|
99~ �0���" LOAN NO. 1 5 3 9 2 1 8 5 0 3
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br /> Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br /> all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the
<br /> insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br /> of the Property damaged, ff the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br /> restoration or repair is not economically feasible or Lender's securiry would be lessened,the insurance proceeds shall
<br /> be applied to the sums secured by this Security Instrument,whether or not then due,with any excess paid to Borrower.
<br /> If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier
<br /> has offered to settle a claim,then Lender may collect the insurance proceeds. Lender may use the proceeds to repair
<br /> or restore the Property or to pay sums secured by this Security Instrument,whether or not then due.The 30-day period
<br /> wiil begin when the notice is given.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the
<br /> payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and
<br /> proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums
<br /> secured by this Security Instrument immediately prior to the acquisition.
<br /> 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
<br /> Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixry days
<br /> after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal
<br /> residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing,which consent
<br /> shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
<br /> Borrower shall not destroy,damage or impair the Property, allow the Property to deteriorate, or commit waste on the
<br /> Property. Borrower shall be in default if any forteiture action or proceeding,whether civil or criminal, is begun that in
<br /> Lender's good faith judgment could result in forteiture of the Property or otherwise materially impair the lien created by
<br /> this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in
<br /> paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith
<br /> determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien
<br /> created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the
<br /> loan application process, gave materially false or inaccurate information or statements to Lender(or failed to provide
<br /> Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to,
<br /> representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is
<br /> on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property,
<br /> the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br /> 7. Protection of Lender's Rights in the Property. If Borrower fails to pertorm the covenants and agreements
<br /> contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the
<br /> Property(such as a proceeding in bankruptcy, probate,for condemnation or forteiture or to enforce laws or
<br /> regulations),then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's
<br /> rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this
<br /> Security Instrument,appearing in court, paying reasonable attorneys'fees and entering on the Property to make
<br /> repairs.Although Lender may take action under this paragraph 7, Lender does not have to do so.
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by
<br /> this Security Instrument. Unless Borrower and Lender agree to other terms of payment,these amounts shall bear
<br /> interest from the date of disbursement at the Note rate and shall be payable,with interest, upon notice from Lender to
<br /> Borrower requesting payment.
<br /> 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
<br /> Securiry Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If,for any
<br /> reason,the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the
<br /> premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a cost
<br /> substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect,from an alternate
<br /> mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available,
<br /> Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being
<br /> paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these
<br /> payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required,at the
<br /> option of Lender, if mortgage insurance coverage (in the amount and for the periods that Lender requires) provided by
<br /> an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to
<br /> maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends
<br /> in accordance with any written agreement between Borrower and Lender or applicable law.
<br /> 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br /> shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br /> NEBRASKA-SINGLE FAMILY-FNMA/FHLMC UNIFORM INSTRUMENT FORM 3028 9/90
<br /> ' ISC/CMDTNE//0792/3028(9-90)-L PAGE 3 OF�
<br />
|