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202402239
<br />0152904207
<br />Lender's right to disapprove Borrower's choice, which right will not be exercised unreasonably.
<br />(b) Failure to Maintain Insurance. If Lender has a reasonable basis to believe that Borrower has
<br />failed to maintain any of the required insurance coverages described above, Lender may obtain insurance
<br />coverage, at Lender's option and at Borrower's expense. Unless required by Applicable Law, Lender is under
<br />no obligation to advance premiums for, or to seek to reinstate, any prior lapsed coverage obtained by
<br />Borrower. Lender is under no obligation to purchase any particular type or amount of coverage and may
<br />select the provider of such insurance in its sole discretion. Before purchasing such coverage, Lender will
<br />notify Borrower if required to do so under Applicable Law. Any such coverage will insure Lender, but might
<br />not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk,
<br />hazard, or liability and might provide greater or lesser coverage than was previously in effect, but not
<br />exceeding the coverage required under Section 5(a). Borrower acknowledges that the cost of the insurance
<br />coverage so obtained may significantly exceed the cost of insurance that Borrower could have obtained. Any
<br />amounts disbursed by Lender for costs associated with reinstating Borrower's insurance policy or with
<br />placing new insurance under this Section 5 will become additional debt of Borrower secured by this Security
<br />Instrument. These amounts will bear interest at the Note rate from the date of disbursement and will be
<br />payable, with such interest, upon notice from Lender to Borrower requesting payment.
<br />(c) Insurance Policies. All insurance policies required by Lender and renewals of such policies: (i)
<br />will be subject to Lender's right to disapprove such policies; (ii) must include a standard mortgage clause;
<br />and (iii) must name Lender as mortgagee and/or as an additional loss payee. Lender will have the right to
<br />hold the policies and renewal certificates. If Lender requires, Borrower will promptly give to Lender proof of
<br />paid 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 must include a standard
<br />mortgage clause and must name Lender as mortgagee and/or as an additional loss payee.
<br />(d) Proof of Loss; Application of Proceeds. In the event of loss, Borrower must give prompt
<br />notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by
<br />Borrower. Any insurance proceeds, whether or not the underlying insurance was required by Lender, will be
<br />applied to restoration or repair of the Property, if Lender deems the restoration or repair to be economically
<br />feasible and determines that Lender's security will not be lessened by such restoration or repair.
<br />If the Property is to be repaired or restored, Lender will disburse from the insurance proceeds any
<br />initial amounts that are necessary to begin the repair or restoration, subject to any restrictions applicable to
<br />Lender. During the subsequent repair and restoration period, Lender will have the right to hold such
<br />insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been
<br />completed to Lender's satisfaction (which may include satisfying Lender's minimum eligibility requirements
<br />for persons repairing the Property, including, but not limited to, licensing, bond, and insurance requirements)
<br />provided that such inspection must be undertaken promptly. Lender may disburse proceeds for the repairs
<br />and restoration in a single payment or in a series of progress payments as the work is completed, depending
<br />on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default
<br />on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring
<br />the Property, or payable jointly to both. Lender will not be required to pay Borrower any interest or earnings
<br />on such insurance proceeds unless Lender and Borrower agree in writing or Applicable Law requires
<br />otherwise. Fees for public adjusters, or other third parties, retained by Borrower will not be paid out of the
<br />insurance proceeds and will be the sole obligation of Borrower.
<br />If Lender deems the restoration or repair not to be economically feasible or Lender's security would
<br />be lessened by such restoration or repair, the insurance proceeds will be applied to the sums secured by this
<br />Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance
<br />proceeds will be applied in the order that Partial Payments are applied in Section 2(b).
<br />(e) Insurance Settlements; Assignment of Proceeds. If Borrower abandons the Property, Lender
<br />may file, negotiate, and settle any available insurance claim and related matters. If Borrower does not
<br />respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then
<br />NEBRASKA—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 07/2021
<br />Kt 25306.5
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