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<br />subsequent charges each time remappings or similar changes occur which reasonably might affect such
<br />determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the
<br />Federal Emergency Management Agency in connection with the review of any flood zone determination
<br />resulting from an objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage,
<br />at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or
<br />amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower,
<br />Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and
<br />might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost
<br />of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could
<br />have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of
<br />Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date
<br />of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
<br />payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right
<br />to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee
<br />and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If
<br />Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as
<br />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 may
<br />make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in
<br />writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be
<br />applied to restoration or repair of the Property, if the restoration or repair is economically feasible and
<br />Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to
<br />hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work
<br />has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly.
<br />Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress
<br />payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires
<br />interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or
<br />earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be
<br />paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is
<br />not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to
<br />the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrower. 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 and
<br />related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance
<br />carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 -day period will
<br />begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or
<br />otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount
<br />not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's
<br />rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies
<br />covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use
<br />the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this
<br />Security Instrument, whether 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 Property as
<br />Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
<br />agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist
<br />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 Property.
<br />Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent
<br />the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM
<br />INSTRUMENT
<br />FORM 3028 1/01 Initials: $0L'1).\.
<br />Laser Forms Inc. #FNMA3028-MERS 5/05 Page 6 of 13
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