|
2� 17�2�78
<br /> acknowledges that the cflst o�fhe insurance co�erage sfl abtained might significantly exc�ed the�ast
<br /> of insuran�e that Bo�rv�er could ha�e�btained.Any amounts disbursed by Lender under this Sectian
<br /> 5 shal�b�come additivna[debt o#Borrower secured by th�s 5ecurity Instrument.These amounts sha�1
<br /> bear interes�at the Nvte rate�rom the date of disbursem�nt and st�a11 be payable,wit�7 such interest,
<br /> upor�no�ice from Lender to Borrvwe��equesting payment.
<br /> AI�insurance po[i�ies requir�d by Le�rder and ren�wals of such policies shall be subjec�to Lerider's
<br /> right to disapprove such policies,shall include a standard mo�tgage clause,and sha��name Lender as
<br /> ma�gagee andlar as an additianal loss payee.Lender shal�have#he right t�hvld�he pvl�c�es and renewal
<br /> certif cates.If Lende�requi�es,Barrv�rer sha��prompt[y give to L�nder all rer�eipts o�paid premiums and
<br /> renewa[natices.�f Borravsrer obtains any form of insurance coverage,n�t�then�vise required by Lender,
<br /> for damage to,or desfruction of,the P�-ap��ty,su�h po[scy shafl inc[ude a standard mor�gage clause and
<br /> shall name Lender as mortgagee andlor as an additivna!Inss payee.
<br /> �n th�e�ent af�ass,Barraw�r shal�gi�e prampt nvtice to the insurance�arrier and Lender.Lender
<br /> may make p�oo�af loss�f not made promptly�y Borrower.Unless Lender and Ba�rower otherv�r�se ag�ee
<br /> �n writing,any insu�ance proceeds,�►�hether a�not the underlying insu�ance was required by Lender,
<br /> shall he appl�ed to restaration vr repair of the F'rop��.y,if the�estoratian or repair is economi�al�y feasi�le
<br /> and Lender's s�curity is not lessened.�uring such repai�and�estaration period,Lend�r shall ha�re�he
<br /> rig��t to�o�d such insurar�ce proceeds unf�f Lender has had�n opportunity ta inspect such Prflperty t❑
<br /> ensu�e#he v,rork has be�n completed to Lend�r's satis�action, pro��ded#ha�such inspection shaf[be
<br /> undertaken promp�ly.Lender may disburse pro�eeds for the repairs and restorativn�n a sin�le payment
<br /> or in a serie�af prvgress payments as fhe work is comp�eted.Unfess an agreement is made in v�rri�ing or
<br /> App�icab�e La�v requires snterest tv be paid❑n such insurance proceeds,Lender sha�l n�t be requir�d to
<br /> pay Borrow��any interes�or eamings on such praceeds.Fees far pub[ic adjusters,or other third par�ies,
<br /> reta€ned by Borr�wer shall not b�paid au�vf the insurance proceeds and shall be the sa�e ob[iga�ivn v�
<br /> Bfl���rer.I�the restorati�n or repair is no�econam�cally f�asih[e❑r Lend�r's sect�rity would be Lessened,
<br /> the�nsuranG�proceeds shall be appfied ta the sums secured by th�s Se�urity Instrument,whethe�or
<br /> nvt then due,��th the ex�ess,it any,pa€d ta k��rrar►ve�.5uch�nsurance prviceee!$�ha�i be app�ied in the
<br /> ��der provid�d for in Sec#ion�.
<br /> If g�rrower abandons the Prope�ty; Lender may fiLe,n�gotiate and se�tle ar�y availat��e insurance
<br /> clai�r�an�re[ated matters.1f Bor�-awer da�s not respond wit��ir�3�days tv a natice�rom Le�id��that the
<br /> insurance car�ie�has o�fered�o s�tt�e a claim,then Lender n�ay nego#iat�and set��e the c�aim.The 3�-
<br /> day p�riad►�vi�l begin when th�no#i��i�giWen.In either event,or i€Lender acquires the Praperty under
<br /> Section �� o�ot�enr�►ise, Bo�ro�rer hereby ass�gns to Lender�a3 Borro�er's rights tv any insurance
<br /> praceeds in an amounf not tv exceed the amaunts unpaid under the Note or this Security�nstrument,
<br /> and�b}any other o��orrvwrer's�€ghts�aiher than the right to any refund o#unearned premiums paid
<br /> by Borrower}under all�r�surance palic��s c�vering t��e Prop�rty,�nsofar as such rights are applicab�e
<br /> to t��e cav�rage af tt��Prop�rty.Lende�may use t��e i��surance proceed�either ta repair or res�are the
<br /> Proper#y ar�o pay amaunfs unpaid under#he Note ar this Security instr�umen�,wh��her o�not then due.
