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200301622 coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lass ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ofthe Property, if the restoration or repair is economically feasible and lender's security is not lessened Duringsuch repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had rot opportunity to inspect such Property to ensure the work has been completecito Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments us the work is completed. Unless an agreement is made in writing or Applicable Law requires interestto be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out ofthe insurance proceeds and shall be the sole obligation of Borrower If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Insurance proceeds shall be applied in the order provided for in Section 2. If ROrrower abandons the Property, Lender may file, negotiate and settle amavailable insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given In either event, or if Lender acquires the Property under Section 22 or otherwisc, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) ally other of Borrower's rights (other than the right to any refimd ofunearned premiums paid by Borrowcr) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage ofthe Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution ofthis Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control 7. Preservation, Maintenance and Protection of the Properly; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is revdmg in the Property, Borrowcr shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Rnrrzower shall promptly repair the Property ifdaniaged to avoid further deterioration ur Janiage. !f insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing ter restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds torthe repairs and restoration in a single payment or in a series of progress payments as the work is completed- Ifthe insuranee or condemnation proceeds are not sufficient to repair or restore the Property, Borrowcr is no[ relieved ofBorrower's obligation far the completion ofs ich repair or restoration. Lender or its agent may make reasonable entries upon and inspections ofthe Property. If it has reasonable cause, Lender may inspect the nrterior of the improvements on the Property. Lender shall give Borrower notice at the time afar prior to such an interior inspection specifying such reasonable cause. 8. Rnrmwer's Lnan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Under (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy ofthe Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower tails to perform the covenants and agreements contained in this Security Instrument, Be) there is a legal proceeding that might significantly affect Lender's interest in the Property and /or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement ofa lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c ) Borrower has abandoned the Property, then Iender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value ofthe Property, and securing and /or repairing the Property. Lender's actions can include, bill are not limited to: (a) paying any sums secured bya Hen which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property ardor rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property meludca, but m not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Iznder incurs no liability fur not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured bythis Security Instrument These amounts shall bear interest atthe Note rate from the date ofdisbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. Ifthis Security Instrument is on a leasehold, Borrower shall comply with all the provisions ofthe lease. IfRommover acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall paythe premiums required to maintain the Mortgage Insurance in effect. If, for airy reason, the Mortgage Insurance coverage required by Lender ceases to be available out the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substandiolly equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower ofthe Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lander. Ifsubstantially equivalent Mortgage Insurance coverage is not available, Rnrrowcr shat l continue to pay to Lender the amount ofthe separately designated payments that were due when die insurance coverage ceased to be in effect Louder will accept, use and retain these payments as a non - refimdable loss reserve in lieu of Mortgagclnsmanice. Such loss reserve shall be non- refimdable, notwithstandingthe fact that die Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Iznder again becomes available, is obtained, and Lender requires separately designated ppayments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition ofmakmg die Lomt and Borrower was required to make separately designated payments toward Lie premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non - refimdable loss reserve, until Lender's requirement For Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's di i ration to pay interest at the rate provided in the Note. Mortgage Insurance teimurses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay, the Lnan as agreed Borrower is not a parry to the Mortgage Insurance. N'EBpASKA-- Singlcl'nmi1, FOnnie RlaeiFreddie Mac UNIPORAINSTIIC IMEN'1 Foun3028 1101 /poge4of8pgges) 9751 CV (1 /02) 16504" GO 10(00041624)