|
� 2� 17� 1172
<br /> 5. �rvperty Insurance. Borrower shal� keep �he i�npro�ements naw �xisting or hereafter er�cted ot1 the
<br /> Propert�insur�d agains�loss by fre, hazards inc�uded vwithin the terxn"extended co�erage," a�ad any o�her��azards
<br /> including, but not�imit�d�o, ear�hquakes and floods, for which Lender requires insurance. 7�tis insurance s��all be
<br /> z��ainta�ned in the az��ounts (includi�g deductible i�wels} and f�r t�1e periods that Lender requires. V�aat L�nder
<br /> requ�res pursuan��o t��e preceding sen�ences�an change during the term of the I�aan. The insurarice carrier proWiding
<br /> the insurance shal�be chosen�y Bflrrowet•subject to Lender's right#o disapprove Barrawer's choice,which right sha��
<br /> rsot be exercised unreasonabl�. L�nde�•may require Borravver to pay,in conncction with this Loan, either: �a}a ane-
<br /> time charge for flood zone defermina�ion, certifica�iori and t�acking serWices;or�b}a one-tirne charge for flood zane
<br /> det�rminatian and certificat�on ser�ic�s and subseque�l�charges each time remappings or similar changes ac�ur which
<br /> reasonably�nigla�affect such determiY�ation ar certifica�ion. Borrower si�all a�so be respflnsible far the payment of
<br /> any fees�mposed b�the Federal E�nergency Manageznent Agency in connect�on�ith the re�iew af any flood zone
<br /> determination resulting from an�bj ectio��by BarrovUer.
<br /> if Borrower fails to maintain any af the ca�erag�s dcscribed�bn�e, Lender may obtain insurance co�erage, at
<br /> i,ender's optian and Bor.rawer's expens�. Lender is under r�o obligation#o purchase any particu�ar�ype ar amaunt
<br /> of couerage. Therefo�-e, suc� �a�erage shall co�er Lender, but might or might nof protect Barrower, Borrow�r's
<br /> equit�in�he Proper�y, ar fhe content�of the Pr�per�y, against any risk, hazard or liabiiity and might provide greater
<br /> or lesser�a�erage than�as previousl� ii�effect. B�rro�rer acknawledg�s that the cast of the insurance co�erage so
<br /> obtained migh�significantly exceed the cost of insurance that Borrawer could ha�e obtained. Any amounts disbursed
<br /> by Lender under this Sectian 5 shali becorne addi�ional deb�of Bflrrower secured by fhis 5ecurity Instrument. �laes�
<br /> amoun�s shall bear inferest at the Not�.rate fir�m the date of disbursemen�a��d shall be payab�e, with such in�eres�, �
<br /> upo�n�tice from L�nder to Borra�cr.requesting payment.
<br /> Al� insurance poli�ies required by Lender and renewals of suc�a policies shal� be sub�ect to Lender's right ta
<br /> disapproi�e such polic�es, sha)1 include a standard martgage c�ause, and shall name Lender as mortgagee andl�r as an
<br /> addi�ional loss payee. Lend�r shali have the right to hold the policies and re�aewal cer�ifica��s. �f Lender requires,
<br /> Borrower shall pramptly gi�e to L�nder aIl receipts of paid premiums and renewal no��ces. If B�rrower obtains any
<br /> farm af insurance co�erage,nat otherv�ise required by Lender, for damage t�, or destruction of, the Prflperty, such
<br /> policy s�aall include a standard mor�gage clause and shal� name Lende� as mortgagee asadlar as an addit�or�al �oss
<br /> I�aY��-
<br /> In fhe even�of 1o�s, Borr�wer shall gi�e promp�no�ice to the insurance carrier and Lender. Ler�de�r may make
<br /> proof of lflss if not made promptly by B�rraw�r. Unless Lender and Borrower otherw�se agree in wri�ing, any
<br /> insurance proceeds, whether or no�the under�}�ing in�urance v�ras required by L�nder, shall be app�ied�o.r�stora�ion
<br /> or repair of th�Property, if the restora�ion or r�pair is econom�cal�y f�asible and Lender's s�curi�y is not lessened.
<br /> Durii�g such repair arid restaratio��period, Lender sha11 have the right to hold such i�surance proceeds utitil L�nd�r
<br /> has had an oppor�unity to inspect suc��Proper�y ta ensure the�ork.has been cflmpleted to Lender's satisfaction,
<br /> provided Cha� suc�a inspection shall be undertaken promptly. Lende� rnay disburse proceeds fox the repairs and
<br /> res�ora�ion ii�a single payinent or in a series of pr�gre�s paymen�s as the wark is completed. �Jnless an agreementi �
<br /> is made �n v��riting flr Applicable Law requires interest to be paid on such insurance proceeds, Lender shal� n�t be
<br /> require�tfl pay Bo�rrower any int�rest or eariaings on such proceeds. Fees for pub�ic adjusters, or other fihird parti�s,
<br /> re�a�ned by.Borrower s��ali not be paid out of the insurance�proceeds and shall �e the sole�bligatifln af Bor.rower.
<br /> If�he restoration or repail•is not econam�cally feasib�e o.r L�nder's security would be�ess�ned,the insurance proceeds
<br /> shal�be applied to the sums secured by this Security instrument,v�rhether or not then due,with the exc�ss,if any, paid
<br /> ��Barrvwer. Such insur-ance praceeds sha�l be applied�n the order proWided for in Secri�n 2.
<br /> If Bvrrflwer aband�ns the Pro�erty, Lender may file, nego�iate and settle any available i��surance�1aim and
<br /> re�ated matters. If Barrovver does not r�spand wit�ain 3�days�o a notice firotn Le;lder that the insurance�arr�er has
<br /> off�red to settle a claim, then Lender�nay nega�ia�e and settle the claim. The 30-day period will begi�� when th�
<br /> noticc is�iuen. �n eit��er er�ent, or if Lender acquires the Pr�perty u�der Section 2l or ot�herwise, Borrovver hereby
<br /> assi�r�s to Lender�a} Borrawer`s rights �o ariy insurance proc�eds in ar�aznount no��o ex�eed the amounts unpaid
<br /> und�r the Na#e or this Security instrutnent, and�b}any other of:Borrower's righ�s�other than�he right to any.refund
<br /> of un�arncd premiums paid by Borrowel-}under all insurance p�licies co�ering th�Praper�y, insofar as Such rights
<br /> NEBRASKA Sing�e Family-UNIFaRM INSTRLIMENT DaclNaglc
<br /> MQD1 FI ED F�R DEPARTMENT�F V ETERANS AFFAlRS- MERS www.da�magic.�vm
<br /> �Rev. 11D1} Page 6 of �14
<br /> i
<br />
|