|
2� 1 ��358�
<br /> All insurance pa�ic�es r�quired b�r Lender and r�newals af such palicies sha11 be su���c��� Lender's righ��o
<br /> disapprove suc;h pal�c�es, shall �nclude a standard mor�gage c�ause, and shall nam�Lend�r as mor�gagee
<br /> andlor as an addi�iana��flss payee, L�rid�r shail ha�v��h�ri�ht�o h�ld the poli�ies and renewa� �er��f�cates. �f
<br /> Lender requires, Borrower shall prorn.pt��give to L�nd�r a�� r��eipts of paid premuums and ren�wa� no���es.
<br /> If Borrower ob�a�ns any form of insurance cov�rage, not o�.hervvxse requ�red by Lender, for dama�e��, or
<br /> destruct�on of, �he Proper�y, such pa��c� sha11 inc�ude a s�andar�mortga�e��ause and sha11 name L�nder as
<br /> mor�gagee andlor as an add���onal ioss payee.
<br /> ���he e�en�of�oss, Borrower sha11 give prarnpt no�ice�o th��nsurance�arri�r and Lender. Lender may
<br /> make proaf of�ass �f not made pramp��y b�Borrov�rer. Un�ess Lender and Barrawer a�herwise agree�n .
<br /> writing, any insurance proceeds, wheth�r ar not�he under�ying �nsuranc�v�ras required�� Lender, �ha1�be
<br /> app�ied��restorat�on or repa�r of the Proper�y, if�he r�s�ora�ian ar repair is economicall� feas�b�e and
<br /> L�nder's security is no���ss�ned. Dur�ng such repa�r and restorat�on period, Lender shal�hav�the right�o
<br /> ho�d su�h insurance proceeds un�il Lender has had an�ppar�uni���a inspect suc�Property�� �nsure the
<br /> work has been comp�eted�o Lend�r's satisfaction, pr���ded�hat such�nspect�on shal�be under�ak�n
<br /> prompt�y. Lend�r ma�disburse praceed�for�he re�airs and res�aratian in a s�ngle paymen�or in a seri�s af
<br /> progr�ss payn�.en�s as�he work is camp���ed. tlnles� an agreemen�is made in v�rri�ing or App�icab�e Law
<br /> requir�s in�erest�o be pa�d on such insuranc�proceeds, Lender sha�l not be re�uired�a pay Borrawer any
<br /> interest or�arnings on such proceeds. Fees for publ�c adjusters, or o�her third par�ies, reta�ned hy B�rrawer
<br /> sha��not be paid ou�of the insurance proceeds and shal�be the�01�o���gat�an af Borrower. If the res�orat�on
<br /> or repair�s no�economically feasible or Lender's s�curi��wou�d be Iessened, the insurance proceeds sha�1 be
<br /> applied�o�he sums secured by�h�s �ecurity Ins�rument, whether or no��hen due, w�th���excess, if any,
<br /> paid to Barrower. Such insurance proce��.s sha11 be a�p��ed in�he order pro�ided f�r in Sect�on 2.
<br /> �f BQrrower abandons the Property, Lender may file, nego��ate and se��le any a�ailab�e�nsurance ciaim and
<br /> related matters. �f Borrawer does no�respond vvi�hin 3D days to a natice from L�nd�r tha�the�nsurance
<br /> �arrier has�ffered to set��e a c�a�m, then Lender may nega�ia�e and set��e the claim. The 3�-day period w�X�
<br /> beg�n when�.he natice is gi�en. �n e�ther event, or if L,ender acquires�he F'roper��un�er�ection��or
<br /> a�herwise, Barrower her�b�assigns to Lender�a}Borrower'� rights ta any insurance proceeds in an am�unt
<br /> no�to exGeed�he amounts unpaid under the No�e or�h�s S�curi��r�nstrumen�, and�b� any o�h�r flf
<br /> Borrower's righ�s �other than�h�r�ght ta an� refund�f unearned prem.iums paid b�Borrower}under all
<br /> �nsurance po��c�es covering the Proper�y, �ns�far as such r�ghts ar�applicable t�the c�verage of the
<br /> Propert�r. L.�nder may use�he�nsuranc�praceeds�xther�o r�pa�r�r restore th�Pr�per�y or�o pa�amounts
<br /> unpazd under�he N�te or this Securi�y Ins�rumen�, wheth�r�r no��hen due.
<br /> 6. Uccupancy. Borrflwer shall occupy, es�ab��sh, and us�the Property as Barrov�er's pr�nc�pal res�dence
<br /> vv�th�n 6�day�after the e�e�u�ion�f th�s Secur�ty Instrument and sha�l continue�a occupy th�Prop�r��as
<br /> B�rrawer's pr�nc�pal residence for at least one year after�h�da�e of occupan�y, unless Lender atherw�se
<br /> agrees in�vri�ing, whi�h c�nsent sha��not�e unreasonabi�v�r�thheid, ar unless e�.tenua�ing c�rcums�ances
<br /> exis�v�h�ch are beyond Borrav�er's cnntro�.
<br /> 7. Preser�ation, Maintenan�e and Prote�tivn af the Praperty; Inspections. Barr��ver shall nat destroy,
<br /> dama�e or impair the Proper��, a11aw the Pr�per�y t�deter�orat�or comm�t was��on th� Proper��. VVhe��er
<br /> or na�Borrower��residing in the Proper�y, Barr�wer shal.l ma�ntain�he Proper�y �n flrd�r�o prevent the
<br /> Proper��frorn.de��r��ra�ing or decreasing in va�ue due�o its candi�ion. IJnless �t�s det�rnuned pursuan�to
<br /> Sec�ion 5 �ha�repair or res�orat�on is no�econom.�ca��y feasib�e, B�rrov��r shall promp�ly repa�r�h�Pr�per�y
<br /> �f damaged to av�id fur�her deter�oration or damage. �f�nsurance or conde�ru�a�ion proceeds a�re pa�d in
<br /> c�nneC�xon�r�th damage�o, or�he�akxng�f, �he Proper�y, Borrawer shal�be respons�b�e f�r repa�ring or
<br /> res�or�ng the Praperty on�� if Lender has re�eased proce�ds for su�h purp�ses. I,ender ma� d�sburse�raceeds
<br /> NEgRASKA-5ingte Famity-Fannie Mael�reddie Mac C1Nt�DRM INSTRUM�NT �arm 3fl28 11di
<br /> VMP� VMPfi�NEf�13Q2y
<br /> Wolters Kluwer Financia!Ser�ices Page 7 af 17
<br />
|