|
2� 17��773
<br /> All insurance po��cxes required by Lender and ren�wals of such po�i���s shaii be sub�����o L.�nder's r�ght to
<br /> �isappro�e such policie�, shall include a s�ar�dard mortgage c�ause, and shaii nam�I.ender as mar�gagee
<br /> andlor as an add�tiana� �oss payee. Lender shai� ha�e th�r�ght to ha�d the polic�es and renevval cer�i�cates. �f
<br /> Lender requires, Barrower shall pr�mptly gi�e�o L.�nder all r�ceip�s af paid premiums and r�nevval no�ic�s.
<br /> �f B�rrov�rer ob�a�ns any form of insurance c���rage, not��herwise requir�d by Lender, for damage to, or
<br /> destruc�ion of, the Proper�y, such po�icy shall in��ude a stand�rd mortgage clause and sha�l name Lender as
<br /> mortgagee andlar as an addi�ional loss paye�.
<br /> In the e�en�af�oss, Borrawer shall give promp�notic��a �he xnsurance carrier and Lender. Lender may
<br /> make pro�f of�oss if nat made pramp�I��� Borrower. Un�ess L.ender and Borrow�r otherwise agree�n
<br /> writing, any�nsurance proceeds, vvhe�her or not the underiying insurance was required�y Lender, shall be
<br /> app�ied to res�ora�i�n or repair af the Proper�y, �f�he restoration or r�pair is ecanom�ca�ly feas�b�e and
<br /> Lender's securi�� is not lessened. During such repair and r�s�orat�an period, Lender shai� ha�e the r�ght�o
<br /> hald su�h �nsurance proce�ds unt�1 L,ender has had an oppor�uni�y to inspec�such Prop�r�y to ensure�he
<br /> work has been compieted to L.�nder's sa��sfac�ion, pr�vide�.tha�such inspec�ion�ha�l be under�ak�n
<br /> promptiy. Lender ma� disburse proc�eds for�h�repairs and restoration in a sing�e payment or in a seri�s �f
<br /> progress payment�as�he work is c�mpleted, Un�ess an agreement �s made�n urrit�ng or Appl�cab�e Law
<br /> requires interes�to��paid on su�h insurance proceeds, I�nder shall not�e required to pa�B�rrower any
<br /> interest or earnings on such pro��eds. Fees for publ�c ad�usters, ar�ther third part�es, r�tained by Borrower
<br /> shal� not be paid out of the insurance proceeds and shal�be the so�e�b�igation af Borrnwer. If��e restorati�n
<br /> �r repair�s not e�onom�ca��y feasible�r Lender's secur�ty would be �essen�d, the insurance proce�ds sha�1 be
<br /> app��ed�o�he su7ms secured by�his Secur�ty �ns�rurr�ent, whether or no��h�n due, v�ith�he excess, if any,
<br /> paid to Borrov�er. �uch znsurance proc�eds sha��be appl��d in the order pro�ided for�n Sect�on�.
<br /> �f Borrower abandons the Proper�y, Lender ma��le, negot�at�and se��Ie an}� a�ailable insurance clainr�and
<br /> related ma�t�rs. �f Borrnw�r do�s no� respflnd v�ith�n 3�da�s�o a na�ic�from Lender�ha�the insurance
<br /> carrier has affered ta set�le a claim, then Lend�r may nego�iate and se��ie��e c�axm. Th�30-�day period wi��
<br /> begin v�hen the notice is g�v�n. In e��her��en�, or if Lender aGquires the Proper��r under Sect�on�2�r
<br /> �therwise, Borrower hereb� assigns to L.ender�a} Borrower's r��h�s�o an�insurance proc�eds ir�an amoun�
<br /> not to exce�d�h�am�un�s un�aid under the No�e or th�s Secur��� �ns�rumen�, and �b} an�other of
<br /> Borrower`s ri�hts �o�her than the r�gh�ta any refund�f unearned premiums paid b�Borro�rer�under all
<br /> insurance po�icies co�ering�he Property, insofar as such r��hts are appiicable to the caverage af the
<br /> Proper�y. Lender may us�the insurance pro�eeds e�ther ta repa�r or restflre�he Proper��r or�o pay amflunts
<br /> unpaid under th�N��e or this Security Instrument, vvhether or no��hen du�.
<br /> �. �ccupancy. Borrower sha�i occupy, estab�ish, and use the Praperty as Borrower's principal r�s�dence
<br /> v�i�h�n 6�days after the e�ecu�ion of th�s Se�ur��� �nstrument and sha�l can�inu�to occupy the Proper�y as
<br /> Borrow�r'�pr�ncipal residence for a�least one year after the da�e of��c�upancy, unless Lend�r otherwise
<br /> agre�s in writing, whzch consent sha�l nat be unreasonably withh��d, or unless extienuating cir�ums�ances
<br /> exis�v�hich are beyand gorrower's contral.
<br /> 7. Pres�r►►ati�n, �Illaintenance and Protection vf the Praperty; Inspections. Barrower s�.al� no�d�s�r�y,
<br /> dama�e or impa�r the Praper��, al��vv the Proper�y to deter�ora��or�ommi��nraste on�he Property, VL�he�her
<br /> or not Borrower is r�sid�ng �n�he Proper�y, Borr�wer shall main�a�n�he Propert� in�rder t�pre�ent the
<br /> Prop�r�y fr�m de�eriorat�ng or decreas�ng �n value due to its canditi�n. Un�ess �t is deternvined pursuan��o
<br /> Sect�on S tha�repa�r ar r�stara�ian is not econami.cal�y feasib�e, Borrower sha11 pramptly repair the Proper�y
<br /> �f damaged to avaid fur�her det�riara�i�n or dama�e. �f�nsurance ar Condemna�ion proceeds are pa�d in
<br /> cor�nec�i�n v�ith damage to, or the�ak�ng of, the Praper�y, Bflrr�w�r shal.l b�responsibl�for repairing nr
<br /> restaring�h�Proper�y anly if Lender has re�eased proceeds far such purposes. Lender ma�disburs�pro��eds
<br /> N�BRASKA-Single�amily-�ar�nie MaelFreddie Mac UNlF�RM 1N5TRUMENT Farrr�3��8 i 1D1
<br /> VMP[�; VMPfi�N�y�i 3021
<br /> Wvlters Klvwer�inancial Ser�ices Page 7 vf 17
<br />
|