<br /> G. ��cupancy. gorro�rer shali ac�up�, establish, and use the Prvper�y as Barrower's princ�pa!
<br /> residen�e��r�thin 6�days a�ter�he executivn of th�s SeGurity Instrum�nt and shall con�inue to occupy the
<br /> Praperty as Borrower's principa�residence forat�east one yearafterthe date❑f o�cupanc�r,unless Lender
<br /> otherv�r�se agrees in�ri�ing,�fr��ich consent shall nvt be unreasonably withheld,ar uniess extenuating
<br /> circumstances exist which are beyand Bor�ower's cantrol.
<br /> 7. Preservation, Maintenance and Prvt�c��an flf#he Prap�tty; inspeccivns. Bo�rovver shall
<br /> nvt d�s�roy,damage or impa�r the Property, a�[av�r the Proper�y ta deteriorafe vr commit waste on the
<br /> P�aperty.VIlhether or not Borrower€s res�d�ng�n the Proper�y,Barrower sha�l mainta�n the Prope�y in
<br /> ❑rder to prevent the P�operty��-om deteriora#ing o�decreasing in value due to its conditian. iJn[�ss i�
<br /> is determ�ned pursuan��❑5ec�ivn �that repair or restoration is nat econvmica�iy feasible, Borrow�r
<br /> shall p�ampt�y repair the Prop�rty i�damaged to a�oid fur#he�deteriorati�n vr damage.If insurance or
<br /> cond�mnat€or�prnceeds are paid in c�r�nection��ri�h damage#o,or the taking❑f,th��'r�perty,Borrower
<br /> shail be responsible'�or repairing ar restoring the P�operty oniy if Lender has re�eased prviceeds fo�
<br /> su�h p��rp�ses.Lender may disburse proceeds��r the repairs and restoratian in a single payment nr
<br /> �n a series of progress payments as the work is c�mpl�ted.lf the insurance or condemnation proceeds
<br /> are not su'�fcient to repair or res�ore#he Proper�y,E3orra��rer is not re[ieved❑f gorrovrer's obligation�or
<br /> th�comp�eiion af such repair ar restoration.
<br /> L�nder ar its agent may make �easflnable en#r�es upon and inspect�ons ❑�the Prape�y. lf it ha�
<br /> reasonab�e�ause,Lender may inspect the inte�io�of the�mpravements on the P�ope�y.L�nder shai!give
<br /> Barrouver notice at the time vf or prior ta such an in#��or insp�ction specifying such reasonable cause.
<br /> 8. Sorrawer's LoanApp�ication.Borrawersha�l be in defaul��f,during the Loan app��cativn praGess,
<br /> gor�avver or any pe�sons��entities acting at the dir�ct�on of Borrov�rer vr�nrith Sorrower's knawledge or
<br /> consent ga�e materially false,r�isleading,or inaccurate information ar statements to Lender(or#ai[�d to
<br /> proWide Lender with ma�eria�infarmation}in connecfion w�th t�e Loan.Ma�erial represeniations in�lude,
<br /> but a�e not iim�ted�o,represer�#at�ons concerning Borrawer's accupancy of the Prvperty as��rrow�r's
<br /> principal res�denc�.
<br /> 9, Protection of Lende�'s lnterest in the Property and Rights llnder th'rs Security Instrument.
<br /> [f�a� B�rrower fails ta perform the �ovenants and agreements contained in this Security�r�strument,
<br /> �b}t�7ere is a [ega! prac�ed�ng that might significantly a�Fect Lender's inte�rest in fhe Property ar�dl�r
<br /> rights under�h�s Security lristrun�ent�sucl�as a pra�eeding in�ankruptcy,probate,for candemnat�on or
<br /> fvrfie�ture,for e��farc�ment❑f a lien which may attair�pr�ority o�er this 5ecurity lnstrument or tv enfflrGe
<br /> laws or regulations}, or{�} Borrower has abandoned the Property, then Lender may do and pay fvr
<br /> whate�er is reasonabfe ar apprapriate tn protec�Lende�'s interest in the Praperty and r�ghts under this
<br /> NEBRAS�[A--Sir�gi�Family--Fa�nie NiaelFreddie f�ac UNfFORM[NSTR�NiENT Fvt-m 3�28'i101
<br /> E11ie Mae,�r�c. Page 5 of 1 D NE�DEED 0415
<br /> NEU�EED�CLS}
<br /> � .� . . .�
<br /> .
<br /> � .
<br /> .
<br /> 1 • r
<br />
|