|
201608639
<br />might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against
<br />any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect.
<br />Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed
<br />the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this
<br />Section 5 shall become additional debt of Borrower secured by this Security Instrument. These
<br />amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with
<br />such interest, upon notice from Lender to Borrower requesting payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's
<br />right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as
<br />mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and
<br />renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid
<br />premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise
<br />required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard
<br />mortgage clause and shall name Lender as mortgagee and /or as an additional loss payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender
<br />may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise
<br />agree in writing, any insurance proceeds, whether or not the underlying insurance was required by
<br />Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is
<br />economically feasible and Lender's security is not lessened. During such repair and restoration period,
<br />Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to
<br />inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and
<br />restoration in a single payment or in a series of progress payments as the work is completed. Unless an
<br />agreement is made in writing or Applicable Law requires interest to be paid on such insurance
<br />proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees
<br />for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance
<br />proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically
<br />feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums
<br />secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
<br />Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim
<br />and related matters. If Borrower does not respond within 30 days to a notice from Lender that the
<br />insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The
<br />30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property
<br />under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any
<br />insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security
<br />Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned
<br />premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights
<br />are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair
<br />or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether
<br />or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the execution of this Security Instrument and shall continue to occupy the
<br />Property as Borrower's principal residence for at least one year after the date of occupancy, unless
<br />Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />extenuating circumstances exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not
<br />destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the
<br />NEBRASKA - Single Family - Fannie Moe/Froddie Mac UNIFORM INSTRUMENT Form 3025 1/01
<br />® 2004 -2016 Compliance Systems, Inc. 2b87c0e1- 752fdd5e - 2016.291.0.3
<br />Single Family Real Estate - Security Instrument DL2047 Page 6 of 14 www.compliancesystems.com
<br />I11101�I41 II 11111 11111111111 !11111111111111111101111,01N IIIl1II H11111101IIII1lI11111111 OII O OM111UI
<br />
|