�n a single payment or in a seri�s of pragress payments as the work is completed. Un�ess an agreement�s made in wr��ing or Appl�cable Law requ�res i��eres�to be pa�d on su�h �nsurance proceeds, Lender shall not�e required ta pay Borrawer any in�er�s�or earnings on such proceed�. Fees for publ�c adjus�ers, or other�h�rd part�es, re�ained hy B�rrow�r shal� not be pa�d out of the insurance proceeds and shali be�he so�e abligatio�af B�rrovver. If�he res�oration or repa�r�s n��canoxn�cally feasible or L�nder's security wou�d�e�e�sen�d, �he insurance pro�eeds sha�1 b� app�ied�a��.e sun�s secured by�h�s Security Instrunr�en�, whe�her�r na�then due, with�he�xcess, if any, pa�d to Borrow�r. Such insurance praceed5 shaXl be app�ied xn�he order pro�ided for�n Sec��on 2. If Barrower abandons�he Proper�y, Lender�nay��e, negotiate and�et��e any a�aila��nsurance cla�m and re�a�ed ma��ers. Zf Borr�wer do�s�a�respond within 3�da�s�o a notice from Lender tha�the insuranc� �arrier has aff�red t�se�tle a c�aim, �hen Lender may nego�xate and se��le the claim. The 3�Wday per�od will �egin when the notice is given. In either e�en�, or if Lender acquir�s�h�Prape�-�y under Sect�on��ar o�hervvis�, Borrower hereb�assigns�o Lender�a} Borr�vver's righ�s to an�r �nsuranc�prace�ds �n an am�un� no�to exceed�he amounts unpaxd under the Na�e or this Securx�y �nstrumen�, and �b} any o�her flf Borrower's righ�s tother�han the righ�t�an�r refund af unearned prern�ums pa�d by Borr�wer}under all �nsura�a��po��cies c��er�ng�he Praper��, insofar as such r�ghts are app�icab�e to th�co�erage of th� Pr��er�y. I.ender�na�use�he insuran�e proce�ds ei��r to repair or res�ore the Proper�y or to pay amounts unpa�d under the No�e�r�his Secur�ty�ns�rumen�, wh��her or na�then due. �. �ecupancy. B�rrow�r shai��ccup�, establish, and use the Propert� as B�rrow�r's princ�pai residence withzn d�da�s after th�execu�ion of this Security �nstrumen�and shal��ontinue�o occup�the Proper�y as Borrov�rer's pr�ne�pa� res�dence for at Xeas�one year after the date of occupancy, un�ess Lender o�herw�se agrees in wri�ing, which�onsent sha�� na�be unreasonably�vithheld, ar un�ess extenuat�ng��rcumstances e�.�s�which are b��and Borrawer'�contro�. 7. Preser�at�on. Ma�ntenance and Protection of th� Praperty; �nspe�tivns. B�rro�ver shal� no�destroy, damage or impair the Pro�er�y, a�1ow the Propert�to de�eriorat�or�omrnit was�e on�he Prop�r�y. �Vhe�her or not�3orrower�s resid�ng xn th�Proper��, �orrow�r shall ma�ntain�he Property �n order to prevent�he �'roper�y frarn de�er�orat�ng or d�creas�ng �n�alue due to i�s condi�ian. Unless �t is determ�ned pursuan��o Se�tion 5 that repair or res�ora��fln is no�economicall� feasxble, Borrovver sha�l promp�Iy repaxr�he Proper�y if damaged to avoid fur�her deterioratian or damage. If insurance ar condemna��n praceeds ar�pa�d �n connect�an�v��h damage to, or the tak�ng of, the Proper��, B�rrovv�r shali be respans�b�e for repa�ring or r�s�oring�he Pr�per�y�n1y if Lender has rel�ased proceeds far such purposes. Lender may disburse proceeds NEBRASKA-5ingie�amily-Fannie MaelFreddie Mac UNI�QRM INSTRUMENT Form 3�28 1141 VMP QQ VMPfi�NE}�'!3fl2j Wolters Kluw�r Fr�ancial 5er�ices Page 7 v�7 7